4:8 FINANCIAL

4:8 FINANCIAL WWW.48FINANCIAL.COM 266 NORTHWEST 1ST AVE. CANBY, OR 97013 P|(503) 266-4848 F|(503) 266-4840 PAUL@48FINANCIAL.COM FORM ADV PART 2A FIRM BROCHURE DECEMBER 5, 2025 This brochure provides information about the qualifications and business practices of Carlson Financial, Inc. dba 4:8 Financial. If you have any questions about the contents of this brochure, please contact us at (503) 266-4848. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. 4:8 Financial is a registered investment adviser. Registration of an investment adviser does not imply any level of skill or training. information about 4:8 Financial is available on Additional the SEC’s website www.adviserinfo.sec.gov. You can search this site by a unique identifying number, known as a CRD number. 4:8 Financial CRD number is 335831.  ITEM 2 - MATERIAL CHANGES We have no material changes to report since our firm’s initial brochure filing on July 1, 2025. 4:8 FINANCIAL PAGE 2 ADV PART 2A – 12/5/2025  ITEM 3 – TABLE OF CONTENTS ITEM 2 - MATERIAL CHANGES .............................................................................................................................. 2 ITEM 3 – TABLE OF CONTENTS ............................................................................................................................. 3 ITEM 4 – ADVISORY BUSINESS .............................................................................................................................. 4 ITEM 5 – FEES AND COMPENSATION ..................................................................................................................... 6 ITEM 6 – PERFORMANCE-BASED FEES AND SIDE BY SIDE MANAGEMENT ..................................................................... 8 ITEM 7 – TYPES OF CLIENTS ................................................................................................................................. 8 ITEM 8 – METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS ............................................................ 8 ITEM 9 – DISCIPLINARY INFORMATION ................................................................................................................. 10 ITEM 10 – OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS ...................................................................... 10 ITEM 11 – CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTION AND PERSONAL TRADING .................. 10 ITEM 12 – BROKERAGE PRACTICES ...................................................................................................................... 11 ITEM 13 – REVIEW OF ACCOUNTS ...................................................................................................................... 13 ITEM 14 – CLIENT REFERRALS AND OTHER COMPENSATION .................................................................................... 13 ITEM 15 – CUSTODY ........................................................................................................................................ 13 ITEM 16 – INVESTMENT DISCRETION ................................................................................................................... 14 ITEM 17 – VOTING CLIENT SECURITIES ................................................................................................................ 14 ITEM 18 – FINANCIAL INFORMATION ................................................................................................................... 14 4:8 FINANCIAL PAGE 3 ADV PART 2A – 12/5/2025  ITEM 4 – ADVISORY BUSINESS OWNERSHIP/ADVISORY HISTORY Carlson Financial, Inc. dba 4:8 Financial (“we”) is an Oregon Corporation formed in May 2015. We registered as an investment adviser with the Securities and Exchange Commission (“SEC”) in August 2025. Paul Carlson is the owner and Chief Compliance Officer. Additional information about Mr. Carlson can be found under Item 19 along with his Supplemental Brochure. ADVISORY SERVICES OFFERED We offer a complementary comprehensive financial plan where we will review your financial situation, goals and risk tolerance. Through a series of personal interviews and/or the use of questionnaires we will collect pertinent data, identify goals, objectives, financial problems, and potential solutions. With this information, we tailor your financial plan and advice we give to you. Our advice may cover any of the following topics: net worth statement; cash flow analysis; insurance and long-term care analysis; tax planning; retirement planning; 401(k) and 401(b) planning, college planning, risk management, income distribution, or other needs as identified during our meetings with you. LPL FINANCIAL SPONSORED ADVISORY PROGRAMS We also provide advisory services through certain programs sponsored by LPL Financial LLC (LPL), a registered investment advisor and broker-dealer. Below is a brief description of each LPL advisory program that we offer. For more information regarding the LPL programs, including more information on the advisory services and fees that apply, the types of investments available in the programs and the potential conflicts of interest presented by the programs please see the program account packet (which includes the account agreement and LPL Form ADV program brochure) and the Form ADV, Part 2A of LPL or the applicable program. STRATEGIC WEALTH MANAGEMENT (SWM) We offer ongoing portfolio management services based on your individual goals, objectives, time horizon, and risk tolerance. We evaluate the current investments with respect to your risk tolerance levels and time horizon. We will request discretionary authority from you in order to select securities and execute transactions without permission from you prior to each transaction according to the portfolio selected. A minimum account value of $100,000 is required for Manager Access Select, however, in certain instances, the minimum account size may be lower or higher. OPTIMUM MARKET PORTFOLIOS OMP offers the ability to participate in a professionally managed asset allocation program using Optimum Funds shares. Under OMP, you will authorize LPL on a discretionary basis to purchase and sell Optimum Funds pursuant to investment objectives chosen by you. Advisor will assist you in determining the suitability of OMP and assist you in setting an appropriate investment objective. Adviser will have discretion to select a mutual fund asset allocation portfolio designed by LPL consistent with your investment objectives. LPL will have discretion to purchase and sell 4:8 FINANCIAL PAGE 4 ADV PART 2A – 12/5/2025  Optimum Funds pursuant to the portfolio selected for you. LPL will also have authority to rebalance the account. A minimum account value of $10,000 is required for OMP. In certain instances, LPL will permit a lower minimum account size. MODEL WEALTH PORTFOLIOS MWP offers a professionally managed mutual fund asset allocation program. We will obtain the necessary financial data, assist you in determining the suitability of the MWP program and assist you in setting an appropriate investment objective. We will initiate the steps necessary to open an MWP account and have discretion to select a model portfolio designed by LPL’s Research Department consistent with your stated investment objectives. LPL’s Research Department or third-party portfolio strategists are responsible for selecting the mutual funds or ETFs within a model portfolio and for making changes to the mutual funds or ETFs selected. You will authorize LPL to act on a discretionary basis to purchase and sell mutual funds and ETFs and to liquidate previously purchased securities. You will also authorize LPL to effect rebalancing for MWP accounts. MWP requires a minimum asset value