Private company

JONES FINANCIAL COMPANIES LLLP

JONES FINANCIAL COMPANIES LLLP is an American security brokers company based in Des Peres, incorporated in Missouri.1

Last updated Oct 20, 2026.

Overview

  • IndustrySecurity Brokers, Dealers & Flotation Companies1
  • HeadquartersDes Peres, Missouri1
  • Incorporated inMO2
  • Business address12555 Manchester Road, Des Peres, Mo 631312
  • Filer categoryNon-accelerated filer2
  • Legal formOther

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The Jones Financial Companies, L.L.L.P. (“JFC”) is a registered limited liability limited partnership organized under the Missouri Revised Uniform Limited Partnership Act. Unless expressly stated, or the context otherwise requires, the terms “Registrant”, “Partnership” and "Firm" refer to JFC and all of its consolidated subsidiaries. The Partnership’s principal operating subsidiary, Edward D. Jones & Co., L.P. (“Edward Jones”), was organized in February 1941 and reorganized as a limited partnership in May 1969. JFC was organized in June 1987 and, along with Edward Jones, was reorganized in August 1987. As of December 31, 2025, JFC was composed of 33,160 individual partners, many of whom hold more than one type of partner interest. Of those individuals, as of December 31, 2025, 516 were general partners, 33,079 were Class A limited partners, 757 were subordinated limited partners and 2,66…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

0.0%Net margin5
12.0%Revenue growth, 20255
$3.8BFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs99¢$16.5B
  • Interest1¢$197.0M

Out of $16.7B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending16¢$712.0M
  • Kept or used elsewhere84¢$3.8B

Out of $4.5B of cash from operations.5

Financial statements

Revenue67895$16.7B in 2025+85% since 2019
0$5.0B$10.0B$15.0B$20.0B2019: $9.0B$9.0B20192020: $9.9B$9.9B2020+10%2021: $12.1B$12.1B2021+23%2022: $12.0B$12.0B2022−1%2023: $12.7B$12.7B2023+6%2024: $14.9B$14.9B2024+17%2025: $16.7B$16.7B2025+12%
Net income67895$0 in 2025
02019: $0$020192020: $0$020202021: $0$020212022: $0$020222023: $0$020232024: $0$020242025: $0$02025
Fiscal year2019202020212022202320242025
Revenue$9.0B6$9.9B7$12.1B8$12.0B9$12.7B5$14.9B5$16.7B5
Operating expenses$10.7B8$10.9B9$12.2B5$14.0B5$15.6B5
Interest$157.0M6$102.0M7$94.0M8$142.0M9$282.0M5$253.0M5$197.0M5
Net income$06$07$08$09$05$05$05

