UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 27, 2026


	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 0-16633

THE JONES FINANCIAL COMPANIES, L.L.L.P.

(Exact name of registrant as specified in its Charter)

     Missouri

     43-1450818

     (State or other jurisdiction of
incorporation or organization)

     (IRS Employer 
Identification No.)

12555 Manchester Road

Des Peres, Missouri 63131

(Address of principal executive office) (Zip Code)

(314) 515-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer		Accelerated filer	
Non-accelerated filer		Smaller reporting company	
Emerging growth company	

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of April 24, 2026, 1,725,019 units of Class A limited partner interests were outstanding, each representing $1,000 of Class A limited partner capital, and $719,048,000 of notional capital in limited partnership Profits Interests were outstanding. There is no public or private market for the Class A limited partner interests or the limited partnership Profits Interests.

THE JONES FINANCIAL COMPANIES, L.L.L.P.

INDEX


		Page

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements	3

	Consolidated Statements of Financial Condition	3
	Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption	6
	Consolidated Statements of Cash Flows	7
	Notes to Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	28

Item 4.	Controls and Procedures	28

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	29

Item 1A.	Risk Factors	29

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 3.	Defaults Upon Senior Securities	29

Item 4.	Mine Safety Disclosures	29

Item 5.	Other Information	29

Item 6.	Exhibits	30

	Signatures	31

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

THE JONES FINANCIAL COMPANIES, L.L.L.P.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)


(Dollars in millions)	March 27, 2026		December 31, 2025
ASSETS:
Cash and cash equivalents	$	2,625	$	3,782
Cash and investments segregated under federal regulations		12,877		14,069
Securities purchased under agreements to resell		583		687
Receivables from:
Clients		5,577		5,369
Mutual funds, insurance companies and other		1,140		1,047
Brokers, dealers and clearing organizations		502		520
Securities owned, at fair value:
Investment securities		1,051		477
Inventory securities		48		54
Fixed assets, at cost, net of accumulated depreciation and amortization		1,796		1,759
Lease right-of-use assets		1,183		1,169
Other assets		1,629		1,575

TOTAL ASSETS	$	29,011	$	30,508

LIABILITIES:
Payables to:
Clients	$	17,844	$	18,605
Brokers, dealers and clearing organizations		118		95
Accrued compensation and employee benefits		2,887		3,600
Accounts payable, accrued expenses and other		1,560		2,190
Lease liabilities		1,226		1,216
		23,635		25,706
Contingencies (Note 8)

Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals and partnership loans:
Limited partners		1,726		1,713
Subordinated limited partners		746		742
General partners		2,453		1,669
Total		4,925		4,124
Reserve for anticipated withdrawals		451		678
Total partnership capital and Profits Interests subject to mandatory redemption		5,376		4,802

TOTAL LIABILITIES	$	29,011	$	30,508

The accompanying notes are an integral part of these Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

THE JONES FINANCIAL COMPANIES, L.L.L.P.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended
(Dollars in millions, except per unit information and units outstanding)	March 27, 2026			March 28, 2025
Revenue:
Fee revenue
Asset-based	$	3,882		$	3,294
Account and activity		187			186
Total fee revenue		4,069			3,480
Trade revenue		450			443
Interest and dividends		229			270
Other (loss) revenue, net		(30	)		25
Total revenue		4,718			4,218
Interest expense		41			51
Net revenue		4,677			4,167
Operating expenses:
Compensation and benefits		3,279			2,890
Communications and data processing		317			267
Occupancy and equipment		167			163
Fund sub-adviser fees		101			84
Professional and consulting fees		62			61
Advertising		43			39
Other operating expenses		167			150
Total operating expenses		4,136			3,654

Income before allocations		541			513

Allocations:
Limited partners		68			71
Profits Interests		27			17
Subordinated limited partners		60			56
General partners		386			369
Net income	$	—		$	—

Income allocated to limited partners per weighted average $1,000 equivalent limited partner unit outstanding	$	37.87		$	38.89

Weighted average $1,000 equivalent limited partner units outstanding		1,728,647			1,736,683

The accompanying notes are an integral part of these Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

THE JONES FINANCIAL COMPANIES, L.L.L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended
(Dollars in millions)	March 27, 2026		March 28, 2025
Net income	$	—	$	—
Other comprehensive income:
Foreign currency translation		5		(5	)
Comprehensive income (loss) before allocations		5		(5	)

Allocations		5		(5	)
Total comprehensive income	$	—	$	—

The accompanying notes are an integral part of these Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

THE JONES FINANCIAL COMPANIES, L.L.L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL AND PROFITS INTERESTS

SUBJECT TO MANDATORY REDEMPTION

FOR THE THREE MONTHS ENDED MARCH 27, 2026 AND MARCH 28, 2025

(Unaudited)


(Dollars in millions)	Limited Partner Capital			Profits Interests			Subordinated Limited Partner Capital			General Partner Capital			Total
2026
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION, DECEMBER 31, 2025	$	1,913		$	25		$	820		$	2,044		$	4,802
Reserve for anticipated withdrawals		(200	)		(25	)		(78	)		(375	)		(678	)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals, December 31, 2025	$	1,713		$	—		$	742		$	1,669		$	4,124
Partnership loans outstanding, December 31, 2025		—			—			—			424			424
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals, December 31, 2025		1,713			—			742			2,093			4,548
Issuance of partnership interests		20			—			39			308			367
Redemption of partnership interests		(7	)		—			(35	)		(27	)		(69	)
Net income allocations		68			27			60			386			541
Other comprehensive income allocations		1			—			1			3			5
Distributions		15			(1	)		—			(21	)		(7	)
Total partnership capital, including capital financed with partnership loans, and Profits Interests, March 27, 2026		1,810			26			807			2,742			5,385
Partnership loans outstanding, March 27, 2026		—			—			—			(9	)		(9	)
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION, MARCH 27, 2026	$	1,810		$	26		$	807		$	2,733		$	5,376
Reserve for anticipated withdrawals		(84	)		(26	)		(61	)		(280	)		(451	)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals, March 27, 2026	$	1,726		$	—		$	746		$	2,453		$	4,925


(Dollars in millions)	Limited Partner Capital			Profits Interests			Subordinated Limited Partner Capital			General Partner Capital			Total
2025
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION, DECEMBER 31, 2024	$	1,926		$	14		$	794		$	2,175		$	4,909
Reserve for anticipated withdrawals		(199	)		(14	)		(73	)		(422	)		(708	)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals, December 31, 2024	$	1,727		$	—		$	721		$	1,753		$	4,201
Partnership loans outstanding, December 31, 2024		—			—			—			473			473
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals, December 31, 2024		1,727			—			721			2,226			4,674
Issuance of partnership interests		14			—			56			302			372
Redemption of partnership interests		(7	)		—			(17	)		(42	)		(66	)
Net income allocations		71			17			56			369			513
Other comprehensive loss allocations		—			—			(1	)		(4	)		(5	)
Distributions		15			—			—			(23	)		(8	)
Total partnership capital, including capital financed with partnership loans, and Profits Interests, March 28, 2025		1,820			17			815			2,828			5,480
Partnership loans outstanding, March 28, 2025		—			—			—			(625	)		(625	)
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION, MARCH 28, 2025	$	1,820		$	17		$	815		$	2,203		$	4,855
Reserve for anticipated withdrawals		(86	)		(17	)		(55	)		(291	)		(449	)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals, March 28, 2025	$	1,734		$	—		$	760		$	1,912		$	4,406

The accompanying notes are an integral part of these Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

THE JONES FINANCIAL COMPANIES, L.L.L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended
(Dollars in millions)	March 27, 2026			March 28, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	—		$	—
Adjustments to reconcile net income to net cash provided by operating activities:
Income before allocations		541			513
Foreign currency translation		5			(5	)
Depreciation and amortization		194			164

Changes in assets and liabilities:
Investments segregated under federal regulations		1,503			465
Securities purchased under agreements to resell		104			406
Net payable to clients		(969	)		(317	)
Net receivable from brokers, dealers and clearing organizations		41			33
Receivable from mutual funds, insurance companies and other		(93	)		(95	)
Securities owned		(568	)		(21	)
Other assets		(57	)		(64	)
Lease liabilities		(94	)		(90	)
Accrued compensation and employee benefits		(713	)		(692	)
Accounts payable, accrued expenses and other		(629	)		(201	)
Net cash (used in) provided by operating activities		(735	)		96

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets		(139	)		(131	)
Cash used in investing activities		(139	)		(131	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of partnership loans		264			41
Issuance of partner interests		358			70
Redemption of partner interests		(69	)		(66	)
Distributions from partnership capital		(525	)		(607	)
Net cash provided by (used in) financing activities		28			(562	)
Net decrease in cash, cash equivalents and restricted cash		(846	)		(597	)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period		8,380			6,350
End of period	$	7,534		$	5,753

See Note 10 for additional cash flow information.