for a program account to be managed. The minimums vary depending on the portfolio(s) selected and the account’s allocation amongst portfolios. The lowest minimum for a portfolio is $25,000. In certain instances, a lower minimum for a portfolio is permitted. GUIDED WEALTH PORTFOLIOS (GWP) GWP offers clients the ability to participate in a centrally managed, algorithm-based investment program, which is made available to users and clients through a web-based, interactive account management portal (“Investor Portal”). Investment recommendations to buy and sell open-end mutual funds and exchange-traded funds are generated through proprietary, automated computer algorithms (collectively, the “Algorithm”) of Xulu, Inc., doing business as FutureAdvisor (“FutureAdvisor”), based upon model portfolios constructed by LPL and selected for the account as described below (such model portfolios selected for the account, the “Model Portfolio”). Communications concerning GWP are intended to occur primarily through electronic means, including but not limited to, through email communications or through the Investor Portal, although we will be available to discuss investment strategies, objectives or the account in general in person or via telephone. A preview of the Program (the “Education Tool”) is provided for a period of up to forty-five (45) days to help users determine whether they would like to become advisory clients and receive ongoing financial advice form LPL, FutureAdvisor or us by enrolling in the advisory service (the “Managed Service”). The Education Tool and Managed Service are described in more detail in the GWP Program Brochure. Users of the Education Tool are not considered to be advisory clients of LPL, FutureAdvisor or us, do not enter into an advisory agreement with LPL, FutureAdvisor or us, do not receive ongoing investment advice or supervision of their assets, and do not receive any trading services. 4:8 FINANCIAL PAGE 5 ADV PART 2A – 12/5/2025  A minimum account value of $5,000 is required to enroll in the Managed Service. RETIREMENT PLAN CONSULTING We provide retirement plan consulting on participant education and enrollment. Additional services may be offered based on the needs of the qualified plan. TAILORED SERVICES We tailor all our services to the client’s stated goals, needs and objectives. For our portfolio management services clients, we allow them to impose restrictions on investments in certain securities or types of securities. All restrictions may be presented to us in writing. WRAP PROGRAM We offer our SWM services with LPL through a wrap fee program. LPL is the sponsor of the wrap fee program. Our wrap fee accounts are managed on an individualized basis according to your existing investments, investment objectives, financial goals, risk tolerance, etc. Our portfolio management services are only offered through a wrap fee program. With our wrap fee program, you charged a specified annual fee – not based directly on transactions in your accounts – for Investment Advisory services, which include portfolio management, third party manager selections (if offered), custody, brokerage, other costs of execution of client transactions, and other services provided under the program. A portion of the fee goes to us for services provided under the wrap fee program, and a portion goes towards third-party brokerage, execution, and custody costs. Please note that the wrap fee is separate and distinct from the fees and expenses charged by mutual funds & ETFs to their shareholders, and it is separate and distinct from fees charged by third-party managers. Unlike clients in a wrap fee program, clients in a non-wrap fee program pay the custodian a per-trade commission or ticket charge and pay the costs of brokerage, execution, and custody separately. The wrap fee program may cost more or less than purchasing the covered wrap fee services separately, depending on a variety of factors, including the amount of trading in the account and the costs of the services purchased separately. There is no difference in the style of management, or the portfolios and securities used in the Wrap Fee Program as opposed to a Non-Wrap Program. Additional information about our model portfolios as a wrap program can be found in our Appendix 1 to the ADV Part 2A (i.e., Wrap Fee Program Brochure). CLIENT ASSETS MANAGED As of October 2, 2025, we manage $299,187,159 in discretionary assets and $2,100,000 in non- discretionary assets. ITEM 5 – FEES AND COMPENSATION LPL FINANCIAL SPONSORED ADVISORY PROGRAMS We charge a management fee based on the percentage of assets under management. The management fee for the OMP, GWP* and MWP* is an annual fee that ranges from 0% to 1.35%. The fee is negotiable. 4:8 FINANCIAL PAGE 6 ADV PART 2A – 12/5/2025  The management fee will be calculated and collected quarterly, in advance, based on the account’s prior quarter-end value as reported by the account’s custodian. *The MWP account fee consists of an LPL program fee, a strategist fee (if applicable) and an adviser fee. Accounts remaining under the legacy fee structure may be charged one aggregate account fee, for which the maximum account fee will not exceed 2.50%. See the MWP program brochure for more information. *GWP Managed Service clients are charged an account fee consisting of an LPL program fee of 0.35%. In the future, a strategist fee may apply. However, PLP Research currently serves as the sole portfolio strategist and does not charge a fee for its services. FutureAdvisor is compensated directly by PLP for its services, including the Algorithm and related software, through an annual sub-advisory fee (tiered based on assets under management by FutureAdvisor, at a rate ranging from 0.10% to 0.17%). As each asset tier is reached, LPL’s share of the compensation shall increase, and clients will not benefit from such asset tiers. GWP Education Tool provides access to sample recommendations at no charge to users. However, if users decide to implement sample recommendations by executing trades, they will be charged fees, commissions, or expenses by the applicable broker or adviser, as well as underlying investment fees and expenses. Account fees are payable quarterly, in advance. The portfolio management fee will be calculated and collected on a quarterly basis in arrears. The management fee is based on the custodian’s reported account value as of the last business day of the quarter. The management fee will be directly deducted from the client’s account by LPL (see Item 15 for additional details). Our fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses that are incurred by the client. Clients may incur other custodian charges, which are separate from our fees. Also, our fee does not include the third-party investment adviser or LPL’s management fee in the MWP program. The programs invest in mutual funds. The client pays the mutual funds a management fee and other expenses as a shareholder of the mutual fund in addition to paying an advisory fee to us and LPL for managing the assets. Because mutual funds may be purchased directly, the client could avoid the second layer of fees by not using our management services and by making his or her own investment decisions. TERMINATION OF SERVICES You may terminate any service for any reason within the first five (5) business days after signing an advisory contract, without any cost or penalty. Thereafter, the advisory contract may be terminated at any time by giving ten (10) days’ written notice. To cancel the agreement, you must notify us in writing at 4:8 Financial, 266 Northwest 1st Avenue, Canby, OR 97013. Because we charge in advance you will receive a prorated refund for the number of days the account was not managed during the quarter’s billing period. For example, if services were terminated 45 days into a 90-day quarter you will receive a 50% refund (45 days divided by 90 days equals 50%). 