Applied Capital LLC

Applied Capital LLC Form ADV Part 2A Applied Capital LLC Firm Brochure – Form ADV Part 2A This brochure provides information about the qualifications and business practices of Applied Capital LLC. If you have any questions about the contents of this brochure, please contact Chris Williams, Chief Compliance Officer, at (501) 500-0897 or by email at: chris.williams@appliedcapital.com. 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. Registration does not imply a certain level of skill or training. Additional information about Applied Capital LLC is also available on the SEC’s website at www.adviserinfo.sec.gov. Applied Capital LLC’s CRD number is: 166175. www.appliedcapital.com. Little Rock Office 415 N. McKinley Street Suite 1045 Little Rock, AR 72205 501.500.0890 Nashville Office 40 Music Square East Suite 102 Nashville, TN 37203 615.800.6105 Version: 2026 1 of 16  Applied Capital LLC Form ADV Part 2A Item 2: Material Changes The following material changes have been made in the brochure since the last updating amendment as of August 2025. Material changes relate to Applied Capital LLC’s policies, practices, or conflicts of interests. Item 4: Advisory Services • Estate Planning - Added basic estate planning as part of advisory services utilizing Wealth.com. • SyntheticFi – Clarified usage for a securities-backed lending solution. Item 5: Fees and Compensation • Fee Schedule – Updated to new fee schedule to account for additional advisory services. • Financial & Estate Planning – Discusses adjusted pricing under the financial planning agreement reflecting services listed in Item 4, how clients are billed for Wealth.com and SytheticFi solution, and the manner in which fees are calculated for Financial Planning, Estate Planning, and SyntheticFi securities-backed lending. Item 8: Methods of Analysis, Investment Strategies, and Risk of Investment Loss • Digital Assets – Updated guidance to note that the Firm generally discourages direct crypto-asset exposure in managed portfolios due to volatility, custody, and regulatory risks. Item 12: Brokerage Practices • Factors Used to Select Custodians – Updated the list of custodians used by the Firm. Version: 2026 2 of 16  Applied Capital LLC Form ADV Part 2A Item 3: Table of Contents Item 1: Cover Page…………………………………………………………………………………………………1 Item 2: Material Changes………………………………………………………………………………………….2 Item 3: Table of Contents…………………………………………………………………………………………3 Item 4: Advisory Business……………………………………………………………………………………....…5 Item 5: Fees and Compensation……….………………………………………………………...………………7 Item 6: Performance-Based Fees and Side-By-Side Management………………………..…………….....10 Item 7: Types of Clients………………………………………………………………………………………….10 Item 8: Methods of Analysis, Investment Strategies, and Risk of Investment Loss……………...….……10 Item 9: Disciplinary Information…………………………………………………………………...…………..11 Item 10: Other Financial Industry Activities and Affiliations……………………...……………………..….12 Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading……....12 Item 12: Brokerage Practices…………………………………………………….……………........…………..13 Item 13: Review of Accounts………………………………………………….……………........…………..…14 Item 14: Client Referrals and Other Compensation…………………….……………........…...………...…15 Item 15: Custody…………………………………………………………………………………………………15 Item 16: Investment Discretion…………………………………………….…………….........…….……....…15 Item 17: Voting Client Securities (Proxy Voting) ………………………….…………….........……….….…15 Item 18: Financial Information…………………………………………….…………….........…………..…....16 Version: 2026 3 of 16  Applied Capital LLC Form ADV Part 2A Item 4: Advisory Business A. DESCRIPTION OF THE ADVISORY FIRM Applied Capital LLC is a Limited Liability Company organized in the state of Arkansas. The firm was established in January 2013, and the principal owner is Brad Raines. B. TYPES OF ADVISORY SERVICES Applied Capital LLC (hereinafter “AC”) offers the following services to advisory clients: Investment Advisory Services AC provides continuous investment management and client education regarding the relevant types of accounts and investment options available. AC assists the client in selecting an appropriate model portfolio for each account based upon their objectives, time horizon, experience, and risk tolerance. AC regularly monitors accounts and makes adjustments as needed. Investment management services include, but are not limited to the following: 1. Investor education 4. Asset allocation 2. Risk tolerance 5. Investment selection 3. Investment strategy 6. Portfolio monitoring Services Limited to Specific Types of Investments AC primarily utilizes mutual funds, ETFs, equities, and bonds, but may use other securities when appropriate to further diversify a portfolio or achieve the client’s investment objective. The supplemental security types that AC may use when appropriate include, but are not limited to, private Real Estate Investment Trusts (REITs), interval funds, private credit funds and structured notes. Selection of Other Advisors (Sub-Advisors) We have a sub-advisory relationship with SyntheticFi LLC, an unaffiliated investment advisor (CRD# 330200/SEC# 801-129765). In exercising our discretion in making investment decisions for our clients, we