The accompanying notes are an integral part of these Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

THE JONES FINANCIAL COMPANIES, L.L.L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in millions)

NOTE 1 – INTRODUCTION AND BASIS OF PRESENTATION

The accompanying Consolidated Financial Statements include the accounts of The Jones Financial Companies, L.L.L.P. and all wholly-owned subsidiaries (collectively, the “Partnership,” "JFC" or the "Firm"). The financial position of the Partnership’s subsidiaries in Canada as of February 28, 2026 and November 30, 2025 are included in the Partnership’s Consolidated Statements of Financial Condition and the results for the three-month periods ended February 28, 2026 and 2025 are included in the Partnership’s Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption and Consolidated Statements of Cash Flows because of the timing of the Partnership’s financial reporting process.

The Partnership’s principal operating subsidiary, Edward D. Jones & Co., L.P. (“Edward Jones”), is a registered broker-dealer and investment adviser in the United States (“U.S.”), and the Partnership's operating subsidiary in Canada, Edward Jones (an Ontario limited partnership), is a registered investment dealer in Canada ("EJ Canada"). The Partnership is a leading financial services firm and conducts business throughout North America through its U.S. and Canada business units with its clients, various brokers, dealers, clearing organizations, depositories and banks. Through these retail brokerage entities, the Partnership primarily serves individual investors in the U.S. and Canada and primarily derives revenues from fees for providing investment advisory and other account services to its clients, fees for assets held by clients and commissions for the distribution of mutual fund shares and insurance products and the purchase or sale of securities. For financial information related to the Partnership’s two operating segments for the three-month periods ended March 27, 2026 and March 28, 2025, see Note 4 to the Consolidated Financial Statements. Trust services are offered to Edward Jones’ U.S. clients through Edward Jones Trust Company (“Trust Co.”), a wholly-owned subsidiary of the Partnership. Olive Street Investment Advisers, LLC, a wholly-owned subsidiary of the Partnership, provides investment advisory services to the Edward Jones Money Market Fund (the "Money Market Fund") and the twelve sub-advised mutual funds comprising the Bridge Builder® Trust.

The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles, which require the use of certain estimates by management in determining the Partnership’s assets, liabilities, revenues and expenses. Actual results could differ from these estimates.

The interim financial information included herein is unaudited. However, in the opinion of management, such information includes all adjustments, consisting primarily of normal recurring accruals, which are necessary for a fair statement of the results of interim operations. The Partnership evaluated subsequent events for recognition or disclosure through the date these Consolidated Financial Statements were issued and identified no matters requiring disclosure.

There have been no material changes to the Partnership's significant accounting policies or disclosures of recently issued accounting standards as described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"). The results of operations for the three-month period ended March 27, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026. These unaudited Consolidated Financial Statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and notes thereto included in the Partnership's Annual Report.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

NOTE 2 – LEASES

For the three-month periods ended March 27, 2026 and March 28, 2025, cash paid for amounts included in the measurement of operating lease liabilities was $94 and $90, respectively, and lease right-of-use assets obtained in exchange for new operating lease liabilities were $105 and $98, respectively. As of March 27, 2026 and December 31, 2025, the weighted-average remaining lease term was five years for both periods and the weighted-average discount rate was 4.4% for both periods.

The following table summarizes the Partnership's operating lease cost, variable lease cost not included in the lease liability and total lease cost for the:


	Three Months Ended
	March 27, 2026		March 28, 2025
Operating lease cost	$	93	$	88
Variable lease cost		20		19
Total lease cost	$	113	$	107

The Partnership's future undiscounted cash outflows for operating leases are summarized below as of:


	March 27, 2026
2026	$	276
2027		326
2028		264
2029		191
2030		119
Thereafter		202
Total lease payments		1,378
Less: Interest		152
Total present value of lease liabilities	$	1,226

While the rights and obligations for leases that have not yet commenced are not significant, the Partnership regularly enters into new branch office leases.

NOTE 3 – RECEIVABLES AND REVENUE

As of March 27, 2026 and December 31, 2025, collateral held for receivables from clients was $7,912 and $7,224, respectively, and collateral held for securities purchased under agreements to resell was $591 and $697, respectively. Given the nature of the agreements for receivables from clients and given the counterparties for resale agreements are financial institutions that the Partnership considers to be reputable and reliable, the Partnership does not expect the fair value of collateral to fall below the value of the agreements frequently or for an extended period of time. Therefore, the allowance for credit loss was zero for each period.

As of March 27, 2026, December 31, 2025 and December 31, 2024, $1,091, $1,056 and $883, respectively, of the receivable from clients balance and $390, $368 and $377, respectively, of the receivable from mutual funds, insurance companies and other balance related to revenue contracts with customers. The related fees are paid out of client accounts or third-party products consisting of cash and securities, the value of those accounts continues to exceed the amortized cost basis of these receivables and the receivables have a short duration. As a result, the Partnership does not expect an event or change which would result in the receivables being undercollateralized or unpaid. The allowance for credit loss for receivables from contracts with customers was zero as of March 27, 2026 and December 31, 2025.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

The following table shows the Partnership's disaggregated revenue information. See Note 4 for segment information.


	Three Months Ended						Three Months Ended
	March 27, 2026						March 28, 2025
	U.S.		Canada		Total		U.S.		Canada		Total
Fee revenue:
Asset-based fee revenue:
Advisory programs fees	$	3,021	$	68	$	3,089	$	2,496	$	49	$	2,545
Service fees		413		28		441		384		26		410
Cash solutions fees		135		—		135		145		—		145
Other asset-based fees		217		—		217		194		—		194
Total asset-based fee revenue		3,786		96		3,882		3,219		75		3,294
Account and activity fee revenue:
Shareholder accounting services fees		114		—		114		118		—		118
Other account and activity fee revenue		70		3		73		65		3		68
Total account and activity fee revenue		184		3		187		183		3		186
Total fee revenue		3,970		99		4,069		3,402		78		3,480
Trade revenue:
Commissions		381		14		395		370		14		384
Principal transactions		53		2		55		56		3		59
Total trade revenue		434		16		450		426		17		443
Total revenue from customers		4,404		115		4,519		3,828		95		3,923
Net interest and dividends and other revenue		144		14		158		219		25		244
Net revenue	$	4,548	$	129	$	4,677	$	4,047	$	120	$	4,167

NOTE 4 – SEGMENT INFORMATION

The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership's Canada operations, which primarily occur through a non-guaranteed subsidiary of the Partnership. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. Income before allocations margin represents income before allocations as a percentage of total revenue. The following table shows financial information for the Partnership’s reportable segments:


	Three Months Ended									Three Months Ended
	March 27, 2026									March 28, 2025
	U.S.			Canada			Total			U.S.			Canada			Total
Net revenue	$	4,548		$	129		$	4,677		$	4,047		$	120		$	4,167
FA compensation and benefits		1,821			54			1,875			1,605			48			1,653
Home office operating expense		856			32			888			778			27			805
Branch office operating expense		606			19			625			568			17			585
Variable compensation		732			16			748			598			13			611
Operating expenses		4,015			121			4,136			3,549			105			3,654
Income before allocations	$	533		$	8		$	541		$	498		$	15		$	513

