BOYLE CAPITAL

Cover Page – Item 1 Boyle Capital Management, L.L.C. dba Boyle Capital 1230 Office Plaza Drive West Des Moines, IA 50266 Telephone: (515) 327-1870 Fax: (515) 619-5719 Email: bboyle@boylecapital.com Web: www.boylecapital.com March 10, 2026 Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure This brochure provides information about the qualifications and business practices of Boyle Capital Management, L.L.C., dba Boyle Capital. If you have any questions about the contents of this brochure, please contact us at (515) 327-1870. 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. Additional information about Boyle Capital is available on the SEC's website at www.adviserinfo.sec.gov. Boyle Capital is a registered investment adviser. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 2 Material Changes - Item 2 Form ADV Part 2 requires registered investment advisers to amend their wrap fee program brochure when information becomes materially inaccurate. If there are any material changes to our wrap fee program brochure, we are required to notify you and provide you with a description of the material changes. On March 10, 2026, we submitted our required annual filing for the firm’s fiscal year ending December 31, 2025. We have made the following material changes since our previous annual filing submitted to regulators on March 24, 2025.  Item 6 was updated with important information regarding political risks and risks associated with the use of artificial intelligence. We strongly encourage you to review the entire wrap fee program brochure. If you have questions, or if you would like a current copy of our wrap fee brochure at any time free of charge, please contact us at 1230 Office Plaza Drive, West Des Moines, IA 50266 or (515) 327-1870.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 3 Table of Contents - Item 3 Cover Page – Item 1 ................................................................................................................................................. 1 Material Changes - Item 2 ........................................................................................................................................ 2 Table of Contents - Item 3 ....................................................................................................................................... 3 Services, Fees, and Compensation - Item 4 ............................................................................................................. 4 Account Requirements and Types of Clients - Item 5 ............................................................................................ 14 Portfolio Manager Selection and Evaluation - Item 6 ............................................................................................ 14 Client Information Provided to Portfolio Managers - Item 7 ................................................................................. 21 Client Contact with Portfolio Managers - Item 8 ................................................................................................... 22 Additional Information - Item 9 ............................................................................................................................. 22  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 4 Services, Fees, and Compensation - Item 4 Boyle Capital Management, L.L.C., doing business as Boyle Capital, is a registered investment adviser based in West Des Moines, Iowa. The company is owned by BFB Holdings, LLC, an Arizona holding company, and it is organized as a limited liability company under the laws of the State of Iowa. We have been providing investment advisory services since 2004. Brian F. Boyle is the President and Chief Compliance Officer of Boyle Capital and is the sole owner and Managing Member of BFB Holdings, LLC. As used in this brochure, the words “we,” “our,” and “us” refer to Boyle Capital, and the words “you,” “your,” and “client” refer to you as either a client or prospective client of our firm. We offer discretionary portfolio management services through the Boyle Capital Managed Account Program. If you participate in our discretionary portfolio management services, we require you to grant us discretionary authority to manage your account. Subject to a grant of discretionary authorization, we have the authority and responsibility to formulate investment strategies on your behalf. Discretionary authorization will allow us to determine the specific securities and the amount of securities to be purchased or sold for your account without obtaining your approval prior to each transaction. Discretionary authority is typically granted by the investment advisory agreement you sign with our firm, a power of attorney, or trading authorization forms. We may also offer non-discretionary portfolio management services. If you enter into non-discretionary arrangements with our firm, we must obtain your approval prior to executing any transactions on behalf of your account. You have an unrestricted right to decline to implement any advice provided by our firm on a non- discretionary basis. Our investment advice is tailored to meet our clients’ needs and investment objectives. If you decide to hire our firm to manage your portfolio, we will meet with you to gather your financial information, determine your goals, and help you decide how much risk you should take in your investments. The information we gather will help us implement a strategy that will be specific to your goals, whether we are actively investing for you or simply providing you with advice. Once the portfolio is constructed, we periodically rebalance the portfolio as changes in market conditions and your circumstances may require. A minimum account size of $30,000 is required to participate in the Program. The minimum account size may be waived or lowered at our discretion. You may specify investment objectives, guidelines, and/or impose certain conditions or investment parameters for your account(s). For example, you may specify that the investment in any particular stock or industry should not exceed specified percentages of the value of the portfolio and/or restrictions or prohibitions of transactions in the securities of a specific industry or security. Simply provide us with your restrictions or guidelines in writing. Client Investment Process We are a portfolio manager and sponsor of the Boyle Capital Managed Account Program, a wrap fee program (“Program”). If you participate in our wrap fee program, you