may determine if it is in a client’s best interest to engage SyntheticFi to implement trades in all or a portion of the client’s account. If AC determines that engaging SyntheticFi is in a client’s best interest, we will provide the client with SyntheticFi’s relevant disclosure documents, including Form ADV 2A, and any other documents necessary to provide a complete description of SyntheticFi’s services and fees. Version: 2026 4 of 16  Applied Capital LLC Form ADV Part 2A C. CLIENT TAILORED SERVICES AND CLIENT IMPOSED RESTRICTIONS AC offers the same suite of services to all its clients. However, the implementation of investment management strategies are dependent upon a client’s specific needs. Clients may impose restrictions on investing in certain types of securities, in accordance with their values or beliefs. However, if the restrictions prevent AC from properly servicing the client account, or if the restrictions would require AC to deviate from its standard suite of services, AC reserves the right to end the relationship. D. WRAP FEE PROGRAMS A wrap fee program is an investment program where the investor pays one stated fee that includes management fees, transaction costs, fund expenses, and any other administrative fees. AC does not participate in any wrap fee programs to allow the client to see the different costs of investing and what is provided in return. E. AMOUNTS UNDER MANAGEMENT AC has the following assets under management: Discretionary Amounts Non-Discretionary Amounts Date Calculated $384,567,299 $0 02/28/2026 F. FINANCIAL PLANNING Financial planning may include the following areas: Retirement planning, investment strategy and analysis, tax planning and coordination with a CPA or tax professional, education planning, estate planning, risk management and insurance review, and charitable giving and legacy planning. Applied Capital will not collect any fee in excess of $1,200 for services to be performed six (6) months or more in the future. Clients are under no obligation to act upon the financial planning recommendations provided. In the event a client elects to implement any such recommendations, there is no requirement to utilize Applied Capital’s investment advisory services for that purpose. Upon request, we may refer clients to other qualified professionals. Should the client engage any such recommended professionals, and a dispute subsequently arises concerning that engagement, the client agrees to pursue resolution solely with the engaged professional. Estate Planning The Firm utilizes the services of Wealth.com, a third-party technology platform that provides digital estate planning document preparation and related services. Wealth.com offers tools that assist clients in creating basic estate planning documents (e.g., wills, revocable living Version: 2026 5 of 16  Applied Capital LLC Form ADV Part 2A trusts, powers of attorney, healthcare directives) through an automated document preparation process. The Firm’s Role is limited to: • Coordinating access to the platform; • Assisting clients in understanding how estate planning considerations may relate to their overall financial plan; and • Facilitating communication between the client and the platform, where applicable. Wealth.com is not affiliated with the Firm. The Firm does not provide legal advice and does not act as an attorney in connection with estate planning matters. The Firm also does not draft legal documents, provide legal opinions, or guarantee the legal sufficiency of any documents generated through Wealth.com. Clients are encouraged to consult with their own attorney regarding the preparation, execution, and suitability of any estate planning documents. The fee for access is bundled within our financial planning fee. Clients do not pay Wealth.com directly. Item 5: Fees and Compensation A. FEE SCHEDULE Advisory Fees Total Assets Under Management Advisory Fee Tiers First Next Next Next Next Next Next Annual Rate 1.00% 0.90% 0.80% 0.70% 0.60% 0.50% 0.40% $1,000,000 $0 $2,000,000 $1,000,000 $3,000,000 $2,000,000 $4,000,000 $3,000,000 $4,000,000 $5,000,000 $5,000,000 $10,000,000 $10,000,000 + Fees are negotiable depending upon the needs of the client and complexity of the situation. AC has adopted a firmwide tiered fee schedule for consistency and uniformity within the industry. Only utilizing a tiered fee schedule structure will make it easier for current or Version: 2026 6 of 16  Applied Capital LLC Form ADV Part 2A prospective clients to compare AC’s fees to other firm’s fees within the industry. All legacy fee schedules are in the process of being phased out and cannot be used for new clients. Financial Planning Fees Financial Planning engagements administered by a separate Financial Planning Agreement are classified into four tiers: Core, Advanced, Strategic, and Collaborative. After reviewing a client’s circumstances, Applied Capital will provide an annual Financial Planning quote in advance, based on the anticipated complexity, scope, and objectives of the engagement. The minimum annual Financial Planning fee is $1,500. The Collaborative category is the most comprehensive and involves participation from external specialists, such as CPAs and attorneys. Annual fees for Collaborative