Income before allocations margin		11.6	%		6.2	%		11.5	%		12.1	%		12.8	%		12.2	%
Net interest and dividends revenue	$	179		$	9		$	188		$	206		$	13		$	219
Depreciation and amortization	$	190		$	4		$	194		$	159		$	5		$	164
Total assets	$	27,507		$	1,504		$	29,011		$	26,758		$	1,222		$	27,980

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

NOTE 5 – FAIR VALUE

The Partnership's valuation methodologies for financial assets and financial liabilities measured at fair value and the fair value hierarchy are described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report. There have been no material changes to the Partnership's valuation methodologies since December 31, 2025. The Partnership records fractional shares at fair value in other assets with associated liabilities in accounts payable, accrued expenses and other in the Consolidated Statements of Financial Condition. The liabilities are initially recorded at the dollar amount received from the clients, but the Partnership makes an election to record the liabilities at fair value. Changes in the fair value of the assets and liabilities offset in other revenue in the Consolidated Statements of Income, with no impact on income before allocations.

The Partnership did not have any assets or liabilities categorized as Level III during the three- and twelve-month periods ended March 27, 2026 and December 31, 2025, respectively. The following tables show the Partnership’s financial assets and liabilities measured at fair value as of:


	March 27, 2026
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	95	$	—	$	95
Money market funds		36		—		—		36
Total cash equivalents	$	36	$	95	$	—	$	131

Investments segregated under federal regulations:
U.S. treasuries		7,968		—		—		7,968
Total investments segregated under federal regulations	$	7,968	$	—	$	—	$	7,968

Securities owned:
Investment securities:
Government and agency obligations	$	699	$	—	$	—	$	699
Mutual funds(1)		344		—		—		344
Equities		8		—		—		8
Total investment securities	$	1,051	$	—	$	—	$	1,051

Inventory securities:
Municipal obligations	$	—	$	17	$	—	$	17
Equities		10		—		—		10
Mutual funds		9		—		—		9
Corporate bonds and notes		—		6		—		6
Certificates of deposit		—		4		—		4
Government and agency obligations		2		—		—		2
Total inventory securities	$	21	$	27	$	—	$	48

Other assets:
Client fractional share ownership assets	$	1,087	$	—	$	—	$	1,087

Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	1,087	$	—	$	—	$	1,087

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued


	December 31, 2025
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Money market funds	$	107	$	—	$	—	$	107
Certificates of deposit		—		95		—		95
Total cash equivalents	$	107	$	95	$	—	$	202

Investments segregated under federal regulations:
U.S. treasuries	$	9,271	$	—	$	—	$	9,271
Certificates of deposit		—		200		—		200
Total investments segregated under federal regulations	$	9,271	$	200	$	—	$	9,471

Securities owned:
Investment securities:
Mutual funds(1)	$	393	$	—	$	—	$	393
Certificates of deposit		—		75		—		75
Equities		9		—		—		9
Total investment securities	$	402	$	75	$	—	$	477

Inventory securities:
Municipal obligations	$	—	$	23	$	—	$	23
Equities		17		—		—		17
Certificates of deposit		—		6		—		6
Corporate bonds and notes		—		5		—		5
Mutual funds		2		—		—		2
Government and agency obligations		1		—		—		1
Total inventory securities	$	20	$	34	$	—	$	54

Other assets:
Client fractional share ownership assets	$	1,118	$	—	$	—	$	1,118

Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	1,118	$	—	$	—	$	1,118

(1)

The mutual funds balance consists primarily of securities held to economically hedge future liabilities for the non-qualified deferred compensation plan. The balance also includes a security held for regulatory purposes at the Trust Co.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

NOTE 6 – PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION

The Partnership has historically made loans available to general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the Enterprise Leadership Team ("ELT")), who elected to finance some or all of their Partnership capital contributions. The outstanding amount of Partnership loans is reflected as a reduction to total partnership capital.

The Partnership did not renew Partnership loans to existing general partners in 2026. Starting in 2026, any general partner who elects to finance some or all of their Partnership capital contributions for their general partner interest may elect to individually borrow funds via unsecured promissory notes payable to a third-party bank. As of December 31, 2025, the outstanding amount of Partnership loans was $424, however, the full loan balance was paid off in January 2026. During 2026, however, the Partnership expects to make loans available to new general partners who require financing. Those loans will expire at the end of 2026 and thereafter, the applicable general partners may elect to seek third-party bank financing consistent with other general partners. As of March 27, 2026, the outstanding amount of Partnership loans was $9 which will expire at the end of the year. Additionally, in 2026 the Partnership reduced the amount of general partner capital issued.

The minimum 71/2% annual return on the face amount of Class A limited partnership capital (the "71/2% Payment") was $32 and $33 for the three-month periods ended March 27, 2026 and March 28, 2025, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income.

The Partnership filed Registration Statements on Form S-8 with the Securities and Exchange Commission ("SEC") on February 9, 2026 and November 10, 2025, respectively, to register Profits Interests ("Profit Interests"), described in further detail in the Partnership's Twenty-Third Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated November 5, 2025 (the "Partnership Agreement") with the aggregate Notional Capital Contributions not to exceed $100, to be issued pursuant to the Partnership's 2026 Profits Interest Plan (the "2026 Plan"), and $1,400 of Class B limited partner interests to be issued pursuant to the Partnership's 2025 Class B Limited Partner Interest Purchase Plan (the "2025 Plan"). Class B limited partners will only receive allocations and distributions based on the Partnership's net income and will not be entitled to the 71/2% Payment to which Class A limited partners are entitled under the Partnership Agreement.

NOTE 7 – NET CAPITAL REQUIREMENTS

As a result of its activities as a U.S. broker-dealer, Edward Jones is subject to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and capital compliance rules of the Financial Industry Regulatory Authority ("FINRA"). Under the alternative method permitted by the rules, Edward Jones must maintain minimum net capital equal to the greater of $0.25 or 2% of aggregate debit items arising from client transactions. The net capital rules also provide that Edward Jones’ partnership capital may not be withdrawn if resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements.

EJ Canada is a registered investment dealer regulated by the Canadian Investment Regulatory Organization ("CIRO"). Under the regulations prescribed by CIRO, EJ Canada is required to maintain minimum levels of risk-adjusted capital, which are dependent on the nature of EJ Canada's assets and operations.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

The following table shows the Partnership’s capital figures for the U.S. broker-dealer and Canada investment dealer subsidiaries as of:


	March 27, 2026			December 31, 2025
U.S.:
Net capital	$	1,051		$	1,042
Net capital in excess of the minimum required	$	969		$	963
Net capital as a percentage of aggregate debit items		25.6	%		26.4	%
Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items		2.8	%		9.5	%

Canada:
Regulatory risk-adjusted capital	$	103		$	102
Regulatory risk-adjusted capital in excess of the minimum required	$	102		$	101

U.S. net capital, Canada regulatory risk-adjusted capital and the related capital percentages may fluctuate daily.