will pay our firm a single fee that includes portfolio management services, custodial services, and transaction/commission costs. We receive a portion of the wrap fee for our services. The overall cost you will incur if you participate in our wrap fee program may be higher or lower than you might incur by separately purchasing the types of securities available in the program. The Program provides discretionary and non-discretionary asset management services to our clients. You may specify investment objectives, guidelines, and/or impose certain conditions or investment parameters for your account(s). For example, you may specify that the investment in any particular stock or industry should not exceed specified percentages of the value of the portfolio and/or restrictions or prohibitions of transactions in  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 5 the securities of a specific industry or security. Once the portfolio is constructed, we periodically rebalance the portfolio as changes in market conditions and your circumstances may require. If you enter into non- discretionary arrangements with our firm, we must obtain your approval prior to executing any transactions on behalf of your account. You have an unrestricted right to decline to implement any advice provided by our firm on a non-discretionary basis. Fees and Expenses of the Program The Boyle Capital Managed Account Program fee is a “wrap fee” that covers the fees and costs associated with providing you with portfolio management services, custody, and trade execution through Charles Schwab & Co., Inc. (“Schwab”), an unaffiliated securities broker-dealer and member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). The wrap fee includes redemption fees resulting from mutual fund trades along with any commissions, markups, and markdowns resulting from transactions effected through or with a broker-dealer other than Schwab (also known as step-out or trade-away fees). A minimum account size of $30,000 is required to participate in the Program. The minimum account size may be waived or lowered at our discretion. On an annualized basis, our Program fees are as follows: Account Value $0 - $1,999,999 $2,000,000 - $4,999,999 $5,000,000 - $24,999,999 Over $25,000,000 Quarterly Fee 0.375% 0.2250% 0.0875% 0.0625% Annualized Fee 1.50% 0.90% 0.35% 0.25% Our annual Program fee is billed and payable quarterly in advance based on the value of your account on the last day of the previous quarter. If the advisory agreement is executed at any time other than the first day of a calendar quarter, our fees will apply on a pro rata basis, which means that the advisory fee is payable in proportion to the number of days in the quarter for which you are a client. Our advisory fee is negotiable, depending on individual client circumstances. At our discretion, we may combine the account values of family members living in the same household to determine the applicable advisory fee. For example, we may combine account values for you and your minor children, joint accounts with your spouse, and other types of related accounts. Combining account values may increase the asset total, which may result in your paying a reduced advisory fee based on the available breakpoints in our fee schedule, stated above. The firm treats cash and cash equivalents as an asset class. Accordingly, unless otherwise agreed in writing, all cash and cash equivalent positions (e.g., money market funds, etc.) are included as part of assets under management for purposes of calculating the firm’s advisory fee. At any specific point in time, depending upon perceived or anticipated market conditions/events (there is no guarantee that such anticipated market conditions/events will occur), the firm may maintain cash and/or cash equivalent positions for defensive, liquidity, or other purposes. While assets are maintained in cash or cash equivalents, such amounts could miss market advances and, depending upon current yields, at any point in time, the firm’s advisory fee could exceed the interest paid by the client’s cash or cash equivalent positions. Unless otherwise agreed in writing, the gross amount of assets in the client’s account, including margin balances, is included as part of assets under management for purposes of calculating the firm’s advisory fee. Clients should note that this practice will increase total assets under management, used to calculate advisory fees that will, in turn, increase the amount of fees collected by our firm. This practice creates a conflict of interest in that our firm has an incentive to use margin in order to increase the amount of billable assets. At all times, the firm and its Associated Persons strive to uphold their fiduciary duty of fair dealing with clients. Clients are free to restrict the  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 6 use of margin by our firm. However, clients should note that any restriction on the use of margin might negatively impact an account’s performance in a rising market. The firm has a fiduciary duty to provide services consistent with the client’s best interest. As part of its investment advisory services, the firm will review client portfolios on an ongoing basis to determine if any changes are necessary based upon various factors, including but not limited to investment performance, fund manager tenure, style drift, account additions/withdrawals, the client’s financial circumstances, and changes in the client’s investment objectives. Based upon these and other factors, there may be extended periods of time when the firm determines that changes to a client’s portfolio are neither necessary nor prudent. Notwithstanding, unless otherwise agreed in writing, the firm’s annual investment advisory fee will continue to apply during these periods, and there can be no assurance that investment decisions made by the firm will be profitable or equal any specific performance level(s). We will deduct our fee directly from your account through the qualified custodian holding your funds and securities. We will deduct our advisory fee only when you have given our firm written authorization in accordance with the investment advisory agreement you sign with us that permits the fees to be paid directly from your account. Further, the qualified custodian will deliver an account statement to you at least quarterly. These account statements will show all disbursements from your account. You should review all statements for accuracy. We will also receive a duplicate copy of your