engagements may exceed $15,000. The Financial Planning fee automatically increases annually by three percent. If the client’s planning needs become more complex, additional increases in the fee amount may apply. Any changes will be discussed in advance. Minimum Fee Offset When a client does not have the required AUM to warrant all the included financial planning services, a minimum fee offset will facilitate the transition from financial planning services to full advisory services. The financial planning fee is offset by advisory (AUM) fees paid. If the advisory fee collected exceeds the financial planning fee, no financial planning fee is charged. If the advisory fee is less than the financial planning fee, the client is billed the difference. Quarterly Billing Components: Financial Planning (quarterly charge) - Advisory Fee (AUM quarterly fee) = Net Fee SyntheticFi The Firm only utilizes the SyntheticFi platform to offer securities-backed lending solutions collateralized by the client’s investment portfolio as a similar but more efficient alternative to traditional margin loans. For billing purposes, the Firm will bill on the amount of the client’s investment account irrespective of the margin or options loan balance. For example, If the client has $1,000,000 in an investment account and takes out a $200,000 options loan, the Firm will bill on the $1,000,000 investment account balance and exclude the $200,000 loan balance from billing. The Firm does not receive any direct or indirect compensation, revenue share, or non-cash benefits from SyntheticFi. Version: 2026 7 of 16  Applied Capital LLC Form ADV Part 2A Wealth.com The Firm pays Wealth.com a licensing / subscription fee for access to the platform. In some cases, the Firm may absorb this cost as part of its advisory fee. Alternatively, clients are charged separately for use of the platform. The Firm does not receive compensation from Wealth.com for recommending or utilizing the platform. If this arrangement changes and the Firm receives any direct or indirect compensation, such compensation would create a conflict of interest and would be disclosed herein. Legacy Clients For existing clients, AC’s adoption of a firmwide fee schedule may result in a nominal decrease or increase to investment management fees charged. To implement this update, existing clients will be required to sign the current Client Agreement containing the new firmwide fee schedule. All legacy fee schedules are in the process of being phased out and cannot be used for new clients. Client’s total advisory fee may exceed 3.00% annually when accounts are cross billed. Cross- billing can occur when advisory fees accrued in one account are withdrawn from an alternate account. Cross-billing may result in an individual account advisory fee in excess of the industry norm and lower fees for comparable services may be available from other sources. Clients may terminate their relationship with AC within 10 days of signing the client agreement with no advisory fees assessed. Either party may terminate the client agreement at any time with written notice. Advisory fees are paid quarterly in arrears; therefore, no refund policy is necessary. In cases where advisory fees are directly deducted, AC will obtain client authorization and request custodian to deduct advisory fees from client accounts. Advisory fees are itemized on monthly custodian statements which serve as the invoice. B. FEE CALCULATION & VALUATION The firm’s investment advisory fees have always been charged quarterly in arrears using the average daily balance. When an account’s daily valuation is not attainable as with some held-away accounts (i.e. 401k, 403b, TSP, 529), account values will be generated from monthly or quarterly statements. The period used to calculate fees will be the annual fee divided by 4 equal quarters versus days in the quarter. An advisor may exclude specific holdings or accounts from billing. A new client agreement is required to change the fee schedule. The CCO will periodically review the pricing data of holdings at the custodian. A random sampling of securities will be selected from the custodian, and the pricing data will be compared to a few other sources. Any significant differences will be investigated. Version: 2026 8 of 16  Applied Capital LLC Form ADV Part 2A Financial Planning For Financial planning, an annual fixed fee, paid monthly, for ongoing planning and advisory services is charged. Fees are based on the complexity of the client’s needs and automatically adjust annually. Minimum Fee Offset Refer to the description and calculation of the minimum fee offset in Section 5.A above. Our advisory clients who also use our financial planning services are billed quarterly in arrears through AdvicePay, by ACH, credit card, or debit card. C. PAYMENT OF FEES Payment of Investment Advisory Fees Advisory fees are withdrawn directly from the Accounts with client’s written authorization. Under special circumstances, clients may choose to have their advisory fees invoiced and billed directly with payment due within thirty days of invoice date. Additionally, fees accrued by one account may be allocated to other client accounts to better achieve client’s investment objective