Compare JONES FINANCIAL COMPANIES LLLP with another company

Corporate structure

JONES FINANCIAL COMPANIES LLLP sits at the top of its group. 24 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • JONES FINANCIAL COMPANIES LLLP Des Peres, Missouri
    • 17440961 Canada Inc. Subsidiary · Canada
    • California Agency Holding, LLC Subsidiary · Missouri, United States
    • EDJ Holding Company, Inc. Subsidiary · Missouri, United States
    • EDJ Insurance Company, Inc. Subsidiary · Missouri, United States
    • EDJ Leasing Co., L.P. Subsidiary · Missouri, United States
    • Edward D. Jones & Co. Agency Holding Co., Inc. Subsidiary · Canada
    • Edward D. Jones & Co. Canada Holding Co., Inc. Subsidiary · Canada
    • Edward D. Jones & Co., L.P. Subsidiary · Missouri, United States
    • Edward Jones Subsidiary · Ontario, Canada
    • Edward Jones Insurance Agency Subsidiary · Ontario, Canada
    • Edward Jones Insurance Agency (Quebec) Inc. Subsidiary · Canada
    • Edward Jones Insurance Agency Holding, L.L.C. Subsidiary · Missouri, United States
    • Edward Jones Insurance Agency of California, L.L.C. Subsidiary · California, United States
    • Edward Jones Insurance Agency of Massachusetts, L.L.C. Subsidiary · Massachusetts, United States
    • Edward Jones Insurance Agency of New Mexico, L.L.C. Subsidiary · New Mexico, United States
    • Edward Jones SBL, LLC Subsidiary · Missouri, United States
    • EJB Holding Company, Inc. Subsidiary · Missouri, United States
    • EJC Holding Company, Inc. Subsidiary · Missouri, United States
    • JFC Holding Company, Inc. Subsidiary · Missouri, United States
    • JFCA, LLC Subsidiary · Missouri, United States
    • JFCL, LLC Subsidiary · Missouri, United States
    • LHC, Inc. Subsidiary · Missouri, United States
    • Olive Street Investment Advisers, LLC Subsidiary · Missouri, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What JONES FINANCIAL COMPANIES LLLP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$3.9B5 Dec 31, 2025$3.2B5 Dec 31, 2024+20.2%
Accumulated depreciation$1.6B5 Dec 31, 2025$1.5B5 Dec 31, 2024+6.7%
Property and equipment, net$1.8B5 Dec 31, 2025$1.4B5 Dec 31, 2024+25.9%
Operating-lease assets (leased space)$1.2B5 Dec 31, 2025$1.1B5 Dec 31, 2024+7.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.8B5 Dec 31, 2025$2.3B5 Dec 31, 2024+66.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$795.0M5 Dec 31, 2025$450.0M9 Dec 31, 2024+76.7%

Properties, in its own words

The Partnership primarily conducts its U.S. home office operations from two campuses in St. Louis, Missouri and one campus in Tempe, Arizona. As of December 31, 2025, the Partnership had 11 home office buildings. The Partnership owns 10 of the buildings and leases its Canada home office in Mississauga, Ontario and the land for the Tempe, Arizona campus.

The Partnership also maintains facilities in 14,916 branch locations as of December 31, 2025, which are located in the U.S. and Canada and are predominantly rented under cancelable leases. See Part II, Item 8 – Financial Statements and Supplementary Data – Notes 2 and 16 to the Consolidated Financial Statements for information regarding lease liabilities and related party transactions, respectively.

Item 2 of the 10-K filed Mar 13, 2026.4

Leadership

Who has led JONES FINANCIAL COMPANIES LLLP, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Kevin D. Bastien2015

Chief operating officer

  1. Lisa Marie Dolan2020
20202025
Board members and other officers (21)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Operating OfficerKristin M Johnson named Jan 13, 2022 to Sep 2, 202639
  • Managing PartnerPenny Pennington named Jan 13, 2022 to Sep 2, 202639
  • Chief Experience, Brand and Marketing OfficerHema Devon Widhani named Jul 9, 2025 to Sep 25, 202540

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 17440961 Canada Inc. Canada (Federally Incorporated)3
  • California Agency Holding, LLC Missouri3
  • EDJ Holding Company, Inc. Missouri3
  • EDJ Insurance Company, Inc. Missouri3
  • EDJ Leasing Co., L.P. Missouri3
  • EJB Holding Company, Inc. Missouri3
  • EJC Holding Company, Inc. Missouri3
  • Edward D. Jones & Co. Agency Holding Co., Inc. Canada (Federally Incorporated)3
  • Edward D. Jones & Co. Canada Holding Co., Inc. Canada (Federally Incorporated)3
  • Edward D. Jones & Co., L.P. Missouri3
  • Edward Jones Ontario, Canada3
  • Edward Jones Insurance Agency Ontario, Canada3
  • Edward Jones Insurance Agency (Quebec) Inc. Canada (Federally Incorporated)3
  • Edward Jones Insurance Agency Holding, L.L.C. Missouri3
  • Edward Jones Insurance Agency of California, L.L.C. California3
  • Edward Jones Insurance Agency of Massachusetts, L.L.C. Massachusetts3
  • Edward Jones Insurance Agency of New Mexico, L.L.C. New Mexico3
  • Edward Jones SBL, LLC Missouri3
  • JFC Holding Company, Inc. Missouri3
  • JFCA, LLC Missouri3
  • JFCL, LLC Missouri3
  • LHC, Inc. Missouri3
  • Olive Street Investment Advisers, LLC Missouri3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • JONES FINANCIAL COMPANIES LP LLPAug 10, 1998 to Nov 18, 20092
  • JONES FINANCIAL COS LPMay 12, 1997 to May 7, 19982
  • JONES FINANCIAL COMPANIES L PMay 6, 1994 to Jan 26, 19962