4:8 FINANCIAL PAGE 7 ADV PART 2A – 12/5/2025  OTHER SECURITIES COMPENSATION We do not receive any other securities compensation. RETIREMENT ROLLOVER CONFLICTS OF INTEREST When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts of interest with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interests ahead of yours. ITEM 6 – PERFORMANCE-BASED FEES AND SIDE BY SIDE MANAGEMENT We do not charge any performance-based fees (fees based on a share of capital gains or capital appreciation of the assets of a client) or provide side by side management. ITEM 7 – TYPES OF CLIENTS We offer our services to individuals, high net worth individuals, charities, and pension and profit- sharing plans. We do not require a minimum account balance. ITEM 8 – METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS METHODS OF ANALYSIS AND INVESTMENT STRATEGIES When we create your portfolio, we use asset allocation and strategic asset allocation. Once the asset allocation strategy is created, we use fundamental analysis. Once the portfolio is created, we will buy and hold but also reallocate assets regularly. A description of these methods of analysis and investment strategies are described below: Asset Allocation is an investment strategy that aims to balance risk and reward by apportioning a portfolio's assets according to an individual's goals, risk tolerance and investment horizon among various asset classes. The asset classes typically include, but are not limited to equities, fixed income, and cash and equivalents. The risk associated with asset allocation is that each class has different levels of risk and return, so each will behave differently over time. There is no guarantee that diversification among asset classes will grow a portfolio. Strategic asset allocation is a portfolio strategy that involves setting target allocations for various asset classes and rebalance periodically. The portfolio is rebalanced to the original allocations when they deviate significantly from the initial settings due to differing returns from the various assets. The target allocations depend on several factors, such as the investor’s risk tolerance, time horizon, and investment objectives, and may change over time as these parameters change. Strategic asset allocation is compatible with a buy-and-hold strategy, as opposed to tactical asset allocation that is more suited to an active trading approach. Our analysis of securities and advice relating thereto may be based upon information obtained from financial newspapers and magazines, research materials prepared by others, corporate 4:8 FINANCIAL PAGE 8 ADV PART 2A – 12/5/2025  ratings services, and annual reports, prospectuses and filings made with the Securities and Exchange Commission. We could also utilize computer models for performance analysis, asset allocation and risk management. INVESTMENT RISKS All investment programs have certain risks that are borne by you and investing in securities involves risk of loss that clients should be prepared to bear. Our goal is to reduce the risk of loss, but not at the expense of portfolio growth. Recommended investment strategies seek to balance risks and rewards to achieve investment objectives. To manage risk, we rebalance model portfolios on an as needed basis to bring the asset allocations back to their intended balances. The client should feel free to ask questions about risks that he or she does not understand; we would be pleased to discuss them. RECOMMENDED SECURITIES We use several types of securities in client portfolios including, but not limited to, mutual funds, Exchange Traded Funds (ETFs), stocks, bonds, and CDs. Some of the risks associated with these securities include:  Credit Risk: This is the risk an issuer of a bond could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet financial obligation.  Inflation Risk: This is the risk that inflation will undermine the performance of an investment and/or the future purchasing power of a client's assets.  Interest Rate Risk: The chance that bond prices overall will decline because of rising interest rates.  Exchange-Traded Funds (ETFs). ETFs are typically investment companies that are legally classified as open-end mutual funds or UITs, however, they differ from traditional mutual funds because ETF shares are listed on a securities exchange. Shares can be bought and sold throughout the trading day like shares of other publicly traded companies. ETF shares may trade at a discount or premium to their net asset value. This difference between the bid price and the ask price is often referred to as the “spread.” The spread varies over time based on the ETF’s trading volume and market liquidity and is generally lower if the ETF has a lot of trading volume and market liquidity and higher if the ETF has little trading volume and market liquidity. Although many ETFs are registered as investment companies under the Investment Company Act of 1940 like traditional mutual funds, some ETFs, including those that invest in commodities, are not registered as investment companies.  Manager Risk: The chance that the proportions allocated to the various securities will cause the client’s account to underperform relevant to benchmarks or other accounts with a similar investment objective.  Stock Market Risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. 4:8 FINANCIAL PAGE 9 ADV PART 2A – 12/5/2025  ITEM 9 – DISCIPLINARY INFORMATION Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. We do not have information applicable to this item. ITEM 10 – OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS BROKER DEALER AFFILIATION We are not affiliated with a broker dealer. FUTURES/COMMODITIES FIRM AFFILIATION We are not affiliated with a futures or commodities broker. OTHER INDUSTRY AFFILIATIONS Our owner, Mr. Carlson, and associates are licensed insurance agents. They may recommend the sale of insurance products to you. This other business activity pays them commissions that are separate from the fees described in item 5, above. The commissions give them a financial incentive to recommend and sell you the insurance products. They attempt to mitigate any conflicts of interest to the best of their ability by placing your interest ahead of our own and through the implementation of policies and procedures that address the conflict. Additionally, you are informed that you always have the right to choose whether to act on the recommendation and you have the right to purchase recommended insurance through any licensed insurance agent. RECOMMENDATION OF THIRD-PARTY INVESTMENT ADVISER In the MWP program, we may use the services of unaffiliated Third-Party Investment Advisers (“Third Party Adviser”) to assist in managing your account. We will disclose the use of an unaffiliated Third-Party Adviser when used in your account. We do not receive compensation directly or indirectly from the advisers or have any other business relationships that would create a material conflict of interest. ITEM 11 – CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTION AND PERSONAL TRADING DESCRIPTION Our Code of Ethics establishes ideals for ethical conduct based upon fundamental principles of openness, integrity, honesty, and trust. We will provide a copy of our Code of Ethics to any client or prospective client upon request. Our Code of Ethics covers all supervised persons, and it describes our high standard of business conduct and fiduciary duty to our clients. The Code of Ethics includes, among other things, provisions relating to the confidentiality of