or improve tax efficiency. D. CLIENTS ARE RESPONSIBLE FOR THIRD-PARTY FEES Clients are responsible for the payment of all third-party fees (i.e., custodian fees, brokerage fees, mutual fund fees, transaction fees, etc.). Those fees are separate and distinct from the fees and expenses charged by AC. Please see Item 12 of this brochure regarding broker/custodian. E. PREPAYMENT OF FEES AC collects its fees in arrears. The Firm does not collect fees in advance. G. OUTSIDE COMPENSATION FOR THE SALE OF SECURITIES TO CLIENTS AC’s investment advisors may be licensed insurance agents and could accept compensation for the sale of insurance products to AC clients. This is a Conflict of Interest The investment advisor may accept compensation for the sale of insurance products in their capacity as a licensed insurance agent. This presents a conflict of interest and gives the advisor an incentive to recommend products based on the compensation received rather than on the client’s needs. We mitigate this risk by disclosing the conflict, placing the client’s interests first, and making recommendations consistent with the client’s plan. Clients Have the Option to Purchase Recommended Products From Other Brokers Clients always have the option to purchase AC recommended products through other brokers or agents that are not affiliated with AC. Version: 2026 9 of 16  Applied Capital LLC Form ADV Part 2A Commissions are not the Primary Source of Income for AC Commissions are not accepted by AC, as they are only paid to individually licensed agents for insurance products only. Advisory Fees in Addition to Commissions or Markups Advisory fees that are charged to clients are not reduced to offset the commissions or markups on insurance products or investment products recommended to clients. Item 6: Performance-Based Fees and Side-By-Side Management AC does not accept performance-based fees or other fees based on a share of capital gains on or capital appreciation of the assets of a client. Item 7: Types of Clients AC generally provides investment advice and/or management supervisory services to the following types of clients: Individuals and High-Net-Worth Individuals. Minimum Account Size AC has a preferred account minimum of $100,000. Item 8: Methods of Analysis, Investment Strategies, and Risk of Investment Loss A. METHODS OF ANALYSIS AND INVESTMENT STRATEGIES Methods and Strategies AC primarily utilizes long-term asset allocation and diversification, informed by historical index performance and capital market assumptions. Portfolios may use market-cap-weighted index exposures and, where appropriate, modest tilts toward factors with higher expected returns. B. MATERIAL RISKS INVOLVED A diversified, index-based approach can underperform historical returns or concentrated strategies. All investing involves risk, including the possible loss of principal. C. RISKS OF SPECIFIC SECURITIES Version: 2026 10 of 16  Applied Capital LLC Form ADV Part 2A AC generally seeks investment strategies that do not involve significant or unusual risk beyond that of the general equity and fixed income markets. However, AC may recommend vetted alternative investments to select clients that complement their core portfolio. Alternative Investments Alternative investments such as REIT funds, interval funds, private credit funds, and structured notes may involve additional risk primarily due to their lack of daily liquidity. The market to resell these assets under applicable securities laws may be less liquid, and liquidation may be taken at a substantial discount to the underlying value or result in the entire loss of the value of such assets. Structured Notes Structured notes can provide capital appreciation tied to equity indices, various levels of downside protection to said index, and income or principal protection. However, structured notes also expose investors to credit risk. If the structured note issuer defaults on these obligations, investors may lose some, or all, of the principal amount they invested in the structured notes as well as any payments that may be due on the structured notes. If a structured note has a “call provision” and the issuer “calls” the structured note, investors may not be able to reinvest their money at the same rate of return provided by the structured note that the issuer redeemed. When a client agrees to a structured note investment strategy, the firm executes a structured notes agreement which describes in detail the risks and rewards associated with this particular investment strategy. Digital Assets We advise clients against allocating to or holding direct crypto assets within their investment portfolios due to heightened volatility, custody and operations risks, regulatory uncertainty, valuation complexities, and potential concentration risk. Past performance is not a guarantee of future returns. Investing in securities involves a risk of loss that you, as a client, should be prepared to bear. Item 9: Disciplinary Information A. CRIMINAL OR CIVIL ACTIONS There are no criminal or civil actions to report. B. ADMINISTRATIVE PROCEEDINGS There are no administrative proceedings to report. C. SELF-REGULATORY ORGANIZATION (SRO) PROCEEDINGS There are no self-regulatory organization