NOTE 8 – CONTINGENCIES

In the normal course of its business, the Partnership is involved, from time to time, in various legal and regulatory matters, including arbitrations, class actions, other litigation, and examinations, investigations and proceedings by governmental authorities, self-regulatory organizations and other regulators, which may result in losses. These matters include:

Gender and Race Discrimination Class Action. On March 9, 2022, Edward Jones and JFC were named as defendants in a lawsuit (Dixon, et al. v. Edward D. Jones & Co., L.P., et al.) filed in the U.S. District Court for the Eastern District of Missouri. The lawsuit was brought by a then current financial advisor as a putative collective action alleging gender discrimination under the Fair Labor Standards Act, and by a former financial advisor as a putative class action alleging race discrimination under 42 U.S.C. § 1981. On April 25, 2022, the plaintiffs filed an amended complaint reasserting the original claims with modified allegations and adding claims under Title VII of the Civil Rights Act of 1964 alleging race/national origin, gender, and sexual orientation discrimination on behalf of putative classes of financial advisors. The defendants filed a motion to dismiss on May 23, 2022, and on September 15, 2022, the court stayed further proceedings in the case pending a decision on the motion to dismiss. On March 31, 2023, the district court denied the motion to dismiss and lifted the stay of proceedings. Edward Jones and JFC filed an answer to the amended complaint on April 17, 2023. Discovery related to collective and class certification closed on June 20, 2025 and the expert discovery phase closed on March 6, 2026. In April 2026, plaintiffs moved for class certification and Edward Jones moved for summary judgment on all of the plaintiffs' individual claims. Edward Jones and JFC deny the allegations and intend to vigorously defend this lawsuit.

Home Office Gender Discrimination Class Action. Edward Jones and JFC were named as defendants in a lawsuit brought by a former employee (Zigler v. Edward D. Jones & Co., L.P. et al.) in the Northern District of Illinois. The initial complaint filed on September 1, 2022 alleged putative class and collective claims under the Equal Pay Act of 1963 ("EPA"), Title VII of the Civil Rights Act of 1964 ("Title VII") and Illinois state laws of gender-based wage discrimination against a subset of female home office associates whom the plaintiff described as “home office financial advisor[s]." The plaintiff amended the complaint on November 29, 2022, seeking to expand the putative collective and class definitions to include all female home office associates in any role. Edward Jones and JFC filed a motion to dismiss the amended complaint on January 6, 2023. In June 2023, the district court granted in part and denied in part the defendants' motion to dismiss, permitting the plaintiff's EPA claim and related state-law claim to proceed in connection with only one of the roles she held during her employment by the firm, limiting the plaintiff's Title VII claim and related state-law claim to a disparate treatment theory of liability as opposed to a disparate impact theory, and accepting the plaintiff's agreement to dismiss JFC from the case without prejudice. In May 2025, the district court granted plaintiff's motion to amend the complaint to reallege pay discrimination with regard to both roles plaintiff held during her employment with the firm, as well as the previously dismissed Title VII disparate impact claim. Plaintiff’s amended complaint maintains similar putative collective and class definitions to include all female home office associates in any role. On May 27, 2025, Edward Jones filed its answer and affirmative defenses to the amended complaint. Edward Jones also filed a motion to dismiss on personal jurisdiction grounds, and that motion remains pending. Phase I fact discovery closed on May 28, 2025. In June 2025, plaintiff filed a motion for sanctions, alleging a failure to produce ordered documents. On July 23, 2025, the district court granted plaintiff's motion. Edward Jones filed a motion for reconsideration which was granted on September 9, 2025. The expert discovery phase closes on June 5, 2026.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

Class certification and Summary Judgment briefing is scheduled for completion by September 25, 2026. Edward Jones denies the allegations and intends to vigorously defend this lawsuit.

In addition to these matters, the Partnership provides for probable losses that may arise related to other contingencies. The Partnership assesses its liabilities and contingencies utilizing available information. The Partnership accrues for losses for those matters where it is probable that the Partnership will incur a loss to the extent that the amount of such loss can be reasonably estimated. This liability represents the Partnership’s estimate of the probable loss as of March 27, 2026, after considering, among other factors, the progress of each case, the Partnership's experience with other legal and regulatory matters and discussion with legal counsel and is believed to be sufficient. The aggregate accrued liability is recorded in accounts payable, accrued expenses and other on the Consolidated Statements of Financial Condition and may be adjusted from time to time to reflect any relevant developments.

For such matters where an accrued liability has not been established and the Partnership believes a loss is both reasonably possible and estimable, as well as for matters where an accrued liability has been recorded but for which an exposure to loss in excess of the amount accrued is both reasonably possible and estimable, the current estimated aggregated range of additional possible loss is up to $39 as of March 27, 2026. This range of reasonably possible loss does not necessarily represent the Partnership's maximum loss exposure as the Partnership was not able to estimate a range of reasonably possible loss for all matters.

Further, the matters underlying any disclosed estimated range will change from time to time, and actual results may vary significantly. While the outcome of these matters is inherently uncertain, based on information currently available, the Partnership believes that its established liabilities as of March 27, 2026 are adequate, and the liabilities arising from such matters will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Partnership. However, based on future developments and the potential unfavorable resolution of these matters, the outcome could be material to the Partnership’s future consolidated operating results for a particular period or periods.

NOTE 9 – OFFSETTING ASSETS AND LIABILITIES

The Partnership does not offset financial instruments in the Consolidated Statements of Financial Condition. However, the Partnership enters into master netting arrangements with counterparties for securities purchased under agreements to resell that are subject to net settlement in the event of default. These agreements create a right of offset for the amounts due to and due from the same counterparty in the event of default or bankruptcy.

The following table shows the Partnership's securities purchased under agreements to resell as of:


	Gross amounts of		Gross amounts offset in the Consolidated Statements of		Net amounts presented in the Consolidated Statements of		Gross amounts not offset in the Consolidated Statements of Financial Condition
	recognized assets		Financial Condition		Financial Condition		Financial instruments	Securities collateral			Net amount
March 27, 2026	$	583		—		583	—		(583	)	$	—
December 31, 2025	$	687		—		687	—		(687	)	$	—

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

NOTE 10 – CASH FLOW INFORMATION

The following table reconciles certain line items on the Consolidated Statements of Financial Condition to the cash, cash equivalents and restricted cash balance on the Consolidated Statements of Cash Flows as of:


	March 27, 2026		March 28, 2025
Cash and cash equivalents	$	2,625	$	2,251

Cash and investments segregated under federal regulations		12,877		14,072
Less: Investments segregated under federal regulations		7,968		10,570
Restricted cash		4,909		3,502

Total cash, cash equivalents and restricted cash	$	7,534	$	5,753

Restricted cash represents cash segregated in special reserve bank accounts for the benefit of U.S. clients pursuant to Rule 15c3-3 under the Exchange Act.

PART I. FINANCIAL INFORMATION

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis is intended to help the reader understand the results of operations, the financial condition and the cash flows of the Partnership. Management’s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in Part I, Item 1 – Financial Statements of this Quarterly Report on Form 10-Q and Part II, Item 8 – Financial Statements and Supplementary Data of the Partnership’s Annual Report. All amounts are presented in millions, except as otherwise noted.

Introduction

The Partnership is a leading financial services firm which operates throughout North America in the U.S. and Canada. The Partnership's more than 20,000 financial advisors serve more than 9 million clients with a total of $2.4 trillion in client assets under care as of March 27, 2026. The Partnership's purpose is to partner for positive impact to improve the lives of its clients and colleagues, and together, better our communities and society. Through the dedication of the Firm's approximately 55,000 associates and our branch presence in 68% of U.S. counties and all Canadian provinces, the Firm is committed to helping improve the financial fulfillment for tens of millions of long-term investors across North America by providing comprehensive, personalized planning and professional advice.

Edward Jones Bank (in formation) ("Edward Jones Bank")

In February 2026, the Utah Department of Financial Institutions ("UDFI") and the Federal Deposit Insurance Corporation ("FDIC'') conditionally approved the Partnership's application to establish Edward Jones Bank as a Utah-chartered and FDIC-insured industrial bank headquartered in the Salt Lake City, Utah, area. Presently, the Partnership expects to open Edward Jones Bank by early 2027. For information on material risks related to Edward Jones Bank, refer to Part I, Item 1A – Risk Factors – Risks Related to Legal and Regulatory Matters – Bank Application Approval in the Partnership's Annual Report.

