Syndicated Capital Inc.

Syndicated Capital, Inc., ("SCI") a state registered investment advisor, has been in business since 2009. SCI is privately owned by SC ADD Holdings, LLC and H Baines & L McAdams Living Trust. SCI investment advisory services including money management, portfolio management and wealth management. SCI offers customized advisory services to the individual needs of clients on discretionary and non discretionary basis. Clients may impose restrictions on investing in certain securities or types of securities. These accounts would be managed in separate accounts and may be entitled to breakpoint, if applicable. All material conflicts or interest under CCR Section 260.239(k) are disclosed regarding the investment adviser, its representatives or any of its employees, which could be reasonably expected to impair the rendering of unbiased and objective advice. As of December 31, 2025, SCI manages nearly $137 million dollars on discretionary basis and over $5 million dollars on non discretionary basis.

Our standard fee is 2%. Clients can negotiate fees with the advisers. Clients pay ticket charges. Fees and ticket charges are negotiable with advisers. Advisers receive 12B-1 compensation for recommending certain mutual funds. Management fees are deducted from clients' accounts upon opening of the accounts; thereafter in January, April, July and October in advance of the calendar quarter. Management fees are deducted from the clients' accounts. Pershing generates statements that indicate the total asset value for the quarter and the amount of the fees deducted. Clients may request full fee refund, in writing, within the first 5 business days following execution of investment advisory agreement. Thereafter, refunds are prorated. Clients may pay custodian fees and mutual fund expenses. Clients will incur brokerage and transaction costs. Details are available in Item 12 (Brokerage Practices) and new account applications. Management fees are charged in advance, based on the average of previous quarter's three-month-end balances multiplied by the annual fee rate as adjusted to reflect a calendar quarter period and that lowers fees for comparable services may be available from other sources.

Investment strategies are based on clients' investment objective, risk tolerance, time horizon along with unique circumstances. Investing in securities involves risk of loss that clients should be prepared to bear. Past performance is not indicative of future results. Clients invest in publicly traded equities, ETFs, fixed income and mutual funds by managing risk and creating balanced portfolios. Syndicated Capital, Inc. does not offer any proprietary or particular type of security or product or hedge funds. Although Syndicated Capital makes every effort to preserve each client's capital and achieve real growth of wealth, investing in the securities involve risk of loss that each client should be prepare to bear. Investors working with Syndicated Capital advisers may lose money and success cannot be guaranteed. There are risks associated with all investment products. These risks include: Market Risk The prices of the securities may decline for a number of reasons including in response to economic development and perceptions about the creditworthiness of individual issuers. Management Risk Investment strategies that involve active management is subject to management risk. These strategies might not work to produce the desired results. Interest Rate Risk In general, the value of bonds and other debt securities falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations. Credit Risk The issuers of the bonds and other debt securities held in customer portfolios may be able to make interest or principal payments. Prepayment Risk Issuers of securities held in customer portfolios may be able to prepay principal due on these securities, particularly during periods of declining interest rates. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. Prepayment risk is a major risk of mortgage-backed securities. Risks Associated with Mortgage-Backed Securities These risks include Market Risk, Interest Rate Risk, Credit Risk, Prepayment Risk as well as the risk that the structure of certain mortgage-backed securities may make their reaction to interest rates and other factors difficult to predict, making their prices very volatile.

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Syndicated Capital, Inc. provides investment advice to individuals, trusts, corporations and 401K plans. Syndicated Capital, Inc. does not impose minimum balance when opening accounts or maintenance requirement.

Syndicated Capital, Inc. does not accept performance-based fees or side-by-side management.

Syndicated Capital, Inc. is an independent broker dealer, member FINRA/SIPC. Management persons are dual registered with the broker dealer and investment advisory firm. J Lloyd McAdams is also affiliated with Pacific Income Advisers (PIA), an SEC registered investment advisory firm. J Lloyd McAdams is a general partner to his personal limited partnerships. They are not open to the public nor outside investors are permitted. J Lloyd McAdams does not solicit, service or manage any SCI advisory accounts. Faith Lee, Pamela Kim and Patrick Lee do not solicit or manage any SCI advisory accounts. They provide services limited to operations related activities. Steve Thornton does not solicit, service or manage any SCI advisory accounts. Heather Baines does not solicit, service or manage any SCI advisory accounts. SCI does not offer any special or preferred arrangements to PIA. SCI does not receive compensation from PIA.

If Syndicated Capital, Inc. recommends securities to clients, or buys or sells securities for client accounts, at or about the same time that Syndicated Capital or a related person buys or sells the same securities for own account, Syndicated Capital will aggregate the same securities and allocate them accordingly based on average executed prices. A copy of the code of ethics is available upon request.