account statements. Under certain circumstances, you may request to be billed directly for our fees instead of having them debited from your account. Either you or the firm may terminate the advisory agreement within five days from the date of acceptance without penalty to you. After the five-day period, either you or the firm may terminate the advisory agreement upon 30-days’ written notice to the other party. You will incur a pro rata charge for services rendered prior to the termination of the advisory agreement, which means you will incur advisory fees only in proportion to the number of days in the quarter for which you are a client. If you have prepaid advisory fees that we have not yet earned, you will receive a prorated refund of those fees. Types of Investments We primarily offer advice on equity securities (including exchange listed securities, exchange traded funds (ETFs), over-the-counter securities, and foreign issues, such as American Depository Receipts (ADRs), warrants, corporate debt and municipal securities (bonds), investment company securities (including mutual funds), exchange traded funds, US Government securities, and options contracts on securities). Additionally, we may advise you on any type of investment that we deem appropriate based on your stated goals and objectives. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship. You may request that we refrain from investing in particular securities or certain types of securities. You must provide these restrictions to our firm in writing. Our investment or portfolio management services are offered solely through the Boyle Capital Managed Account Program. We do not offer portfolio management services outside of the program or in a non-wrap capacity. Therefore, there are no differences in the portfolio management of client accounts. Computing Market Value Typically, the value of the Account will be based on the value reported by the Custodian on its monthly or quarterly statements (or on the Custodian’s internal electronic system, if any, for values calculated other than at the end of a month or quarter); provided, we may, in the exercise of our fiduciary obligations, determine the value an Account or any asset in an Account in such manner as it shall determine in good faith to reflect its fair value.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 7 Changes in Your Financial Circumstances All recommendations made by our firm are based on your financial situation at the time we present recommendations to you, and on the financial information you provide to our firm. You must promptly notify our firm if your financial situation, goals, objectives, or needs change. Wrap Fee Program Disclosures  Wrap fee programs may not be suitable for all investment needs, and any decision you make to participate in a wrap fee program should be based on your individual financial circumstances and investment goals.  Our firm offers the services provided under the Program separately. The benefits under a wrap fee program depend, in part, upon the size of the account, the management fee charged, and the number of transactions likely to be generated in the account. For example, a wrap fee program may not be suitable for accounts with little trading activity or accounts comprised principally of fixed income securities. In order to evaluate whether a wrap fee program is suitable for you, you should compare the Program fee and any other costs of the Program with the amounts that would be charged if you elected to invest outside the wrap fee program or the fees charged by other advisers, broker-dealers, and custodians, for advisory fees, brokerage, and other execution costs, and custodial services comparable to those provided under the Program.  In considering the investment programs described in this brochure, you should be aware that participating in a wrap fee program might cost more or less than the cost of purchasing advisory, brokerage, and custodial services separately from other advisers or broker-dealers.  Our firm and our Investment Adviser Representatives (“IARs”) receive compensation as a result of your participation in the Program. This compensation may be more than the amount our firm or your IAR would receive if you paid separately for investment advice, brokerage, and other services. Accordingly, a conflict of interest exists because our firm and your IAR have a financial incentive to recommend the Program over other programs or services.  Similar advisory services may be available from other registered investment advisers for lower fees. Additional Fees And Expenses The Program Fee includes the costs of brokerage commissions for transactions executed through the Qualified Custodian (or a broker-dealer designated by the Qualified Custodian), and charges relating to the settlement, clearance, or custody of securities in the Account. As part of our investment advisory services to you, we may invest, or recommend that you invest, in mutual funds and exchange traded funds. The fees that you pay to our firm for investment advisory services are separate and distinct from the fees and expenses charged by mutual funds or exchange traded funds (described in each fund’s prospectus) to their shareholders. These fees will generally include a management fee and other fund expenses. The wrap fee does not include costs associated with additional services requested by you including, but not limited to - wire or electronic fund transfer fees, overnight delivery fees, duplicate statement fees, account transfer fees, reorganization fees, administrative fees, dividend reinvestment fees, extension fees, foreign dividend/custody/settlement fees, returned check fees, share class exchange fees, special product fees, stop payment fees, termination fees, or any contingent deferred sales charges that may be incurred upon the sale of a security transferred into the Program account at your request. Additionally, there may be other costs assessed to your account that are not included in the Program Fee, such as national securities exchange fees, SEC or other  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 8 regulatory fees, charges for transactions with respect to assets not executed through the custodian, costs associated with exchanging currencies, or other fees required by law. We may trade client accounts on margin. Each client must sign a separate margin agreement before margin is extended to that client's account. Fees for advice and execution on these securities are based on the total asset value of