Basis of Presentation

The Partnership broadly categorizes its net revenues into four categories: fee revenue, trade revenue, net interest and dividends revenue (net of interest expense) and other revenue, net. In the Partnership’s Consolidated Statements of Income, fee revenue is composed of asset-based fees and account and activity fees. Asset-based fees include advisory program fees which are based on the average daily market value of client assets in the program, as well as contractual rates. These fees are impacted by changes in market values of the assets and by client dollars invested in and divested from the accounts. Account and activity fees are impacted by the number of client accounts and the variety of services provided to those accounts, among other factors. Trade revenue is composed of commissions and principal transactions revenue. Commissions revenues are earned from the distribution of mutual fund shares and insurance products and the purchase or sale of securities. Principal transactions revenue primarily results from the Partnership's distribution of and participation in principal trading activities in municipal obligations, certificates of deposit and corporate obligations. Trade revenue is impacted by the trading volume (client dollars invested), mix of the products in which clients invest and the size of trades, all of which may be impacted by market volatility, and margins earned on the transactions. Net interest and dividends revenue is impacted by the amount of cash and investments, receivables from and payables to clients, the variability of interest rates earned and paid on such balances and the number of Class A limited partner interests outstanding. Other (loss) revenue, net, primarily consists of unrealized gains and losses associated with changes in the fair market value of investment securities, resulting from changes in market levels and the interest rate environment.

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

OVERVIEW

The following table sets forth the changes in major categories of the Consolidated Statements of Income as well as several related key financial metrics as of, and for the three-month periods ended, March 27, 2026 and March 28, 2025. Management of the Partnership relies on this financial information and the related metrics to evaluate the Partnership’s operating performance and financial condition.


	Three Months Ended
	March 27, 2026			March 28, 2025			% Change
Revenue:
Fee revenue	$	4,069		$	3,480			17	%
% of net revenue		87	%		84	%		4	%
Trade revenue		450			443			2	%
% of net revenue		10	%		11	%		-9	%
Interest and dividends		229			270			-15	%
Other (loss) revenue, net		(30	)		25			-220	%
Total revenue		4,718			4,218			12	%
Interest expense		41			51			-20	%
Net revenue		4,677			4,167			12	%
Operating expenses		4,136			3,654			13	%
Income before allocations	$	541		$	513			5	%

Related metrics:
Income before allocations margin(1)		11.5	%		12.2	%		-6	%
Client assets under care ($ billions):
Total:
At period end	$	2,417		$	2,159			12	%
Average	$	2,498		$	2,195			14	%
Advisory programs:
At period end	$	1,064		$	860			24	%
Average	$	1,096		$	875			25	%
Client households at period end		6.8			6.6			3	%
Net new assets for the period ($ billions)(2)	$	18		$	17			4	%
Financial advisors (actual):
At period end		20,550			20,288			1	%
Average		20,506			20,221			1	%

(1)

Income before allocations margin is income before allocations expressed as a percentage of total revenue.

(2)

Net new assets represents cash and securities inflows and outflows, including fees and commissions and excluding mutual fund capital gain distributions received by U.S. clients.

First Quarter 2026 versus First Quarter 2025 Overview

The Partnership ended the first quarter of 2026 with $2.4 trillion of assets under care ("AUC"), including $1.1 trillion of advisory programs AUC. Average client AUC increased 14%, reflecting increases in the market value of client assets, as well as the cumulative impact of net new assets gathered. Advisory programs' average AUC increased 25% due to higher average market levels and the increased investment of client dollars into advisory programs. Net new assets increased by 4% compared to the first quarter of 2025. The Partnership ended the first quarter with 20,550 financial advisors.

Net revenue increased 12% to $4,677, primarily due to an increase in asset-based fee revenue, partially offset by a decrease in other revenue, net. The increase in asset-based fee revenue was primarily due to growth in advisory programs with higher average market levels and the continued increase in investment of client dollars into advisory programs. Other revenue, net decreased primarily due to losses from changes in the fair market value of investment securities reflecting a lower interest rate environment.

Operating expenses increased 13% to $4,136, primarily due to increases in compensation and benefits expense, variable compensation and communications and data processing expense. Financial advisor compensation and benefits increased primarily due to an increase in revenues on which commissions are earned. Variable compensation increased due to

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

increased branch profitability and overall Firm profitability. Communications and data processing increased due to continued investments in new tools and technology and related higher depreciation expense as a result of these recent investments.

Income before allocations increased 5% to $541. Income before allocations margin was 11.5% in the first quarter of 2026, reflecting a strategic balance between investing in the future and current financial results.

RESULTS OF OPERATIONS FOR THE THREE-MONTH PERIODS ENDED MARCH 27, 2026 AND MARCH 28, 2025

The discussion below details the significant fluctuations and their drivers for each of the major categories of the Partnership’s Consolidated Statements of Income.

Fee Revenue

Fee revenue, which consists of asset-based fees and account and activity fees, increased 17% to $4,069 in the first quarter of 2026 compared to the same period in 2025. A discussion of fee revenue components follows.


	Three Months Ended
	March 27, 2026		March 28, 2025		% Change
Fee revenue:
Asset-based fee revenue:
Advisory programs fees	$	3,089	$	2,545		21	%
Service fees		441		410		8	%
Cash solutions fees		135		145		-7	%
Other asset-based fees		217		194		12	%
Total asset-based fee revenue		3,882		3,294		18	%
Account and activity fee revenue:
Shareholder accounting services fees		114		118		-3	%
Other account and activity fee revenue		73		68		7	%
Total account and activity fee revenue		187		186		1	%
Total fee revenue	$	4,069	$	3,480		17	%

Related metrics ($ billions) (1):
Average advisory programs AUC	$	1,096	$	875		25	%
Average AUC of mutual fund assets held outside of advisory programs	$	734	$	673		9	%

(1)

Assets on which the Partnership earns asset-based fee revenue. Prior year numbers were updated to conform to current year presentation to include Canada.

Asset-based fee revenue increased 18% to $3,882 in the first quarter of 2026 primarily due to increases in revenue from advisory programs fees. Growth in revenue from advisory programs was due to higher average market levels as well as the continued increase in investment of client dollars into advisory programs.

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Trade Revenue

Trade revenue, which consists of commissions and principal transactions, increased 2% in the first quarter compared to the same period in 2025. A discussion of trade revenue components follows.


	Three Months Ended
	March 27, 2026			March 28, 2025			% Change
Trade revenue:
Commissions revenue:
Equities	$	186		$	170			9	%
Mutual funds		116			118			-2	%
Insurance products and other		93			96			-3	%
Total commissions revenue	$	395		$	384			3	%
Principal transactions		55			59			-7	%
Total trade revenue	$	450		$	443			2	%

Related metrics:
Client dollars invested ($ billions)(1)
Equities	$	14.3	29%	$	12.5	22%		14	%
Mutual funds		7.5	15%		7.5	14%		—
Insurance products and other		3.5	7%		3.7	7%		-5	%
Principal transactions		24.4	49%		31.4	57%		-22	%
Total client dollars invested	$	49.7		$	55.1			-10	%

Margin per $1,000 invested	$	9.1		$	8.1			12	%
U.S. business days		59			59			—

(1)

Percentages represent client dollars invested in each product as a percent of total client dollars invested.

Trade revenue increased in the first quarter of 2026 primarily due to increases in equities commissions revenue from higher client dollars invested. Overall margin increased from a shift in the product mix with a higher proportion of client dollars invested in equities, which generally earn higher margins than principal transaction products.

Net Interest and Dividends

Net interest and dividends revenue decreased 14% to $188 in the first quarter of 2026, compared to the same period in 2025. The decrease was primarily due to reduced interest income earned on short-term investments in U.S. treasuries, partially offset by a decrease in customer credit interest expense paid on client balances. Overall, the decrease reflects the impact of a lower interest rate environment.

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Operating Expenses

Operating expenses increased 13% in the first quarter of 2026 to $4,136 compared to the same period in 2025. A discussion of operating expense components follows.