Timeline

  1. Feb 27, 20268-K Regulation FD disclosure41
  2. Feb 9, 20268-K Other events42
  3. Jan 13, 20268-K Results of operations; Unregistered sale of shares43
  4. Jan 7, 20268-K Unregistered sale of shares44
  5. Nov 10, 20258-K Other events45
  6. Nov 5, 20258-K Entered a material agreement; Change to shareholders' rights; Bylaws or fiscal year changed46
  7. Apr 24, 20258-K Executive or director change; Regulation FD disclosure47
  8. Jan 13, 20258-K Results of operations; Unregistered sale of shares48
  9. Jan 8, 20258-K Unregistered sale of shares49
  10. Jan 7, 20258-K Unregistered sale of shares50
  11. Jan 12, 20248-K Results of operations; Unregistered sale of shares; Other events51
  12. Jan 5, 20248-K Unregistered sale of shares52

Calendar

When it reported results

  1. Jan 13, 2026Reported quarterly or annual results43
  2. Jan 13, 2025Reported quarterly or annual results48
  3. Jan 12, 2024Reported quarterly or annual results51
  4. Jan 11, 2023Reported quarterly or annual results53
  5. Jan 12, 2022Reported quarterly or annual results54

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

114 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 22 major events, 6 insider forms, 30 private raises, 36 other. The latest 20:

  1. Oct 9, 2026425 EDGAR
  2. Sep 14, 2026425 EDGAR
  3. Sep 8, 2026EFFECT EDGAR
  4. Sep 8, 2026SC TO-I EDGAR
  5. Sep 8, 2026424B3 EDGAR
  6. Sep 4, 2026S-4/A EDGAR
  7. Sep 2, 2026D EDGAR
  8. Aug 25, 2026S-4/A EDGAR
  9. Aug 14, 202613F-HR EDGAR
  10. Aug 12, 2026425 EDGAR
  11. Aug 7, 202610-Q EDGAR
  12. Aug 4, 2026D EDGAR
  13. Jul 27, 2026S-4 EDGAR
  14. Jul 7, 2026D EDGAR
  15. Jun 11, 2026D EDGAR
  16. May 15, 202613F-HR EDGAR
  17. May 7, 202610-Q EDGAR
  18. May 5, 2026D EDGAR
  19. Mar 13, 202610-K EDGAR
  20. Mar 11, 2026D EDGAR