the account, which includes the value of the securities purchased on margin. While a negative amount may show on a client’s statement for the margined security as the result of a lower net market value, the amount of the fee is based on the absolute market value. This could create a conflict of interest where we may have an incentive to encourage the use of margin to create a higher market value and therefore receive a higher fee. The use of margin may also result in interest charges in addition to all other fees and expenses associated with the security involved. IRA Rollover Considerations As part of our investment advisory services to you, we may recommend that you withdraw the assets from your employer's retirement plan and roll the assets over to an individual retirement account ("IRA") that we will manage on your behalf. A plan participant leaving employment has several options. Each choice offers advantages and disadvantages, depending on desired investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment, and the investor's unique financial needs and retirement plans. The complexity of these choices may lead an investor to seek assistance from us. An Associated Person who recommends an investor roll over plan assets into an Individual Retirement Account (“IRA”) may earn an asset-based fee as a result, but no compensation if assets are retained in the plan. Thus, we have an economic incentive to encourage an investor to roll plan assets into an IRA. In most cases, fees and expenses will increase for the investor as a result because the fees described herein will apply to assets rolled over to an IRA, and the outlined ongoing services will be extended to these assets. We are fiduciaries under the Investment Advisers Act of 1940, and when we provide investment advice to you regarding your retirement plan account or individual retirement account, we are also 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. We have to act in your best interests and not put our interests ahead of yours. At the same time, the way we make money creates some conflicts with your interests. If you elect to roll the assets to an IRA that is subject to our management, we will charge you an asset-based fee as set forth in the agreement you executed with our firm. This practice presents a conflict of interest because persons providing investment advice on our behalf have an incentive to recommend a rollover to you to generate fee-based compensation rather than solely based on your needs. You are under no obligation, contractually or otherwise, to complete the rollover. Moreover, if you do complete the rollover, you are under no obligation to have the assets in an IRA managed by our firm. Many employers permit former employees to keep their retirement assets in their company plans. Also, current employees can sometimes move assets out of their company plan before they retire or change jobs. In determining whether to complete the rollover to an IRA, and to the extent the following options are available, you should consider the costs and benefits. An employee will typically have four options: 1. Leaving the funds in your employer's (former employer's) plan. 2. Moving the funds to a new employer’s retirement plan.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 9 3. Cashing out and taking a taxable distribution from the plan. 4. Rolling the funds into an IRA rollover account. Each of these options has advantages and disadvantages, and before making a change, we encourage you to speak with your CPA and/or tax attorney. If you are considering rolling over your retirement funds to an IRA for us to manage, here are a few points to consider before you do so: 1. Determine whether the investment options in your employer's retirement plan address your needs or whether you might want to consider other types of investments. a. Employer retirement plans generally have a more limited investment menu than IRAs. b. Employer retirement plans may have unique investment options not available to the public, such as employer securities or previously closed funds. 2. Your current plan may have lower fees than our fees. a. If you are interested in investing only in mutual funds, you should understand the cost structure of the share classes available in your employer's retirement plan and how the costs of those share classes compare with those available in an IRA. b. You should understand the various products and services you might take advantage of at an IRA provider and the potential costs of those products and services. 3. Our strategy may have a higher risk than the option(s) provided to you in your plan. 4. Your current plan may also offer financial advice. 5. If you keep your assets titled in a 401k or retirement account, you could potentially delay your required minimum distribution. 6. Your 401k may offer more liability protection than a rollover IRA; each state may vary. a. Generally, federal law protects assets in qualified plans from creditors. IRA assets may be protected from creditors in bankruptcy. However, there can be some exceptions to the general rules, so you should consult with an attorney if you are concerned about protecting your retirement plan assets from creditors. 7. You may be able to take out a loan on your 401k, but not from an IRA. 8. IRA assets can be accessed at any time; however, distributions are subject to ordinary income tax and may also be subject to an early distribution penalty unless they qualify for an exception. 9. Your plan may allow you to hire us as the manager and keep the assets titled in the plan name. It is important that you understand the differences between these types of accounts and decide whether a rollover is best for you. Before proceeding, if you have questions, contact your investment adviser representative or call our main number as listed on the cover page of this brochure. Investment or Brokerage Discretion Before we can buy or sell securities on your behalf, you must first sign our management agreement and/or trading authorization forms. If you enter into discretionary arrangements with our firm, you will grant our firm discretion over the selection and amount of securities to be purchased or sold for your account(s) without obtaining your consent or approval prior to each transaction. You may specify investment objectives, guidelines, and/or impose certain conditions or investment parameters for your account(s). For example, you may specify that the investment in any particular stock or industry should not exceed specified percentages of the value of the portfolio and/or restrictions or prohibitions of transactions in the securities of a specific industry or security. Please refer to the “Advisory Business” section in this brochure for more information on our discretionary management services.