	Three Months Ended
	March 27, 2026		March 28, 2025		% Change
Operating expenses:
Compensation and benefits:
Financial advisor	$	1,875	$	1,653		13	%
Home office and branch		656		626		5	%
Variable compensation		748		611		22	%
Total compensation and benefits		3,279		2,890		13	%
Communications and data processing		317		267		19	%
Occupancy and equipment		167		163		2	%
Fund sub-adviser fees		101		84		20	%
Professional and consulting fees		62		61		2	%
Advertising		43		39		10	%
Other operating expenses		167		150		11	%
Total operating expenses	$	4,136	$	3,654		13	%

Related metrics (actual):
Number of physical branches:
At period end		14,819		15,133		-2	%
Average		14,860		15,163		-2	%
Financial advisors:
At period end		20,550		20,288		1	%
Average		20,506		20,221		1	%
Client support team professionals(1):
At period end		20,452		20,261		1	%
Average		20,414		20,202		1	%
Home office associates(1):
At period end		8,907		9,400		-5	%
Average		8,983		9,405		-4	%

(1)

Counted on a full-time equivalent basis.

The increase in operating expenses in the first quarter of 2026 compared to the same period in 2025 was primarily due to increases in financial advisor compensation and benefits expense, variable compensation, and communications and data processing expense, which are described below.

Financial advisor compensation and benefits expense increased 13% in the first quarter of 2026 to $1,875. The increase was primarily due to increases in revenues on which commissions are earned.

Variable compensation expands and contracts in relation to the Partnership’s profitability and margin earned. A significant portion of the Partnership’s profits is allocated to variable compensation and paid to associates in the form of bonuses and profit sharing and remains a key component of the Firm's performance-based compensation model. Variable compensation increased 22% in the first quarter of 2026 to $748 due to increased branch profitability and overall Firm profitability.

Communications and data processing expense increased 19% in the first quarter of 2026 to $317 primarily due to continued investments in new tools and technology and related higher depreciation expense as a result of these recent investments.

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Segment Information

The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership's Canada operations. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. Income before allocations margin and pre-variable income margin, which represent income before allocations and pre-variable income as a percentage of total revenue, respectively, are also used to evaluate segment performance. The following table shows financial and other information for the Partnership’s reportable segments.


	U.S.									Canada
	Three Months Ended									Three Months Ended
	March 27, 2026			March 28, 2025			% Change			March 27, 2026			March 28, 2025			% Change
Net revenue	$	4,548		$	4,047			12	%	$	129		$	120			8	%
FA compensation and benefits		1,821			1,605			13	%		54			48			13	%
Home office operating expense		856			778			10	%		32			27			19	%
Branch office operating expense		606			568			7	%		19			17			12	%
Variable compensation		732			598			22	%		16			13			23	%
Operating expenses		4,015			3,549			13	%		121			105			15	%
Income before allocations	$	533		$	498			7	%	$	8		$	15			-47	%

Income before allocations margin		11.6	%		12.1	%		-4	%		6.2	%		12.8	%		-52	%
Pre-variable income margin		27.6	%		26.7	%		3	%		18.6	%		23.9	%		-22	%
Client assets under care ($ billions):
At period end	$	2,365.0		$	2,114.0			12	%	$	52.4		$	44.6			17	%
Average	$	2,443.9		$	2,149.7			14	%	$	53.6		$	45.1			19	%
Client households at period end		6.6			6.4			3	%		0.2			0.2			—
Net new assets for the period ($ billions)	$	17.6		$	16.8			5	%	$	0.4		$	0.5			-20	%
Financial advisors (actual):
At period end		19,674			19,413			1	%		876			875			—
Average		19,627			19,346			1	%		879			875			—

U.S.

Net revenue increased 12% in the first quarter of 2026 to $4,548, compared to the same period in 2025, primarily due to an increase in asset-based revenue, partially offset by a decrease in other revenue, net. The increase in asset-based fee revenue was primarily due to growth in revenue from advisory programs, driven by higher average market levels, as well as the continued increase in investment of client dollars into advisory programs. Other revenue, net decreased primarily due to losses from changes in the fair market value of investment securities reflecting a lower interest rate environment.

Operating expenses increased 13% to $4,015 in the first quarter of 2026, primarily due to increases in financial advisor compensation and benefits expense, variable compensation and communications and data processing expense. Financial advisor compensation increased 13% in the first quarter of 2026 to $1,821 primarily due to increases in revenues on which commissions are earned. Variable compensation increased 22% to $732 due to increased branch profitability and overall Firm profitability. Communications and data processing increased due to continued investments in new tools and technology and higher depreciation expense as a result of these recent investments.

Income before allocations increased 7% to $533 in the first quarter of 2026. Income before allocations margin was 11.6% in the first quarter of 2026, reflecting a strategic balance between investing in the future and current financial results.

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Canada

Net revenue increased 8% to $129 in the first quarter of 2026, compared to the same period in 2025, primarily due to an increase in asset-based fee revenue. Asset-based fee revenue increased due to increases in advisory programs fees from higher average market levels and the increase in client dollars invested in advisory programs.

Operating expenses increased 15% to $121 in the first quarter of 2026, primarily due to increases in financial advisor compensation and benefits expense, home office operating expense and variable compensation. Financial advisor compensation increased 13% to $54 in the first quarter of 2026, primarily due to an increase in revenues on which commissions are earned. Home office operating expense increased 19% to $32 primarily due to an increase in communications and data processing expense due to continued investments in new tools and technology. Variable compensation increased 23% to $16 due to increased branch profitability and overall Firm profitability.

Income before allocations decreased 47% to $8 in the first quarter of 2026. Pre-variable income margin was 18.6% in the first quarter of 2026 as growth in investments and expenses outpaced growth in net revenue.

LEGISLATIVE AND REGULATORY REFORM

As discussed more fully in Part I, Item 1A – Risk Factors – Risk Related to the Partnership's Business – Legislative and Regulatory Initiatives of the Partnership’s Annual Report, the Partnership continues to monitor several proposed, potential and recently enacted federal and state legislation, rules and regulations.

LIQUIDITY AND CAPITAL RESOURCES

The Partnership requires liquidity to cover its operating expenses, net capital requirements, capital expenditures, distributions to partners and redemptions of Partner interests, as well as to facilitate client transactions. The principal sources for meeting the Partnership’s liquidity requirements include funds generated from operations, cash and cash equivalents, securities purchased under agreements to resell, government and agency investment securities and partnership capital, all discussed further below. The Partnership believes that the liquid nature of these sources provides flexibility for managing and financing the operating needs of the Partnership and will be sufficient to meet its capital and liquidity requirements for the next twelve months. Depending on conditions in the capital markets and other factors, the Partnership will, from time to time, consider the issuance of additional Partnership capital and debt, the proceeds of which could be used to meet growth needs or for other purposes.

Partnership Capital

The Partnership’s growth in capital has historically been the result of the sale of limited partner interests to its associates and existing limited partners, the sale of subordinated limited partnership interests to its current or retiring general partners, and retention of a portion of general partner earnings.

The Partnership filed Registration Statements on Form S-8 with the SEC on February 9, 2026 and November 10, 2025, respectively, to register Profits Interests with aggregate Notional Capital Contributions not to exceed $100, to be issued pursuant to the 2026 Plan, and $1,400 of Class B limited partner interests to be issued pursuant to the 2025 Plan. Proceeds from the 2025 Plan are expected to be used to meet growth needs or for other purposes. Class B limited partners will only receive allocations and distributions based on the Partnership's net income and are not entitled to the 71/2% Payment to which Class A limited partners are entitled under the Partnership Agreement.

The Partnership’s capital and Profits Interests subject to mandatory redemption as of March 27, 2026, net of reserve for anticipated withdrawals, was $4,925, an increase of $801 from December 31, 2025. This increase was primarily due to the decrease in Partnership loans outstanding ($415), additional capital contributions related to limited partner, subordinated limited partner and general partner interests ($20, $39 and $308, respectively) and retention of a portion of general partner earnings ($88), partially offset by the redemption of limited partner, subordinated limited partner and general partner interests ($7, $35 and $27, respectively). The Partnership retained 22.5% and 13.8% income allocated to general partners during the three-month periods ended March 27, 2026 and March 28, 2025, respectively.