The 114 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 18, 2026Raised $515,000 in a private offering of equity Form D: 103 investors so far Form D
  2. Aug 1, 2026Raised $2 million in a private offering of equity Form D: 1 investor so far Form D
  3. Jul 1, 2026Raised $1.8 million in a private offering of equity Form D: 1 investor so far Form D
  4. Jun 1, 2026Raised $725,000 in a private offering of equity Form D: 2 investors so far Form D
  5. Apr 27, 2026Raised $675,000 in a private offering of equity Form D: $680,000 offered in all Form D
  6. Mar 1, 2026Raised $325,000 in a private offering of equity Form D: 1 investor so far Form D
  7. Jan 8, 2026Raised $39.2 million in a private offering of equity Form D: 68 investors so far Form D
  8. Jan 1, 2026Filed a private offering of equity Form D: 4,721 investors so far Form D
  9. Sep 15, 2025Raised $13 million in a private offering of equity Form D: $19.4 million offered in all Form D
  10. Jul 1, 2025Raised $1.5 million in a private offering of equity Form D: 2 investors so far Form D
  11. Apr 1, 2025Raised $488,332 in a private offering of equity Form D: 2 investors so far Form D
  12. Feb 1, 2025Raised $325,000 in a private offering of equity Form D: 1 investor so far Form D
  13. Jan 1, 2025Filed a private offering of equity Form D: 2,596 investors so far Form D
  14. Jan 1, 2025Raised $55.5 million in a private offering of equity Form D: 79 investors so far Form D
  15. Oct 1, 2024Raised $3.5 million in a private offering of equity Form D: 2 investors so far Form D
  16. Sep 9, 2024Raised $9.8 million in a private offering of equity Form D: $13.6 million offered in all Form D
  17. Jul 1, 2024Raised $276,664 in a private offering of equity Form D: 1 investor so far Form D
  18. Apr 1, 2024Raised $550,000 in a private offering of equity Form D: 2 investors so far Form D
  19. Jan 1, 2024Filed a private offering of equity Form D: 2,275 investors so far Form D
  20. Jan 1, 2024Raised $63.8 million in a private offering of equity Form D: 95 investors so far Form D
  21. Aug 29, 2023Raised $3.7 million in a private offering of equity Form D: $6.4 million offered in all Form D
  22. Aug 1, 2023Raised $2.8 million in a private offering of equity Form D: 2 investors so far Form D
  23. Jul 1, 2023Raised $526,662 in a private offering of equity Form D: 1 investor so far Form D
  24. May 1, 2023Raised $116,600 in a private offering of equity Form D: 1 investor so far Form D
  25. Apr 1, 2023Raised $1.4 million in a private offering of equity Form D: 1 investor so far Form D
  26. Mar 1, 2023Raised $5.2 million in a private offering of equity Form D: 1 investor so far Form D
  27. Feb 1, 2023Raised $195,516 in a private offering of equity Form D: 1 investor so far Form D
  28. Jan 1, 2023Raised $59.4 million in a private offering of equity Form D: 94 investors so far Form D
  29. Jul 1, 2022Raised $6 million in a private offering of equity Form D: 12 investors so far Form D
  30. Jan 1, 2022Raised $52.3 million in a private offering of equity Form D: 78 investors so far Form D

SEC filer profile

How JONES FINANCIAL COMPANIES LLLP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARJONES FINANCIAL COMPANIES LLLP1
  • CIK0000815917
  • Employer ID (EIN)43-14508184
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inMissouri4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6211 Security Brokers, Dealers & Flotation Companies1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address12555 Manchester Road, Des Peres, MO 631311
  • Phone31451520001
  • Shares outstanding1,719,694 as of Jul 31, 202612
  • Public float$0 as of Feb 27, 20265
  • AuditorPricewaterhouseCoopers LLP, St. Louis, Missouri PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceMar 28, 19941
  • Filings399 in all: 10-Q (98), D (67), 8-K (63), 13F-HR (62), 10-K (33), 3 (25), S-8 (10), S-8 POS (7)1
    All 28 form types

    UPLOAD (5), CORRESP (4), 424B3 (3), 425 (3), EFFECT (2), POS AM (2), S-4/A (2), 10-Q/A (1), 13F-HR/A (1), 8-A12G (1), 8-K/A (1), D/A (1), NT 10-Q (1), REGDEX (1), S-1 (1), S-1/A (1), S-2 (1), S-2/A (1), S-4 (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Mar 13, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Feb 27, 2026

Risk factors and legal proceedings

The risks JONES FINANCIAL COMPANIES LLLP names in Item 1A of its 10-K filed Mar 13, 2026: 26 risks under these headings, as written.4