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 10 If you enter into non-discretionary arrangements with our firm, we will obtain your approval prior to the execution of any transactions for your account(s). You have an unrestricted right to decline to implement any advice provided by our firm on a non-discretionary basis. Brokerage Practices We require our clients to utilize the brokerage and custodial services of Charles Schwab & Co., Inc. (Schwab), a registered broker-dealer, member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). We believe that Schwab provides quality execution services for clients at competitive prices. Price is not the sole factor we consider in evaluating best execution. We also consider the quality of the brokerage services provided, including the value of research provided, the company’s reputation, execution capabilities, commission rates, and responsiveness to our clients and our firm. In recognition of the value of research services and additional brokerage products and services Schwab provides, lower commissions and/or trading costs may be available elsewhere. We are independently owned and operated and are not affiliated with Schwab. Schwab will hold your assets in a brokerage account and buy and sell securities when we or you instruct them to. While we require that you use Schwab as custodian/broker, you will decide whether to do so and will open your account with Schwab by entering into an account Agreement directly with them. Conflicts of interest associated with this arrangement are described below. You should consider these conflicts of interest when selecting your custodian. We do not open the account for you, although we may assist you in doing so. If you do not wish to place your assets with Schwab, then we cannot manage your account. Not all advisors require their clients to use a particular broker-dealer or other custodian selected by the advisor. Even though your account is maintained at Schwab, and we anticipate that most trades will be executed through Schwab, we can still use other brokers to execute trades for your account as described below (see “Your Brokerage and Custody Costs”). How We Select Brokers/Custodians We use Schwab to hold your assets and execute transactions. When considering whether the terms that Schwab provides are, overall, most advantageous to you when compared with other available providers and their services, we take into account a wide range of factors, including:  Combination of transaction execution services and asset custody services (generally without a separate fee for custody)  Capability to execute, clear, and settle trades (buy and sell securities for your account)  Capability to facilitate transfers and payments to and from accounts (wire transfers, check requests, bill payments, etc.)  Breadth of available investment products (stocks, bonds, mutual funds, exchange-traded funds (ETFs), etc.)  Availability of investment research and tools that assist us in making investment decisions  Quality of services  Competitiveness of the price of those services (commission rates, margin interest rates, other fees, etc.) and willingness to negotiate the prices Prior service to our clients and us Services delivered or paid for by Schwab  Reputation, financial strength, security, and stability    Availability of other products and services that benefit us, as discussed below  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 11 Your Brokerage and Custody Costs For our clients’ accounts that Schwab maintains, Schwab generally does not charge separately for custody services but is compensated by charging commissions or other fees on trades that it executes or that se(cid:425)le into your Schwab account. Schwab is also compensated by earning interest on the uninvested cash in your account in Schwab’s Cash Features Program. Certain trades (for example, mutual funds and ETFs) do not incur Schwab commissions or transac(cid:415)on fees. However, the wrap fee we charge includes redemp(cid:415)on fees resul(cid:415)ng from mutual fund trades along with any commissions, markups, and markdowns resul(cid:415)ng from transac(cid:415)ons effected through or with a broker-dealer other than Schwab (also known as “step-out” or “trade away” fees). For some accounts, Schwab charges a percentage of the dollar amount of assets in the account in lieu of commissions. Schwab’s commission rates and asset-based fees applicable to our client accounts were nego(cid:415)ated based on the condi(cid:415)on that our clients collec(cid:415)vely maintain a total of at least $10 million of their assets in accounts at Schwab. This commitment benefits you because the overall commission rates and asset-based fees you pay are lower than they would be otherwise. If we have less than $10 million in client assets at Schwab, it may charge us quarterly service fees, but those fees will not be passed on to you. Schwab also charges a flat dollar amount as a “prime broker” or “trade away” fee for each trade that we have executed by a different broker-dealer, but where the securi(cid:415)es bought, or the funds from the securi(cid:415)es sold, are deposited (se(cid:425)led) into your Schwab account. These fees are in addi(cid:415)on to the commissions or other compensa(cid:415)on charged by the execu(cid:415)ng broker-dealer. As noted above, all such “trade away” fees are paid by us for wrap-fee accounts. Because of this, in order to minimize trading costs, we will have Schwab execute most trades for your account. Note: The wrap fee does not include costs associated with additional services requested by you including, but not limited to wire or electronic fund transfer fees, overnight delivery fees, duplicate statement fees, account transfer fees, reorganization fees, administrative fees, dividend reinvestment fees, extension fees, foreign dividend/custody/settlement fees, returned check fees, share class exchange fees, special product fees, stop payment fees, termination fees, or any contingent deferred sales charges that may be incurred upon the sale of a security transferred into the Program account at your request. Additionally, there may be other costs assessed to your account that are not included in the Program Fee, such as national securities