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

The Partnership historically made loans available to those general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the ELT), who required financing for some or all of their Partnership capital contributions. Partners borrowing from the Partnership were required to repay such loans by applying the earnings received from the Partnership to such loans, net of amounts retained by the Partnership, amounts distributed for income taxes and a portion of earnings distributed to the partner. The Partnership had full recourse against any partner that defaulted on loan obligations to the Partnership.

The Partnership did not renew Partnership loans to existing general partners in 2026. As of December 31, 2025, the outstanding amount of Partnership loans was $424, however the full loan balance was paid off in January 2026. Starting in 2026, any general partner who elects to finance some or all of their Partnership capital contributions (each such electing general partner a "GP Borrower") may, subject to the bank's credit underwriting, individually borrow funds via unsecured promissory notes payable to a third-party bank, including under a new structured program for loans to general partners ("GP Loan Program"). The Partnership does not and will not guarantee individual bank loans to general partners to finance their Partnership capital contributions, nor can the general partner pledge their general partner interest as collateral for an individual bank loan. The Partnership will perform certain administrative functions supporting the GP Loan Program. Until the GP Borrower’s promissory note under the GP Loan Program is paid in full, the individual GP Borrower's promissory note instructs the Partnership to apply all distributions payable to such GP Borrower from or with respect to the GP Borrower’s general partner interest or general partner capital account net of any distributions to pay taxes and any cash flow distributions elected by the GP Borrower to repayment of the GP Borrower’s promissory note prior to any funds being released to the GP Borrower. During 2026, the Partnership expects to make loans available to new general partners who require financing. Those loans made by the Partnership will expire at the end of 2026 and thereafter, the applicable general partners may seek financing under the GP Loan Program. Additionally, in 2026 the Partnership reduced the amount of general partner capital issued. The net impact of the nonrenewal of Partnership loans and the reduction in the amount of general partner capital issued did not have a material adverse impact on total partnership capital and Profits Interests subject to mandatory redemption.

Any limited partner may also elect to individually borrow funds, including pursuant to a bank program ("LP Loan Program") to finance the purchase of their limited partner interest in the Partnership (each such electing limited partner a "LP Borrower"), as evidenced by individual unsecured promissory notes payable to a third-party bank. The Partnership does not guarantee these individual bank loans, nor can a limited partner pledge their limited partner interest as collateral for individual bank loans to limited partners to finance their Partnership capital contributions. The Partnership performs certain administrative functions supporting the LP Loan Program in connection with the LP Borrowers. Until the LP Borrower's promissory note is paid in full, the individual LP Borrower's promissory note instructs the Partnership to apply all distributions payable to the LP Borrower from or with respect to the LP Borrower’s limited partner interest or limited partner capital account net of any distributions to pay taxes, to repayment of the LP Borrower's promissory note prior to any funds being released to the LP Borrower.

Partners who finance all or a portion of their capital contributions with bank financing may be more likely to request the withdrawal of capital to meet bank financing requirements should the partners experience a period of reduced earnings. As a partnership, any withdrawals by general partners, subordinated limited partners or limited partners would reduce the Partnership’s available liquidity and capital.

Many of the same banks that provide financing to general and limited partners also provide financing to the Partnership. To the extent these banks increase credit available to the partners, financing available to the Partnership may be reduced.

The following table represents amounts related to Partnership loans as well as bank loans (for which the Partnership facilitates certain administrative functions). Partners may have arranged their own bank loans to finance their Partnership capital for which the Partnership does not facilitate certain administrative functions and therefore any such loans are not included in the table.

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued


	As of March 27, 2026
	Limited Partner Interests			Subordinated Limited Partner Interests		General Partner Interests			Total Partner Interests
Total Partnership capital(1)	$	1,726		$	746	$	2,462		$	4,934
Partnership capital owned by partners with individual loans	$	150		$	—	$	1,424		$	1,574
Partnership capital owned by partners with individual loans as a percent of total Partnership capital		9	%		—		58	%		32	%

Individual loans:
LP Loan Program	$	44		$	—	$	—		$	44
GP Loan Program		—			—		556			556
Partnership loans		—			—		9			9
Total individual loans	$	44		$	—	$	565		$	609
Individual loans as a percent of total Partnership capital		3	%		—		23	%		12	%
Individual loans as a percent of respective Partnership capital owned by partners with loans		29	%		—		40	%		39	%

(1)

Total Partnership capital, as defined for this table, is before the reduction of Partnership loans and is net of reserve for anticipated withdrawals.

Historically, neither the amount of Partnership capital financed with individual loans as indicated in the table above, nor the amount of partner withdrawal requests, has had a significant impact on the Partnership’s liquidity or capital resources.

Lines of Credit

The following table shows the composition of the Partnership’s aggregate bank lines of credit in place as of March 27, 2026 and December 31, 2025:


	March 27, 2026		December 31, 2025
2022 Credit Facility	$	500	$	500
Uncommitted secured credit facilities		390		390
Total bank lines of credit	$	890	$	890

The Partnership has a $500 committed revolving line of credit (the "2022 Credit Facility"), entered into in October 2022 and amended from time to time thereafter. The Partnership has the ability to draw on various types of loans. The associated interest rate depends on the type of loan, duration of the loan and the Partnership's private credit rating. Contractual rates are based on an index rate plus the applicable spread. The 2022 Credit Facility is intended to provide short-term liquidity to the Partnership should the need arise. As of March 27, 2026, the Partnership was in compliance with all covenants related to the 2022 Credit Facility.

In addition, the Partnership has multiple uncommitted secured lines of credit totaling $390 that are subject to change at the discretion of the banks. The Partnership also has an additional uncommitted line of credit where the amount and the associated collateral requirements are at the bank's discretion in the event of a borrowing. Based on credit market conditions and the uncommitted nature of these credit facilities, it is possible that these lines of credit could decrease or not be available in the future. Actual borrowing capacity on secured lines is based on availability of client margin securities or firm-owned securities, which would serve as collateral on loans in the event the Partnership borrowed against these lines.

There were no amounts outstanding on the 2022 Credit Facility or the uncommitted lines of credit as of March 27, 2026 or December 31, 2025. In addition, the Partnership did not have any draws against these lines of credit during the three-month period ended March 27, 2026.

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Cash Activity

As of March 27, 2026, the Partnership had $2,625 in cash and cash equivalents, $699 in government and agency securities owned and $583 in securities purchased under agreements to resell, which generally have overnight maturities. This totaled $3,907 of Partnership liquidity as of March 27, 2026, a 13% decrease from $4,469 as of December 31, 2025. The Partnership had $12,877 and $14,069 in cash and investments segregated under federal regulations as of March 27, 2026 and December 31, 2025, respectively, which was not available for general use. The decrease in cash and investments segregated under federal regulations was primarily due to the changes in net cash owed to clients based on their account activity during the period.

Regulatory Requirements

As a result of its activities as a U.S. broker-dealer, Edward Jones is subject to the net capital provisions of Rule 15c3-1 of the Exchange Act and capital compliance rules of FINRA. Under the alternative method permitted by the rules, Edward Jones must maintain minimum net capital equal to the greater of $0.25 or 2% of aggregate debit items arising from client transactions. The net capital rules also provide that Edward Jones’ partnership capital may not be withdrawn if resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements.

EJ Canada is a registered investment dealer regulated by CIRO. Under the regulations prescribed by CIRO, EJ Canada is required to maintain minimum levels of risk-adjusted capital, which are dependent on the nature of EJ Canada's assets and operations.