client information, a prohibition on insider trading, a prohibition on rumor mongering, restrictions on the acceptance of significant gifts and the reporting of certain gifts and business entertainment items, and personal securities trading 4:8 FINANCIAL PAGE 10 ADV PART 2A – 12/5/2025  procedures. All supervised persons must acknowledge the terms of the Code of Ethics annually or as amended. MATERIAL INTEREST IN SECURITIES We do not have a material interest in any securities. INVESTING IN OR RECOMMENDING THE SAME SECURITIES Our owner and our representatives may buy or sell the same securities for his own account at or about the same time that he recommends those securities to you or purchase them for client accounts. A conflict of interest may exist because they can trade ahead of client trades. We mitigate any conflict of interest in two ways. First, our Code of Ethics requires employees to: 1) report personal securities transactions on at least a quarterly basis, and 2) provide us with a detailed summary of certain holdings (both initially upon commencement of employment and quarterly thereafter) in which employees have a direct or indirect beneficial interest. The reports are reviewed to ensure we do not trade ahead of your accounts. Second, we require your transactions be placed ahead of our associates’ personal trades or our associates can place personal trades as part of a block trade (Please see Item 12.B for details on our block trading practices). The records of all associates’ personal and client trading activities are reviewed and made available to regulators to review on the premises. ITEM 12 – BROKERAGE PRACTICES RECOMMENDATION CRITERIA We generally recommend that you establish a brokerage account with LPL Financial to maintain custody of your assets and to effect trades for their accounts. LPL FINANCIAL LPL Financial provides brokerage and custodial services to independent investment advisory firms, including us. For our accounts custodied at LPL Financial, LPL Financial generally is compensated by clients through commissions, trials, or other transaction-based fees for trades that are executed through LPL Financial or that settle into LPL Financial accounts. For IRA accounts, LPL Financial generally charges account maintenance fees. In addition, LPL Financial also charges you miscellaneous fees and charges, such as account transfer fees. LPL Financial charges us an asset-based administration fee for administrative services provided by LPL Financial. Such administration fees are not directly borne by you but may be taken into account when we negotiate our advisory fee with you. You should also be aware that for accounts where LPL Financial serves as the custodian, we are limited to offering services and investment vehicles that are approved by LPL Financial and may be prohibited from offering services and investment vehicles that may be available through other broker-dealers and custodians, some of which may be more suitable for your portfolio than the services and investment vehicles offered through LPL Financial. You should understand that not all investment advisers request that you custody your accounts and trade through specific broker-dealers. 4:8 FINANCIAL PAGE 11 ADV PART 2A – 12/5/2025  Benefits Received by Our Personnel LPL Financial makes available to us various products and services designed to assist us in managing and administering client accounts. Many of these products and services may be used to service all or a substantial number of our accounts, including accounts not held with LPL Financial. These include software and other technology that provide access to your account data (such as trade confirmation and account statements); facilitate trade execution (and aggregation and allocation of trade orders for multiple client accounts); provide research, pricing information and other market data; facilitate payment of our fees from your accounts; and assist with back- office functions; recordkeeping and client reporting. LPL Financial also makes available to us other services intended to help us manage and further develop its business. Some of these services assist us to better monitor and service program accounts maintained at LPL Financial, however, many of these services benefit only us, for example, services that assist us in growing our business. These support services and/or products may be provided without cost, at a discount, and/or at a negotiated rate, and include practice management-related publications; consulting services; attendance at conferences and seminars, meetings, and other educational and/or social events; marketing support; and other products and services used by us in furtherance of the operation and development of our investment advisory business. Where such services are provided by a third party vendor, LPL Financial will either make a payment to us to cover the cost of such services, reimburse us for the cost associated with the services, or pay the third party vendor directly on behalf of us. The products and services described above are provided to us as part of our overall relationship with LPL Financial. While as a fiduciary we endeavor to act in your best interests, the receipt of these benefits creates a conflict of interest because we recommend that you custody your assets at LPL Financial is based in part on the benefit to us of the availability of the foregoing products and services and not solely on the nature, cost or quality of custody or brokerage services provided by LPL Financial. Our receipts of some of these benefits may be based on the amount of advisory assets custodied on the LPL Financial platform. RESEARCH AND SOFT DOLLARS “Soft dollars” are defined as a form of payment investment firms can use to pay for goods and services such as news subscriptions or research. When an investment firm gives its business to a particular brokerage firm, the brokerage firm in return can agree to use some of its revenue to pay for these types of services. We may receive economic benefits through our participation with LPL Financial. Additional details are described in Item 12, above and Item 14. BROKERAGE FOR CLIENT REFERRALS We do not receive client referrals or any other incentive from any broker-dealer or custodian. 4:8 FINANCIAL PAGE 12 ADV PART 2A – 12/5/2025  DIRECTED BROKERAGE We require clients use LPL Financial, LLC (“LPL”) as the custodian of the client accounts that we manage. LPL sponsors our wrap program. We believe LPL’s wrap program platform provides the quality trade execution, reliable services, and the availability of numerous investment options. TRADE AGGREGATION We may aggregate transactions in equity and fixed income securities for a client with other clients to improve the quality of execution. When transactions are aggregated, the actual prices applicable to the aggregated transactions will be averaged, and the client account will be deemed to have purchased or sold its proportionate share of the securities involved at the average price obtained. We may determine not to aggregate transactions, for example, based on the size of the trades, the number of client accounts, the timing of the trades, the liquidity of the securities and the discretionary or non-discretionary nature of the trades. If we do not aggregate orders, some clients purchasing securities around the same time may receive a less favorable price than other clients. This means that this practice of not aggregating may cost clients more money. ITEM 13 – REVIEW OF ACCOUNTS PERIODIC REVIEWS Our representatives will conduct periodic reviews of the account holdings and rebalance when necessary. They will also attempt to meet with you annually either in person, by telephone, or via virtual meeting