exchange fees, SEC or other regulatory fees, charges for transactions with respect to assets not executed through the custodian, costs associated with exchanging currencies, or other fees required by law. We are not required to select the broker or dealer that charges the lowest transac(cid:415)on cost, even if that broker provides execu(cid:415)on quality comparable to other brokers or dealers. Although we are not required to execute all trades through Schwab, we have determined that having Schwab execute most trades is consistent with our duty to seek “best execu(cid:415)on” of your trades. Best execu(cid:415)on means the most favorable terms for a transac(cid:415)on based on all relevant factors, including those listed above (see “How We Select Brokers/Custodians”). Research and Other Soft Dollar Benefits Although the following products and services are not purchased with “soft dollar” credits, we will receive certain economic benefits (soft dollar benefits) from Schwab in the form of access to Schwab’s institutional brokerage and support services at no additional cost or at a discounted cost. Below is a detailed description of Schwab’s support services: Products and Services Available to Us from Schwab Schwab Advisor Services™ is Schwab’s business serving independent investment advisory firms like ours. They provide our clients and us with access to their ins(cid:415)tu(cid:415)onal brokerage services (trading, custody, repor(cid:415)ng, and  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 12 related services), many of which are not typically available to Schwab retail customers. However, certain retail investors may be able to get ins(cid:415)tu(cid:415)onal brokerage services from Schwab without going through us. Schwab also makes available various support services. Some of those services help us manage or administer our clients’ accounts, while others help us manage and grow our business. Schwab’s support services are generally available on an unsolicited basis (we don’t have to request them) and at no charge to us. Services that Benefit You: Schwab’s ins(cid:415)tu(cid:415)onal brokerage services include access to a broad range of investment products, execu(cid:415)on of securi(cid:415)es transac(cid:415)ons, and custody of client assets. The investment products available through Schwab include some that we might not otherwise have access to, or that would require a significantly higher minimum ini(cid:415)al investment by our clients. Schwab’s services described in this paragraph generally benefit you and your account. Services that Do Not Directly Benefit You: Schwab also makes available to us other products and services that benefit us but do not directly benefit you or your account. These products and services assist us in managing and administering our clients’ accounts and opera(cid:415)ng our firm. They include investment research, both Schwab’s own and that of third par(cid:415)es. We use this research to service all or a substan(cid:415)al number of our clients’ accounts, including accounts not maintained at Schwab. In addi(cid:415)on to investment research, Schwab also makes available so(cid:332)ware and other technology that:      provide access to client account data (such as duplicate trade confirma(cid:415)ons and account statements) facilitate trade execu(cid:415)on and allocate aggregated trade orders for mul(cid:415)ple client accounts provide pricing and other market data facilitate payment of our fees from our clients’ accounts assist with back-office func(cid:415)ons, recordkeeping, and client repor(cid:415)ng Services that Generally Benefit Only Us: Schwab also offers other services intended to help us manage and further develop our business enterprise. These services include: Educa(cid:415)onal conferences and events Publica(cid:415)ons and conferences on prac(cid:415)ce management and business succession   Consul(cid:415)ng on technology and business needs  Consul(cid:415)ng on legal and compliance-related needs   Access to employee benefits providers, human capital consultants, and insurance providers  Marke(cid:415)ng consul(cid:415)ng and support  Recrui(cid:415)ng and custodial search consul(cid:415)ng Schwab provides some of these services itself. In other cases, it will arrange for third-party vendors to provide the services to us. Schwab also discounts or waives its fees for some of these services or pays all or a part of a third party’s fees. Schwab also provides us with other benefits, such as occasional business entertainment for our personnel. If you did not maintain your account with Schwab, we would be required to pay for those services from our own resources. We understand our duty for best execution and consider all factors in making recommendations to clients. These research services may be useful in servicing all our clients and may not be used in connection with any particular account that may have paid compensation to the firm providing such services. While we may not always obtain  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 13 the lowest commission rate, we believe the rate is reasonable in relation to the value of the brokerage and research services provided. Our Interest in Schwab’s Services The availability of these services from Schwab benefits us because we do not have to produce or purchase them. We don’t have to pay for Schwab’s services. Schwab has also agreed to pay for certain technology, research, marke(cid:415)ng, and compliance consul(cid:415)ng products and services on our behalf. These services are not con(cid:415)ngent upon our commi(cid:427)ng any specific amount of business to Schwab in trading commissions or assets in custody. The fact that we receive these benefits from Schwab is an incen(cid:415)ve for us to require the use of Schwab rather than making such a decision based exclusively on your interest in receiving the best value in custody services and the most favorable execu(cid:415)on of your transac(cid:415)ons. This is a conflict of interest. We believe, however, that taken in the aggregate, our selec(cid:415)on of Schwab as custodian and broker is in the best interests of our clients. Our selec(cid:415)on is primarily supported by the scope, quality, and price of Schwab’s services (see “How We Select Brokers/Custodians”) and not by Schwab’s services that benefit only us. Brokerage for Client Referrals We do not receive client referrals from broker-dealers in exchange for cash or other compensation, such as brokerage services or research. Directed Brokerage