The following table shows the Partnership’s capital figures for the U.S. broker-dealer and Canada investment dealer subsidiaries as of:


	March 27, 2026			December 31, 2025			% Change
U.S.:
Net capital	$	1,051		$	1,042			1	%
Net capital in excess of the minimum required	$	969		$	963			1	%
Net capital as a percentage of aggregate debit items		25.6	%		26.4	%		-3	%
Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items		2.8	%		9.5	%		-70	%

Canada:
Regulatory risk-adjusted capital	$	103		$	102			1	%
Regulatory risk-adjusted capital in excess of the minimum required	$	102		$	101			1	%

U.S. net capital, Canada regulatory risk-adjusted capital and the related capital percentages may fluctuate daily.

THE EFFECTS OF INFLATION

The Partnership’s net assets are primarily monetary, consisting of cash and cash equivalents, cash and investments segregated under federal regulations, firm-owned securities, and receivables, less liabilities. Monetary net assets are primarily liquid in nature and would not be significantly affected by inflation. Inflation and future expectations of inflation influence securities prices, as well as activity levels in the securities markets. As a result, profitability and capital may be impacted by inflation and inflationary expectations. Additionally, inflation’s impact on the Partnership’s operating expenses may affect profitability to the extent that additional costs are not recovered through attracting new clients, gathering new prices of services offered by the Partnership to increase revenue.

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, and in particular Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements within the meaning of U.S. securities laws. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “may,“ “intend,” “estimate,” “will,” “should,” "plan," and other expressions which predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Partnership. These risks, uncertainties and other factors may cause the actual results, performance or achievements of the Partnership to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause differences between forward-looking statements and actual events include, but are not limited to, the following: (1) general economic conditions, including inflation, an economic downturn, a recession or volatility in the U.S. and/or global securities markets, actions of the U.S. Federal Reserve and/or central banks outside of the United States and economic effects of international geopolitical conflicts, tariffs and other trade restrictions, the U.S. federal debt ceiling, widespread health epidemics or pandemics or other major world events; (2) actions of competitors; (3) the Partnership's ability to attract and retain qualified financial advisors and other employees; (4) changes in interest rates; (5) regulatory actions; (6) changes in legislation or regulation, including changes in tax laws; (7) litigation; (8) the ability of clients, other broker-dealers, banks, depositories and clearing organizations to fulfill contractual obligations; (9) changes in technology and other technology-related risks; (10) a fluctuation or decline in the fair value of securities; and (11) the risks discussed under Part I, Item 1A – Risk Factors in the Partnership’s Annual Report. These forward-looking statements were based on information, plans, and estimates as of the date of this report, and the Partnership does not undertake to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

PART I. FINANCIAL INFORMATION

ITEM 3. quantitative and qualitative disclosures about market RISK

Various levels of management within the Partnership manage the Partnership’s risk exposure. Position limits in inventory accounts are established and monitored on an ongoing basis. Credit risk related to various financing activities is reduced by the industry practice of obtaining and maintaining collateral. The Partnership monitors its exposure to counterparty risk through the use of credit exposure information, the monitoring of collateral values and the establishment of credit limits. For further discussion of monitoring, see the Risk Management discussion in Part III, Item 10 – Directors, Executive Officers and Corporate Governance of the Partnership’s Annual Report. All amounts are presented in millions, except as otherwise noted.

The Partnership is exposed to market risk from changes in interest rates. Such changes in interest rates impact the income from interest-earning assets, primarily client margin loans and investments, which are primarily comprised of cash and cash equivalents, investments segregated under federal regulations, certain investment securities and securities purchased under agreements to resell. Client margin loans and investments averaged $4.0 billion and $17.6 billion, respectively, for the three-month period ended March 27, 2026 and earned interest at an average annual rate of approximately 634 and 372 basis points (6.34% and 3.72%), respectively, during the first three months of 2026. Changes in interest rates also have an impact on the expense related to the liabilities that finance these assets, such as amounts payable to clients.

The Partnership performed an analysis of its financial instruments and assessed the related interest rate risk and materiality in accordance with the SEC rules. To estimate the impact of a 100-basis point (1.00%) change on net interest income, the Partnership uses a forecasting analysis to assess the sensitivity of net interest income to the movements in interest rates. The analysis estimates the sensitivity by calculating interest income and interest expense in a balance sheet environment using current balances at the end of the reporting period. Assumptions used in the analysis include the interest rate movement, along with interest related risks such as pricing spreads and the Partnership's determined returns on client cash accounts. Under current and expected market conditions, and based on current levels of interest-earning assets and the liabilities that finance those assets, the Partnership estimates that a 100-basis point (1.00%) increase in short-term interest rates could increase its annual net interest income by approximately $145. Conversely, the Partnership estimates that a 100-basis point (1.00%) decrease in short-term interest rates could decrease the Partnership’s annual net interest income by approximately $147. This estimate reflects minimum contractual rates on certain balances. This analysis excludes client assets that are held off-balance sheet in the Partnership's Money Market Fund and at third-party banks participating in the Partnership's Insured Bank Deposit program.

ITEM 4. controls and procedures

The Partnership maintains a system of disclosure controls and procedures which are designed to ensure that information required to be disclosed by the Partnership in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to management, including the Partnership’s certifying officers, as appropriate to allow timely decisions regarding required disclosure.

Based upon an evaluation performed as of the end of the period covered by this report, the Partnership’s certifying officers, the Chief Executive Officer and the Chief Financial Officer, have concluded that the Partnership’s disclosure controls and procedures were effective as of March 27, 2026.

There have been no changes in the Partnership’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information in Part I, Item 1, Note 8 supplements the discussion in Item 3 – Legal Proceedings in the Partnership's Annual Report.

ITEM 1A. RISK FACTORS

For information regarding risk factors affecting the Partnership, please see the language in Part I, Item 2 – Forward-looking Statements of this Quarterly Report on Form 10-Q and the discussion in Part I, Item 1A – Risk Factors of the Partnership's Annual Report.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The Partnership issued $325 thousand in subordinated limited partner interests ("SLP Interests"), which are described in the Partnership Agreement, to retiring general partners during the first quarter of 2026. The Partnership also issued $20 million in Class A limited partner interests ("Class A Limited Partner Interests"), which are described in the Partnership Agreement, to Class A limited partners during the first quarter of 2026. The Partnership issued the SLP Interests and Class A Limited Partner Interests pursuant to Section 4(a)(2) under the Securities Act of 1933, as amended, in privately negotiated transactions and not pursuant to a public offering or general solicitation.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

None.

PART II. OTHER INFORMATION

ITEM 6. Exhibits


Exhibit Number		Description
3.1	*	Twenty-Third Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated as of November 5, 2025, incorporated by reference from Exhibit 3.1 to The Jones Financial Companies, L.L.L.P. current report on Form 8-K dated November 5, 2025.
3.2	*	Twenty-Third Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated January 20, 2026, incorporated by reference from Exhibit 3.2 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2025.
3.3	*	First Amendment of Twenty-Third Amended and Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated February 19, 2026, incorporated by reference from Exhibit 3.3 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2025.
3.4	**	Second Amendment of Twenty-Third Amended and Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated March 17, 2026.
3.5	**	Third Amendment of Twenty-Third Amended and Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated April 16, 2026.
31.1	**	Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.
31.2	**	Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.
32.1	**	Certification of Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
32.2	**	Certification of Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	**	Inline XBRL Instance Document
104	**	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

* Incorporated by reference to previously filed exhibits.

** Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


THE JONES FINANCIAL COMPANIES, L.L.L.P.

By:		/s/ Penny Pennington
		Penny Pennington
		Managing Partner (Principal Executive Officer)
		May 7, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated:


Signatures	Title	Date

/s/ Penny Pennington	Managing Partner (Principal Executive Officer)	May 7, 2026
Penny Pennington	Managing Partner (Principal Executive Officer)	May 7, 2026

/s/ Andrew T. Miedler	Chief Financial Officer (Principal Financial and Accounting Officer)	May 7, 2026
Andrew T. Miedler		May 7, 2026