Syndicated Capital, Inc. does not exchange research reports for soft dollar benefits. Since 2003, Syndicated Capital, Inc. has maintained a fully disclosed clearing agreement with Pershing LLC. Therefore, all clients are directed to open accounts with Pershing. It offers comprehensive products and cost effective solutions. Clients have online access as well as paperless confirmations and statements. Paper Confirmation $1/confirmation Paper Statement $2/statement Ticket & Handling Charges Equities $28 ETFs Fixed Income 29 Mutual Funds 24 Retirement accounts are assessed $60/year/account. See new account application for details. Syndicated Capital, Inc. may aggregate the purchase or sale of securities for various client accounts when multiple clients are executing the same securities on the same day. In early 2026, Syndicated Capital added Charles Schwab ("Schwab") as another custodian to only hold investment advisory accounts. The trades will be executed through Schwab. Schwab may charge commissions or fees when clients trade directly with its trading desk, Syndicated Capital does not have the ability to negotiate them on clients' behalf. Clients should contact Syndicated Capital investment professionals for their investment needs and guidance. Both custodians offer comprehensive products and services to meet clients' investment needs. Clients are not required to open accounts with Pershing or Schwab as they may not achieve most favorable executions of client transactions, and that this practice may cost clients more money.

Syndicated Capital, Inc. does not offer client referral compensation when clients custody their assets with Pershing. Syndicated Capital pays Pershing to custody clients' assets and other services. Syndicated Capital receives an economic benefit from Schwab in the form of the support products and services it makes available to Syndicated Capital and other independent investment advisors whose clients maintain their accounts at Schwab. In addition, Schwab has also agreed to pay for certain products and services for which Syndicated Capital would otherwise have to pay once the value of its clients' assets in accounts at Schwab reaches a certain size. Clients do not pay more for assets maintained at Schwab as a result of these arrangements. However, Syndicated Capital benefits from the arrangement because the cost of these services would otherwise be borne directly by Syndicated Capital. Clients should consider these clients of interest when selecting a custodian. The products and services provided by Schwab, how they benefit Syndicate Capital, and the related conflicts of interest are described in Item 12 - Brokerage Practices. On a case-by-case basis, clients may receive reduced management fees when clients refer others to Syndicated Capital, Inc. This is directly negotiated with the investment adviser. In State of Washington, clients do not receive reduced management fees when clients refer others to Syndicated Capital, Inc.

FINRA fined SCI $5,000 for a net capital violation in 2004 as a result of unauthorized trades executed by a former branch office. SCI is in full compliance with FINRA's net capital requirement of $100,000. FINRA fined SCI $15,000 in 2012 for failure to reasonable supervise the participation of a former registered representative's private securities transactions and failure to record these transactions on the books and records. In July 2014, State of Connecticut imposed a $10,000 administrative penalty in connection with a former registered representative who engaged in a Ponzi scheme while affiliated with Syndicated Capital in 2006. The above events occurred with the broker dealer of Syndicated Capital, Inc. and had no impact on the investment advisory activities or its clients. In March 2019, SCI voluntarily reported omissions of fact made to some clients regarding potential conflicts of interest in some mutual fund classes. SCI assumed responsibility, including paying disgorgement and prejudgment interest to affected investors. For additional information, please visit https: www.sec.gov/litigation/admin/2019/ia-5181.pdf

Accounts are reviewed by a compliance and back office principal as they occur and as clients' financial profiles change, including but not limited to investment objective, risk tolerance and time horizon. Principal includes Faith Lee. Account reviews take place periodically.

Under government regulations, Syndicated Capital is deemed to have custody of clients' assets. For example, clients authorize Syndicated Capital to instruct Pershing or Schwab to deduct investment advisory fees directly from client accounts. Pershing or Schwab maintains actual custody of clients' assets. Therefore, clients' written approval to withdraw quarterly management fees are maintained on file. . Clients will receive confirmations and account statements directly from Pershing or Schwab at least quarterly. They will be sent to the email or postal mailing address clients provide to Pershing or Schwab. Clients should carefully review them.

Syndicated Capital, Inc. accepts discretionary authority to manage securities accounts on behalf of clients. Discretion is limited to trading only. All discretionary accounts require executed limited trading authorization on file.

Syndicated Capital, Inc. does not respond to proxy voting on behalf of clients. Clients will receive their proxies or other solicitations directly from their custodians or transfer agents. Clients can contact Syndicated Capital or the servicing investment adviser with questions related to the information they have received.

Syndicated Capital, Inc. does not require or solicit prepayment of more than $500 in fees per client, six months or more in advance.