and provide any updates to your financial situation. OTHER REVIEWS Additional reviews are conducted periodically depending on market conditions, economic or political events, or any changes in a client’s financial situation (such as retirement, termination of employment, physical move, or inheritance). REPORTS If you engage in comprehensive financial planning, we may provide a written financial plan. You will also receive at least quarterly statements and quarterly performance reports from LPL Financial, LLC. We urge you to carefully review those statements. ITEM 14 – CLIENT REFERRALS AND OTHER COMPENSATION OTHER COMPENSATION We do not receive any other compensation. CLIENT REFERRALS We do not use solicitors or pay for client referrals. ITEM 15 – CUSTODY Your funds, securities, and accounts will be held by a qualified custodian, LPL. We do not take possession of your assets. However, you will be asked to authorize LPL with the ability to deduct 4:8 FINANCIAL PAGE 13 ADV PART 2A – 12/5/2025  our management fee directly from the client’s account. This authorization will be to deduct our management fee only. A client may cancel this authorization at any time by notifying us or LPL. The client will receive at least quarterly statements from LPL. We urge clients to carefully review those statements. ITEM 16 – INVESTMENT DISCRETION We offer discretionary investment management services. You must sign the investment management agreement to grant us discretionary power over the account. Our investment management agreement contains a limited power of attorney that allows us to select the security, the amount, and the time of the purchase or sale in your account. It also allows us to place each such trade without your prior approval. In addition to our investment management agreement, your custodian may request that you sign the custodian’s limited power of attorney. This varies with each custodian. We discuss all limited powers of attorney with you prior to their execution. In all cases, however, such discretion is to be exercised in a manner consistent with the stated investment objectives for your account, and any other investment policies, limitations or restrictions. ITEM 17 – VOTING CLIENT SECURITIES We do not vote proxy votes for any client. All proxy materials are mailed or emailed directly to you from the custodian. Any proxy materials received by us will be forwarded to you for response and voting. In the event you have a question about a proxy solicitation, you should feel free to contact us. ITEM 18 – FINANCIAL INFORMATION BALANCE SHEET We do not require or solicit prepayment of more than $1,200 in fees per client, six months or more in advance. Therefore, we are not required to provide a balance sheet. FINANCIAL CONDITION We are required in this Item to provide you with certain financial information or disclosures about our financial condition if we have a financial commitment that impairs our ability to service you. We do not have a financial commitment that impairs our ability to service our clients. BANKRUPTCY We have not been the subject of a bankruptcy proceeding. 4:8 FINANCIAL PAGE 14 ADV PART 2A – 12/5/2025 

4:8 FINANCIAL WWW.48FINANCIAL.COM 266 NORTHWEST 1ST AVE. CANBY, OR 97013 P|(503) 266-4848 F|(503) 266-4840 PAUL@48FINANCIAL.COM WRAP PROGRAM BROCHURE (APPENDIX 1 TO FIRM BROCHURE) DECEMBER 5, 2025 This wrap fee program brochure provides information about the qualifications and business practices of Carlson Financial, Inc. dba 4:8 Financial. If you have any questions about the contents of this brochure, please contact us at (503) 266-4848. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. 4:8 Financial is a registered investment adviser. Registration of an investment adviser does not imply any level of skill or training. information about 4:8 Financial is available on Additional the SEC’s website at www.adviserinfo.sec.gov. You can search this site by a unique identifying number, known as a CRD number. The CRD number for 4:8 Financial is 335831.  ITEM 2 - MATERIAL CHANGES We have no material changes to report since our firm’s initial brochure filing on July 1, 2025. 4:8 FINANCIAL PAGE 2 APPENDIX 1 – 12/5/2025  ITEM 3 - TABLE OF CONTENTS ITEM 2 - MATERIAL CHANGES ....................................................................................................................... 2 ITEM 3 - TABLE OF CONTENTS ...................................................................................................................... 3 ITEM 4 - SERVICES, FEES AND COMPENSATION ........................................................................................... 4 ITEM 5 - ACCOUNT REQUIREMENTS AND TYPES OF CLIENTS ....................................................................... 6 ITEM 6 - PORTFOLIO MANAGER SELECTION AND EVALUATION................................................................... 6 ITEM 7 - CLIENT INFORMATION PROVIDED TO PORTFOLIO MANAGERS ..................................................... 8 ITEM 8 - CLIENT CONTACT WITH PORTFOLIO MANAGERS ........................................................................... 9 ITEM 9 - ADDITIONAL INFORMATION ........................................................................................................... 9 4:8 FINANCIAL PAGE 3 APPENDIX 1 – 12/5/2025  ITEM 4 - SERVICES, FEES AND COMPENSATION SERVICES STRATEGIC WEALTH MANAGEMENT (SWM) We offer ongoing portfolio management services on a wrap account basis. Our portfolio management services involve assisting with the ongoing management of investment accounts. We work with the client to formulate an individualized portfolio based upon his or her objectives, time frame, risk parameters and other investment considerations. Once we have this information, we create an individualized portfolio for the client. We regularly monitor the client’s portfolio and adjust it as determined by the stock market and world events. We will request discretionary authority from you in order to select securities and execute transactions without your permission prior to each transaction. FEES Fees for wrap accounts are calculated and billed quarterly in advance based on a percentage of assets under management. The management fee range is 0% to 1.35% which is negotiable at our discretion. In a wrap account, you pay a single annual advisory fee for advisory services and execution of transactions. You do not pay brokerage commissions, markups or transaction charges for execution of transactions in addition to the advisory fee. Although you do not pay a transaction charge for transactions in a SWM account, you should be aware that we pay LPL transaction charges for those transactions. The transaction charges paid by us vary based on the type of transaction (e.g., mutual fund, equity or ETF) and for mutual funds based on whether or not the mutual fund pays 12b-1 fees and/or recordkeeping fees to LPL. Transaction charges paid by the Advisor for equities and ETFs are $9. For mutual funds, the transaction charges range from $0 to $26.50. Because we pay the transaction charges in SWM accounts, there is a conflict of interest in cases where the mutual fund is offered at both $0 and $26.50. You should understand that the cost to us of transaction charges may be a factor that we consider when deciding which securities to select and how frequently to place transactions in a SWM account. For portfolios consisting of mutual funds, LPL selects only no-load and load-waived mutual funds. Some mutual funds and Program Share Classes charge shareholders an asset-based fee, known as a “12b-1” fee, to cover distribution expenses and, in some cases, shareholder servicing expenses. A portion of such 12b-1 fees will ultimately be paid to LPL