  • RISKS RELATED TO THE PARTNERSHIP’S BUSINESS
  • Risks Related to Economic and Market Conditions and Events
  • COMPETITION — The Partnership is subject to intense competition for clients and personnel, and there is an increasing pace of industry change. Some of its competitors have greater resources and are rapidly changing their business practices.
  • INTEREST RATE ENVIRONMENT — The Partnership’s profitability is impacted by the interest rate environment.
  • Risks Related to Legal and Regulatory Matters
  • LEGISLATIVE AND REGULATORY INITIATIVES — Proposed, potential and recently enacted federal and state legislation, rules and regulations ("Legislative and Regulatory Initiatives") could significantly impact the regulation and operation of the Partnership and its subsidiaries. In addition, Legislative and Regulatory Initiatives may significantly alter or restrict the Partnership’s historic business practices, which could negatively affect its operating results.
  • LITIGATION AND REGULATORY EXAMINATIONS, INVESTIGATIONS AND PROCEEDINGS — As a financial services firm and employer of a significant number of employees, the Partnership is subject to litigation involving civil plaintiffs seeking substantial damages and regulatory examinations, investigations and proceedings, which have increased over time.
  • BANK APPLICATION APPROVAL — Due to the conditional approval of the Partnership's application to obtain a bank charter, the Partnership will be subject to additional risks related to capital and other costs to establish and maintain the bank, additional regulatory oversight, potential legislative changes and uncertainty of obtaining the anticipated benefits.
  • Risks Related to Human Capital
  • INABILITY TO ATTRACT, RETAIN, DEVELOP AND SUPPORT QUALIFIED TALENT — If the Partnership is unable to attract, retain, develop and support qualified financial advisors, CSTPs and home office associates, the Partnership may not be able to support the future needs of the business, maintain or increase its operating results or grow the Firm's positive impact on clients and communities.
  • BRANCH OFFICE SYSTEM — The Partnership’s system of maintaining branch offices may expose the Partnership to risk of loss or liability from the activities of the branch team and to increases in rent related to increased real property values.
  • Risks Related to Business Operations
The other 19 risks
  • TECHNOLOGY TRANSFORMATION AND UPGRADE OF LEGACY SYSTEMS — Inefficient or ineffective technology can have a material negative effect on the client and colleague experience and the Partnership’s operations, profitability and reputation. The Partnership will continue to engage in significant digital and technology transformation initiatives in the future which may be costly and could lead to additional disruptions.
  • TECHNOLOGY AND OPERATIONAL DISRUPTIONS — The inability to successfully process client transactions due to volume and volatility can have a material negative effect on the Partnership’s profitability, operations, reputation and regulatory compliance.
  • INVESTMENT ADVISORY ACTIVITIES — The Partnership’s investment advisory businesses may be affected by the investment performance of its portfolios and operational risks associated with the size of the programs.
  • PROPRIETARY MUTUAL FUNDS — The Partnership’s business may be affected by operational risks, investment performance and heightened regulatory requirements as a result of sponsoring proprietary mutual funds and managing sub-advisers and other third-party service providers.
  • RELIANCE ON THIRD PARTIES — The Partnership’s dependence on third-party organizations exposes the Partnership to risks, including risk of disruption or loss if their products and services are no longer offered or supported or develop defects, concentration risk and information security risk.
  • INFORMATION SECURITY INCIDENTS AND FRAUD — Information security incidents affecting the Partnership’s systems, or those of third parties, and other fraudulent acts could lead to significant financial loss to the Partnership’s business and operations, significant liability, and harm to the Partnership’s reputation and client relationships.
  • NEW STRATEGIES, SOLUTIONS AND PRODUCTS — The Partnership is subject to the risk that recently launched or potential new strategies, solutions, products, structures and relationships being developed or made available to the Partnership's clients may not be successful; and if successful, the Partnership may contribute more capital, experience increased costs to support operations and could be subject to risks related to additional regulatory oversight, potential legislative changes and uncertainty of the resulting benefits for the Partnership, its partners, or its clients.
  • Risks Related to Liquidity and Capital
  • LIQUIDITY — The Partnership’s business in the securities industry and ownership structure requires that sufficient liquidity be available to maintain its business activities, and it may not always have access to sufficient funds.