proceedings to report. Version: 2026 11 of 16  Applied Capital LLC Form ADV Part 2A Item 10: Other Financial Industry Activities and Affiliations A. REGISTRATION AS A BROKER/DEALER OR BROKER/DEALER REPRESENTATIVE Neither AC nor its representatives are registered as or have pending applications to become a broker/dealer or as representatives of a broker/dealer. B. REGISTRATION AS A FUTURES COMMISSION MERCHANT, COMMODITY POOL OPERATOR, OR A COMMODITY TRADING ADVISOR Neither AC nor its representatives are registered as or have pending applications to become a Futures Commission Merchant, Commodity Pool Operator, or a Commodity Trading Advisor. C. REGISTRATION RELATIONSHIPS MATERIAL TO AC AND POSSIBLE CONFLICTS OF INTEREST All investment advisors in their roles as licensed insurance agents may accept compensation for the sale of insurance products to AC clients. David Cleveland is the owner of Cleveland Accounting & Consulting, PA. From time to time, he may offer clients advice or products from those activities and clients should be aware that these services may involve a conflict of interest. AC always acts in the best interest of the client and clients always have the right to decide whether or not to utilize the services of any representative of AC in such individual’s outside capacities. David Cleveland is a certified accountant. From time to time, they will offer clients advice or products from this activity. AC always acts in the best interest of the client. Clients are in no way required to utilize the services of any representative of AC in their capacity as an accountant. SyntheticFi, a sub-advisor / platform may be engaged to implement certain strategies or facilitate services such as securities-backed lines of credit secured by portfolio assets. AC and its supervised persons do not receive compensation, revenue share, or non-cash benefits in connection with SyntheticFi. Clients pay interest and any lender-program fees. Borrowing against securities magnifies risk; market declines can trigger collateral call or forced liquidation. Borrowing may have tax consequences. The Firm will bill AUM fees on gross asset value, irrespective of the margin balance. D. SELECTION OF OTHER ADVISORS AND HOW THIS ADVISOR IS COMPENSATED FOR THOSE SELECTIONS AC may utilize or recommend third-party sub-advisors (e.g., SyntheticFi) when we believe it is in the client’s best interest. We conduct due diligence and monitor any sub-advisor engaged. We do not receive compensation for such selections. Version: 2026 12 of 16  Applied Capital LLC Form ADV Part 2A Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading A. CODE OF ETHICS We have a written Code of Ethics that covers the following areas: Prohibited Purchases and Sales, Insider Trading, Personal Securities Transactions, Exempted Transactions, Prohibited Activities, Conflicts of Interest, Gifts and Entertainment, Confidentiality, Service on a Board of Directors, Compliance Procedures, Compliance with Laws and Regulations, Procedures and Reporting, Certification of Compliance, Reporting Violations, Compliance Officer Duties, Training and Education, Recordkeeping, Annual Review, and Sanctions. Our Code of Ethics is available free upon request to any client or prospective client. B. RECOMMENDATIONS INVOLVING MATERIAL FINANCIAL INTERESTS AC does not recommend that clients buy or sell any security in which a related person to AC or AC has a material financial interest. C. INVESTING PERSONAL MONEY IN THE SAME SECURITIES AS CLIENTS From time to time, representatives of AC may buy or sell securities for themselves that they also recommend to clients. This may provide an opportunity for representatives of AC to buy or sell the same securities before or after recommending the same securities to clients resulting in representatives profiting off the recommendations they provide to clients. Such transactions may create a conflict of interest. AC mitigates this risk through our Code of Ethics and by placing client transactions ahead of personal transactions. AC will always document any transactions that could be construed as conflicts of interest and will always transact client business before their own when similar securities are being bought or sold. D. TRADING SECURITIES AT/AROUND THE SAME TIME AS CLIENT’S SECURITIES From time to time, representatives of AC may buy or sell securities for themselves at or around the same time as clients. This may provide an opportunity for representatives of AC to buy or sell securities before or after recommending securities to clients resulting in representatives profiting off the recommendations they provide to clients. Such transactions may create a conflict of interest. AC will always transact client’s transactions before its own when similar securities are being bought or sold. Item 12: Brokerage Practices A. FACTORS USED TO SELECT CUSTODIANS Version: 2026 13 of 16  Applied Capital LLC Form ADV Part 2A The following custodians are recommended by AC: Charles Schwab & Co., Inc. (CRD #5393), TIAA Individual & Institutional Services, LLC (CRD #20472), Fidelity Investments Institutional Services Company, Inc. (CRD #17507), and Altruist LLC (CRD #299398). These are recommended based on their relatively low transaction