by the funds. Any 12b-1 fees paid to LPL by funds may be credited to the client’s account. Termination of Portfolio Management Services You may terminate the Investment Management Agreement for any reason at any time and, within the first 5 business days after signing the contract, without any cost or penalty. Thereafter, the contract may be terminated at any time by giving 10 days' written notice. To cancel the Agreement, you must notify us at 4:8 Financial, 266 Northwest 1st Ave., Canby, OR 97013. Because we charge in advance you will receive a prorated refund for the number of days the account was not managed during the quarter’s billing period. For example, if services were 4:8 FINANCIAL PAGE 4 APPENDIX 1 – 12/5/2025  terminated 45 days into a 90-day quarter you will receive a 50% refund (45 days divided by 90 days equals 50%). Other Types of Fees and Charges Program accounts will incur additional fees and charges from parties other than us as noted below. These fees and charges are in addition to the advisory fee paid to us. We do not share in any portion of these third party fees. LPL Financial, LLC, as the custodian and broker-dealer providing brokerage and execution services on program accounts, will impose certain fees and charges. LPL is the sponsor of our wrap fee program. LPL Financial, LLC notifies you of these charges at account opening and makes available a list of these fees and charges on its website at www.LPL.com. LPL Financial, LLC will deduct these fees and charges directly from your program account. There are other fees and charges that are imposed by other third parties that apply to investments in program accounts. Some of these fees and charges are described below:  If your assets are invested in mutual funds or other pooled investment products, you should be aware that there will be two layers of advisory fees and expenses for those assets. You will pay an advisory fee to the fund manager and other expenses as a shareholder of the fund. You will also pay us the advisory fee with respect to those assets. Most of the mutual funds available in the program may be purchased directly. Therefore, you could generally avoid the second layer of fees by not using our management services and by making their own investment decisions.  Certain mutual funds impose fees and charges such as contingent deferred sales charges, early redemption fees and charges for frequent trading. These charges apply if you transfer into or purchase such a fund with the applicable charges in a program account.  Although only no-load and load-waived mutual funds can be purchased in a program account, you should understand that some mutual funds pay asset-based sales charges or service fees (e.g., 12b-1 fees) to the custodian with respect to account holdings.  If you hold a variable annuity as part of an account, there are mortality, expense and administrative charges, fees for additional riders on the contract and charges for excessive transfers within a calendar year imposed by the variable annuity sponsor. Further information regarding fees assessed by a mutual fund, or variable annuity is available in the appropriate prospectus, which is available upon request from us or from the product sponsor directly. Other Important Considerations  The advisory fee is an ongoing wrap fee for investment advisory services, the execution of transactions and other administrative and custodial services. The advisory fees may cost more or less than purchasing the covered wrap fee services separately, depending on a variety of factors, including the amount of trading in the account and the costs of the services purchased separately. Factors that bear upon the cost of the account in relation to the cost of the same services purchased separately include the type and size of the account, historical 4:8 FINANCIAL PAGE 5 APPENDIX 1 – 12/5/2025  or expected size or number of trades for the account, and number and range of supplementary advisory and client-related services provided to you.  The advisory fee also may cost you more than if assets were held in a traditional brokerage account. In a brokerage account, you are charged a commission for each transaction, and the representative has no duty to provide ongoing advice with respect to the account. If you plan to follow a buy and hold strategy for the account or does not wish to purchase ongoing investment advice or management services, you should consider opening a brokerage account rather than a program account.  When we recommend the program to you, we receive compensation because of your participation in the program. This compensation includes the advisory fee and also includes other compensation, such as bonuses, awards or other things of value offered by LPL Financial, LLC to us or our associated persons. The amount of this compensation may be more or less than what we would receive if you participated in other LPL Financial, LLC programs, programs of other investment advisors or paid separately for investment advice, brokerage and other client services. Therefore, we have a financial incentive to recommend a program account over other programs and services.  The investment products available to be purchased in the program can be purchased by you outside of a program account, through broker-dealers or other investment firms not affiliated with us. ITEM 5 - ACCOUNT REQUIREMENTS AND TYPES OF CLIENTS We offer our services to individuals, high net worth individuals, charities, and pension and profit- sharing plans. We do not require a minimum account balance. ITEM 6 - PORTFOLIO MANAGER SELECTION AND EVALUATION In our wrap program, we do not select, review or recommend other investment advisors or portfolio managers. We, through our associated persons, are responsible for the investment advice and management offered to you. For more information about the associated person managing the account, you should refer to the Brochure Supplement (ADV Part 2B) for the associated person, which you should have received along with this Brochure at the time you opened the account. LPL Financial, LLC performs certain administrative services for us, including generation of quarterly performance reports for program accounts. You will receive an individual quarterly performance report, which provides performance information on a time-weighted basis. The performance reports are intended to inform you as to how their investments have performed for a period, both on an absolute basis and compared to leading investment indices. METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS When we create your portfolio, we use asset allocation and strategic asset allocation. Once the asset allocation strategy is created, we use fundamental analysis. Once the portfolio is created, 4:8 FINANCIAL PAGE 6 APPENDIX 1 – 12/5/2025  we will buy and hold but also reallocate assets regularly. A description of these methods of analysis and investment strategies are described below: Asset Allocation is an investment strategy that aims to balance risk and reward by apportioning a portfolio's assets according to an individual's goals, risk tolerance and investment horizon among various asset classes. The asset classes typically include, but are not limited to equities, fixed income, and cash and equivalents. The risk associated with asset allocation is that each class has different levels of risk and return, so each will behave differently over time. There is no guarantee that diversification among asset classes will grow a portfolio. Strategic asset allocation is a portfolio strategy that involves setting target allocations for various asset classes and rebalance periodically. The portfolio is rebalanced to the original allocations when they deviate