  • CAPITAL REQUIREMENTS; UNIFORM NET CAPITAL AND CUSTOMER PROTECTION RULES — The Uniform Net Capital Rule imposes minimum net capital requirements and could limit the Partnership’s ability to engage in certain activities which are crucial to its business. The Customer Protection Rule may limit the rate of return the Partnership could earn on cash and investments.
  • LACK OF CAPITAL PERMANENCY — Because the Partnership’s capital is subject to mandatory redemption either upon the death or withdrawal request of a partner, the capital is not permanent and a significant mandatory redemption could lead to a substantial reduction in the Partnership’s capital, which could, in turn, have a material adverse effect on the Partnership’s business.
  • CREDIT RISK — The Partnership is subject to credit risk due to the nature of the transactions it processes for its clients.
  • RISKS RELATED TO AN INVESTMENT IN LIMITED PARTNER INTERESTS AND PROFITS INTERESTS
  • HOLDING COMPANY — JFC is a holding company; as a consequence, JFC’s ability to satisfy its obligations under the Partnership Agreement will depend in large part on the ability of its subsidiaries to pay distributions, dividends and intercompany payments to JFC, which is restricted by law, regulation and contractual obligations, and which may be impacted by tax or business strategy.
  • SUFFICIENCY OF DISTRIBUTIONS TO REPAY FINANCING — Limited partners may finance their purchase of the Interests with a bank loan. The Partnership does not guarantee those loans, and distributions may be insufficient to pay the interest or principal due on the loans.
  • NON-VOTING INTERESTS; NON-TRANSFERABILITY OF INTERESTS; ABSENCE OF MARKET AND PRICE FOR INTERESTS — The Interests and Profits Interests are non-voting and non-transferable and no market for the Interests or Profits Interests exists or is expected to develop. The price of Interests only represents book value and Profits Interests have no book value.
  • RISK OF DILUTION — The Interests and Profits Interests may be diluted from time to time, which could lead to decreased returns to the limited partners and Profits Interests holders.
  • LIMITATION OF LIABILITY; INDEMNIFICATION — The Partnership Agreement limits the liability of the Managing Partner and general partners by indemnifying them under certain circumstances, which may limit a limited partner’s and a Profits Interests holder's rights against them and could reduce the accumulated profits distributable to limited partners and Profits Interests holders.
  • RISK OF LOSS — The Interests are equity interests in the Partnership. As a result, and in accordance with the Partnership Agreement, the right of return of a limited partner’s Capital Contribution (as defined in the Partnership Agreement) is subordinate to all existing and future claims of the Partnership’s general creditors, including any of its subordinated creditors.
  • STATUS AS PARTNER FOR TAX PURPOSES AND TAX RISKS — Limited partners and Profits Interests holders are subject to income tax liabilities on the Partnership’s income, whether or not income is distributed, and may have an increased chance of being audited. Limited partners and Profits Interests holders may also be subject to passive loss rules as a result of their investment.
  • FOREIGN EXCHANGE RISK FOR CANADA RESIDENTS — Each Canadian resident limited partner has the risk that they will lose value on their investment in the Interests due to fluctuations in the applicable exchange rate; furthermore, Canadian resident limited partners may owe tax on a disposition of their Interests solely as the result of a movement in the applicable exchange rate.

Legal proceedings

Currently, there are not any material pending legal or regulatory matters, other than ordinary routine litigation and regulatory matters, including arbitrations, class actions, other litigation, and examinations, investigations and proceedings by governmental authorities, self-regulatory organizations and other regulators, and other actions and claims incidental to the business, to which the Partnership is a party or of which any of the Partnership's property is the subject. In the normal course of business, the Partnership is subject to claims, regulatory matters and litigation arising in connection with our business activities. While the outcome of any claim, regulatory matter or litigation is inherently unpredictable, the Partnership cannot guarantee the ultimate resolution of these matters, individually or in the aggregate, or whether they will result in a material impact on its financial condition, results of operations, or cash flows. For information concerning the Partnership's legal proceedings, refer to Part II, Item 8 – Financial Statements and Supplementary Data – Note 14 to the Consolidated Financial Statements.

The opening of Item 3, Legal Proceedings.4

Sources

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