For the wrap program, we require that you direct our firm to execute transactions through Schwab. Not all advisers require their clients to direct brokerage. Block Trades We combine multiple orders for shares of the same securities purchased for advisory accounts we manage (this practice is commonly referred to as “block trading”) whenever possible. We will then distribute a portion of the shares to participating accounts in a fair and equitable manner. The distribution of the shares purchased is typically proportionate to the size of the account, but it is not based on account performance or the amount or structure of management fees. In rare instances, such as partial fills or limited shares of thinly traded or illiquid stocks, it may be necessary to place block trades for only small groups of clients over a period of time. Subject to our discretion regarding factual and market conditions, when we combine orders, each participating account pays an average price per share for all transactions and pays a proportionate share of all transaction costs. (As a participant in our Wrap Fee Program, you do not pay separate transaction fees.) Accounts owned by our firm or persons associated with our firm may participate in block trading with your accounts; however, they will not be given preferential treatment. We combine multiple orders for shares of the same securities purchased for discretionary accounts; however, we do not combine orders for non-discretionary accounts. Accordingly, non-discretionary accounts may pay different share prices than discretionary accounts pay. We do not combine multiple orders for shares of the same mutual funds purchased for advisory accounts we manage because mutual funds do not trade in blocks.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 14 Account Requirements and Types of Clients - Item 5 We offer investment advisory services to individuals, pension and profit sharing plans, trusts, estates, charitable organizations, corporations, and other business entities. In general, we require a minimum of $30,000 to open and maintain an advisory account. However, the stated minimum may be waived at our discretion. For example, we may waive the minimum if you appear to have significant potential for increasing your assets under our management. We may also combine account values for you and your minor children, joint accounts with your spouse, and other types of related accounts to meet the stated minimum. Portfolio Manager Selection and Evaluation - Item 6 We are both the sponsor and portfolio manager of the wrap fee program. Performance-Based Fees and Side-by-Side Management In limited circumstances, we charge performance-based fees to "qualified clients" with whom we have agreed to this payment arrangement. Such clients must have a net worth greater than $2,200,000 or for whom we manage at least $1,100,000 immediately after entering an agreement for our services. Performance-based fees are fees based on a share of capital gains or capital appreciation of a client's account. The performance fee is generally equal to a maximum of 10% of the annual net gain. Fees will be adjusted for deposits and withdrawals made during the relevant 12-month period. In the event the client makes a complete withdrawal from the account on a date other than year-end, fees will be due at the time of withdrawal. We manage accounts that are charged performance-based fees while at the same time managing accounts (perhaps with similar objectives) that are not charged performance-based fees ("side-by-side management"). Performance-based fees and side-by-side management create conflicts of interest, which we have identified and described in the following paragraphs. Performance-based fees create an incentive for our firm to make investments that are riskier or more speculative than would be the case absent a performance fee arrangement. In order to address this potential conflict of interest, a senior officer of our firm periodically reviews client accounts to ensure that investments are suitable and that the account is being managed according to the client's investment objectives and risk tolerance. Performance-based fees may also create an incentive for our firm to overvalue investments that lack a market quotation. In order to address such conflict, we have adopted policies and procedures that require our firm to "fairly value" any investments that do not have a readily ascertainable value. Side-by-side management might provide an incentive for our firm to favor accounts for which we receive a performance-based fee. For example, we may have an incentive to allocate limited investment opportunities, such as initial public offerings, to clients who are charged performance-based fees over clients who are charged asset-based fees only. To address this conflict of interest, we have instituted policies and procedures that require our firm to allocate investment opportunities (if they are suitable) in an effort to avoid favoritism among our clients, regardless of whether the client is charged performance fees. Methods of Analysis, Investment Strategies and Risk of Loss We may use one or more of the following methods of analysis or investment strategies when providing investment advice to you:  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 15  Fundamental Analysis – involves analyzing individual companies and their industry groups, such as a company’s financial statements, details regarding the company’s product line, the experience and expertise of the company’s management, and the outlook for the company’s industry. The resulting data is used to measure the true value of the company’s stock compared to the current market value. The risk of fundamental analysis is that information obtained may be incorrect, and the analysis may not provide an accurate estimate of earnings, which may be the basis for a stock’s value. If securities prices adjust rapidly to new information, utilizing fundamental analysis may not result in favorable performance.  Long-Term Purchases – securities purchased with the expectation that the value of those securities will grow over a relatively long period of time, generally greater than one year.  Short-Term Purchases – securities purchased with the expectation that they will be sold within a relatively short period of time, generally less than one year, to take advantage of the securities’ short- term price fluctuations.  