significantly from the initial settings due to differing returns from the various assets. The target allocations depend on several factors, such as the investor’s risk tolerance, time horizon, and investment objectives, and may change over time as these parameters change. Strategic asset allocation is compatible with a buy-and-hold strategy, as opposed to tactical asset allocation that is more suited to an active trading approach. Our analysis of securities and advice relating thereto may be based upon information obtained from financial newspapers and magazines, research materials prepared by others, corporate ratings services, and annual reports, prospectuses and filings made with the Securities and Exchange Commission. We could also utilize computer models for performance analysis, asset allocation and risk management. INVESTMENT RISKS & RECOMMENDED SECURITIES All investments bear different types and degrees of risk and investing in securities involves risk of loss that clients should be prepared to bear. While we use investment strategies that are designed to provide appropriate investment diversification, some investments have significantly greater risks than others. Obtaining higher rates of return on investments entails accepting higher levels of risk. Recommended investment strategies seek to balance risks and rewards to achieve investment objectives. The client should feel free to ask questions about risks that he or she does not understand; we would be pleased to discuss them. We use several types of securities in your portfolios including, but not limited to, mutual funds, including inverse and leveraged mutual funds, exchange traded funds, stocks, bonds, options, real estate investment trusts, alternatives, managed futures, structured products, and business development companies. Some of the risks associated with these securities include:  Credit Risk: This is the risk an issuer of a bond could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet financial obligation.  Inflation Risk: This is the risk that inflation will undermine the performance of an investment and/or the future purchasing power of a client's assets.  Interest Rate Risk: The chance that bond prices overall will decline because of rising interest rates. 4:8 FINANCIAL PAGE 7 APPENDIX 1 – 12/5/2025   Exchange-Traded Funds (ETFs). ETFs are typically investment companies that are legally classified as open end mutual funds or UITs, however, they differ from traditional mutual funds because ETF shares are listed on a securities exchange. Shares can be bought and sold throughout the trading day like shares of other publicly traded companies. ETF shares may trade at a discount or premium to their net asset value. This difference between the bid price and the ask price is often referred to as the “spread.” The spread varies over time based on the ETF’s trading volume and market liquidity and is generally lower if the ETF has a lot of trading volume and market liquidity and higher if the ETF has little trading volume and market liquidity. Although many ETFs are registered as investment companies under the Investment Company Act of 1940 like traditional mutual funds, some ETFs, including those that invest in commodities, are not registered as investment companies.  Variable Annuities. If you purchase a variable annuity that is part of the program, you will receive a prospectus and should rely solely on the disclosure contained in the prospectus with respect to the terms and conditions of the variable annuity. You should also be aware that certain riders purchased with a variable annuity may limit the investment options and the ability to manage the subaccounts.  Manager Risk: The chance that the proportions allocated to the various securities will cause the client’s account to underperform relevant to benchmarks or other accounts with a similar investment objective.  Stock Market Risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. VOTING CLIENT SECURITIES We do not accept authority to vote client securities. You retain the right to vote all proxies that are solicited for securities held in the account. You will receive proxies or other solicitations from the custodian of assets. If you have questions regarding the solicitation, you should contact us or the contact person that the issuer identifies in the proxy materials. In addition, we do not accept authority to take action with respect to legal proceedings relating to securities held in the account. ITEM 7 - CLIENT INFORMATION PROVIDED TO PORTFOLIO MANAGERS In our wrap program, we are responsible for account management; there is no separate portfolio manager involved. We obtain the necessary financial data from you and assist you in setting an appropriate investment objective for the account. We obtain this information by having you complete an advisory agreement and other documentation. You are encouraged to contact us if there have been any changes in their financial situation or investment objectives or if they wish to impose any reasonable restrictions on the management of the account or reasonably modify existing restrictions. You should be aware that the investment objective selected for the program is an overall objective for the entire account and may be inconsistent with a particular holding and the account’s performance at any time. You should further be aware that achievement of the stated investment objective is a long-term goal for the account. 4:8 FINANCIAL PAGE 8 APPENDIX 1 – 12/5/2025  ITEM 8 - CLIENT CONTACT WITH PORTFOLIO MANAGERS You should contact us at any time with questions regarding program accounts. ITEM 9 - ADDITIONAL INFORMATION DISCIPLINARY INFORMATION Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events within the past 10 years that would be material to your evaluation of us or the integrity of our management. We have no information applicable to this Item because we have not been the subject of any administrative, civil, criminal or regulatory proceedings. OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS Our owner, Mr. Carlson, and associates are licensed insurance agents. They may recommend the sale of insurance products to you. This other business activity pays them commissions that are separate from the fees described in item 5, above. The commissions give them a financial incentive to recommend and sell you the insurance products. They attempt to mitigate any conflicts of interest to the best of their ability by placing your interest ahead of our own and through the implementation of policies and procedures that address the conflict. Additionally, you are informed that you always have the right to choose whether to act on the recommendation and you have the right to purchase recommended insurance through any licensed insurance agent. CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING Our Approach to Conflicts of Interest Conflicts of interest that may arise in the course of providing investment management services are described throughout this brochure, as are some of our policies and procedures designed to address specific conflicts of interest, such as our Code of Ethics and personal trading practices. We have a compliance program in place that is intended to identify, mitigate and, in some instances, prevent actual and potential conflicts of interest, ensure compliance with legal and regulatory requirements and ensure compliance with your investment guidelines and restrictions. Our compliance program includes written policies and procedures that we believe are reasonably designed to prevent violations of applicable law and regulations. Code of Ethics According to the Investment Advisers Act of 1940, an investment advisor is considered a