fees, access to mutual funds and ETFs and industry reputation. AC will never charge a premium or commission on transactions, beyond the actual cost imposed by custodian. Research and Other Soft-Dollar Benefits AC receives research, products, or other services from its custodian or another third-party in connection with client securities transactions (“soft dollar benefits”). There is no minimum client number or dollar number that AC must meet to receive free research from the custodian. There is no incentive for AC to direct clients to a particular custodian over other custodians who offer the same services. However, because this firm does not have to produce or pay for services or products it has an incentive to choose a custodian that provides those services based on its interests rather than the clients’ interests. The first consideration when recommending custodians to clients is best execution. AC always acts in the best interest of the client. Brokerage for Client Referrals AC receives no referrals from a custodian or third party in exchange for using that custodian or third-party. Clients Directing Which Custodian to Use AC recommends the use of the custodians mentioned above in part A. When clients choose to direct brokerage, AC may be unable to achieve most favorable execution of client transactions. This may cost clients’ money because without the ability to direct brokerage, AC may not be able to aggregate orders to reduce transactions costs resulting in higher brokerage commissions and less favorable prices. Not all investment advisors allow their clients to direct brokerage. B. AGGREGATING (BLOCK) TRADING FOR MULTIPLE CLIENT ACCOUNTS AC maintains the ability to block trade purchases across accounts. Block trading may benefit a large group of clients by providing AC the ability to purchase larger blocks resulting in smaller transaction costs to the client. Declining to block trade can cause more expensive trades for clients. Item 13: Review of Accounts A. FREQUENCY AND NATURE OF PERIODIC REVIEWS AND WHO MAKES THOSE REVIEWS Version: 2026 14 of 16  Applied Capital LLC Form ADV Part 2A AC’s Principal Financial Advisors will perform periodic reviews of their office’s client accounts at least monthly regarding the client's stated investment objectives and risk tolerance. B. FACTORS THAT WILL TRIGGER A NON-PERIODIC REVIEW OF CLIENT ACCOUNTS Reviews may also be triggered by material market, economic or political events, or by changes in client's financial situations. C. CONTENT AND FREQUENCY OF REGULAR REPORTS PROVIDED TO CLIENTS Each client whose assets are managed by AC will receive a paper or electronic statement from the custodian at least monthly with details of the client’s account including assets held and asset value. Item 14: Client Referrals and Other Compensation A. ECONOMIC BENEFITS PROVIDED BY THIRD PARTIES FOR ADVICE RENDERED TO CLIENTS AC does not receive any economic benefit, directly or indirectly from any third party for advice rendered to AC clients, other than the services/benefits described in item 12. B. COMPENSATION TO NON-ADVISORY PERSONNEL FOR CLIENT REFERRALS AC does not compensate third parties for client referrals. Item 15: Custody AC, with client written authority, has limited custody of client’s assets through direct fee deduction of AC’s fees only. If fees are withdrawn directly from the client’s account at the custodian, AC would have constructive custody over that account and must have written authorization from the client to do so. Clients will receive all account statements and billing invoices that are required in each jurisdiction, and they should carefully review those statements for accuracy. Item 16: Investment Discretion For those client accounts where AC will have investment discretion, the client has given AC written discretionary authority over the client’s accounts with respect to securities to be bought or sold and the amount of securities to be bought or sold. Details of this relationship are fully disclosed to the client before any advisory relationship has commenced. The client provides AC discretionary authority via a discretionary investment management clause in the Client Agreement and/or a limited power of attorney clause in the contract between the client and the custodian. Version: 2026 15 of 16  Applied Capital LLC Form ADV Part 2A Item 17: Voting Client Securities (Proxy Voting) AC will not ask for, nor accept voting authority for client securities. Clients will receive proxies directly from the issuer of the security or the custodian. Clients should direct all proxy questions to the issuer of the security. Item 18: Financial Information A. BALANCE SHEET AC does not require nor solicit prepayment of more than $1,200 in fees per client, six months or more in advance and therefore does not need to include a balance sheet with this brochure. B. FINANCIAL CONDITIONS REASONABLY LIKELY TO IMPAIR ABILITY TO MEET CONTRACTUAL COMMITMENT TO CLIENTS Neither AC nor its management have any financial conditions that is likely to reasonably impair our ability to meet contractual commitments to clients. C. BANKRUPTCY PETITIONS IN PREVIOUS TEN YEARS AC has never been the subject of a bankruptcy petition. Version: 2026 16 of 16