fiduciary and has a fiduciary duty to you. The applicant has established a Code of Ethics to comply with the requirements of Section 204(A)-1 of the Investment Advisors Act of 1940 that reflects fiduciary obligations and those of its supervised persons and requires compliance with federal securities laws. Our Code of Ethics covers all individuals that are classified as “supervised persons”. All employees, officers, directors and investment advisor representatives are classified as supervised persons. We require our supervised persons to consistently act in your best interests in all advisory activities. We impose certain requirements on our affiliates and 4:8 FINANCIAL PAGE 9 APPENDIX 1 – 12/5/2025  supervised persons to ensure that they meet our fiduciary responsibilities. The standard of conduct required is higher than ordinarily required and encountered in commercial business. This section is only intended to provide current and potential clients with a description of the applicant Code of Ethics. If you wish to review the Code of Ethics in its entirety, you may request a copy in writing. Your request will be provided promptly. Participation or Interest in Client Transactions In the event that LPL Financial, LLC, our broker/dealer, executes securities transactions through LPL Financial, LLC on your behalf or on behalf of your representative, your representative may receive advisory fees and broker/dealer commissions for the sale of securities placed under our management. The receipt of compensation from a variety of sources may be considered to be a conflict of interest. We encourage you to review this ADV closely and discuss any potential conflicts of interest with their representative. We will process brokerage security transactions through LPL Financial, LLC so long as we determine that executing the transactions through our broker/dealer fulfills our duty of best execution. We consider certain factors when selecting a broker/dealer and determining the reasonableness of commissions. Please refer to the section titled “Brokerage Practices” for more information. Policy Regarding Engaging in Principal Trading Involving Advisory Accounts We do not permit principal transactions to be effected in advisory accounts. Personal Trading We may recommend securities to buy, sell or hold a position in securities identical to the securities recommended to you, at or about the same time that we or a related person buys or sells the same securities for their own or a related person’s account. It is our policy that no supervised person will put his or her interest before your interests. Our firm and our representatives may not trade ahead of any client or trade in a way that would cause the supervised person to obtain a better price than the price you would obtain. REVIEW OF ACCOUNTS Frequency of Account Reviews Our representatives will conduct periodic reviews of the account holdings and rebalance when necessary. They will also attempt to meet with you annually either in person, by telephone, or via virtual meeting and provide any updates to your financial situation. Review Triggers The calendar is the triggering factor. Other factors triggering an account review include material market, economic or political events, and changes in a client's financial or personal situation or performance of the account in general. Reports and Account Statements You will receive at least quarterly statements from the accounts custodian or clearing firm, these statements will show any activity in the account, as well as period ending position balances. 4:8 FINANCIAL PAGE 10 APPENDIX 1 – 12/5/2025  To the extent you receive performance reports from your representative, we urge you to compare performance reports received with account statements received from the custodian. Inquiries or concerns regarding the account, including performance reports, should be directed to the investment advisor firm at the phone number listed on the account statement. Each representative then decides whether to provide these reports to you. Performance information provided by a representative is believed to be accurate but cannot be guaranteed. A representative may or may not include variable annuity account position information within performance reports. Neither our firm nor a representative can guarantee the accuracy of fund values, securities and other information obtained from third parties. CLIENT REFERRALS AND OTHER COMPENSATION We do not pay for client referrals or use solicitors. FINANCIAL INFORMATION We do not serve as a custodian of your funds or securities. At no time will fees of more than $500 be charged six or more months in advance per client. We have established policies and procedures designed to prevent the collection of fees greater than $500 six or more months in advance. As such, a balance sheet is not required to be provided at this time. Registered investment advisers are required in this Item to provide you with certain financial information or disclosures about our financial condition. Neither 48 Financial nor its management have any financial conditions that are likely to reasonably impair our ability to meet contractual commitments to service you. However, we were eligible for and participated in the Paycheck Protection Program (“PPP”) available as part of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act that designated billions of dollars in SBA loans to help support small businesses and independent contractors. The loan is potentially forgivable (essentially making it a grant) so long as the money is used for designated expenses, which includes maintaining staff and compensation at the levels they were prior to impact of COVID-19 as well as to make other permissible payments during the eight weeks after receiving the loan. Please contact us if you have any questions about our participation in the PPP program. CUSTODY LPL Financial, LLC is a qualified custodian and maintains custody of your funds and securities in a separate account under your name. LPL Financial, LLC as a qualified custodian sends account statements showing all transactions, positions, and all deposits and withdrawals of principal and income. LPL Financial, LLC sends account statements monthly when the account has had activity or quarterly if there has been no activity. You should carefully review those account statements. Although most securities available in program accounts are custodied at LPL Financial, LLC, there are certain securities managed as part of the account that are held at third parties, and not at LPL Financial, LLC. For example, variable annuities, hedge funds and managed futures are often held directly with the investment sponsor. For those outside positions, you will receive confirmations and statements directly from the investment sponsor. For outside positions not custodied at LPL Financial, LLC, LPL Financial, LLC may receive information (e.g., number of shares held and market value) from the investment sponsor and 4:8 FINANCIAL PAGE 11 APPENDIX 1 – 12/5/2025  display that information on statements and reports prepared by LPL Financial, LLC. This information also may be used to calculate performance in performance reports prepared by LPL Financial, LLC. Although we believe that the information provided by LPL Financial, LLC is accurate, we recommend you refer to the statements and reports received directly from the investment sponsor and compare them with the information provided in any statements or reports from LPL Financial, LLC. The statements and reports provided by LPL Financial, LLC with respect to outside positions should not replace the statements and reports received directly from the investment sponsor. 4:8 FINANCIAL PAGE 12 APPENDIX 1 – 12/5/2025