Short Sales – securities transactions in which an investor sells securities he or she borrowed in anticipation of a price decline. The investor is then required to return an equal number of shares at some point in the future. A short seller will profit if the stock goes down in price, but if the price of the shares increases, the potential losses are unlimited.  Margin Transactions – a securities transaction in which an investor borrows money to purchase a security, in which case the security serves as collateral on the loan. If the value of the shares drops sufficiently, the investor will be required to either deposit more cash into the account or sell a portion of the stock in order to maintain the margin requirements of the account. This is known as a "margin call." An investor’s overall risk includes the amount of money invested plus the amount that was loaned to them.  Options Writing – a securities transaction that involves selling an option. An option is a right, but not an obligation, to buy or sell a particular security at a specified price before the expiration date of the option. When an investor sells an option, he or she must deliver to the buyer a specified number of shares if the buyer exercises the option. The seller pays the buyer a premium (the market price of the option at a particular time) in exchange for writing the option. Options are complex investments and can be very risky, especially if the investor does not own the underlying stock. In certain situations, an investor’s risk can be unlimited. We may use short-term trading (in general, selling securities within 30 days of purchasing the same securities) as an investment strategy when managing your account(s) when we determine that it is suitable, given your stated investment objectives and risk tolerance. This may include buying and selling securities frequently in an effort to capture significant market gains and avoid significant losses during a volatile market. However, frequent trading can negatively affect investment performance, particularly through increased brokerage and other transactional costs and taxes. Our investment strategies and advice may vary depending on each client’s specific financial situation. As such, we determine investments and allocations based on your predefined objectives, risk tolerance, time horizon, financial horizon, financial information, liquidity needs, and other various suitability factors. Your restrictions and guidelines may affect the composition of your portfolio. Tax Considerations Our strategies and investments may have unique and significant tax implications. However, unless we specifically agree otherwise, and in writing, tax efficiency is not our primary consideration in the management of your assets. Regardless of your account size or any other factors, we strongly recommend that you continuously consult with a tax professional before and throughout the investment of your assets.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 16 Moreover, as a result of revised IRS regulations, custodians and broker-dealers will begin reporting the cost basis of equities acquired in client accounts on or after January 1, 2011. Your custodian will default to the FIFO (First- In First-Out) accounting method for calculating the cost basis of your investments. You are responsible for contacting your tax advisor to determine if this accounting method is the right choice for you. If your tax advisor believes another accounting method is more advantageous, please provide written notice to our firm immediately, and we will alert the account custodian of your individually selected accounting method. Please note that decisions about cost-basis accounting methods will need to be made before trades settle, as the cost- basis method cannot be changed after settlement. Risk of Loss Investing in securities involves the risk of loss that you should be prepared to bear. We do not represent or guarantee that our services or methods of analysis can or will predict future results, successfully identify market tops or bottoms, or insulate clients from losses due to market corrections or declines. We cannot offer any guarantees or promises that your financial goals and objectives will be met. Past performance is in no way an indication of future performance. Concentrated Position Risk: Certain Associated Persons may recommend that clients concentrate account assets in an industry or economic sector. In addition to the potential concentration of accounts in one or more sectors, certain accounts may, or may be advised to, hold concentrated positions in specific securities. Therefore, at times, an account may, or may be advised to, hold a relatively small number of securities positions, each representing a relatively large portion of assets in the account. As a result, the account will be subject to greater volatility than a more sector-diversified portfolio. Investments in issuers within an industry or economic sector that experiences adverse economic, business, political conditions, or other concerns will impact the value of such a portfolio more than if the portfolio’s investments were not so concentrated. A change in the value of a single investment within the portfolio will affect the overall value of the portfolio and will cause greater losses than it would in a portfolio that holds more diversified investments. Cybersecurity Risks: Our firm and our service providers are subject to risks associated with a breach in cybersecurity. Cybersecurity is a generic term used to describe the technology, processes, and practices designed to protect networks, systems, computers, programs, and data from cyber-attacks and hacking by other computer users, and to avoid the resulting damage and disruption of hardware and software systems, loss or corruption of data, and/or misappropriation of confidential information. In general, cyber-attacks are deliberate; however, unintentional events may have similar effects. Cyber-attacks may cause losses to clients by interfering with the processing of transactions, affecting the ability to calculate net asset value, or impeding or sabotaging trading. Clients may also incur substantial costs as a result of a cybersecurity breach, including those associated with forensic analysis of the origin and scope of the breach, increased and upgraded cybersecurity, identity theft, unauthorized use of proprietary information, litigation, and the dissemination of confidential and proprietary information. Any such breach could expose our firm to civil liability as well as regulatory inquiry and/or action. In addition, clients could be exposed to additional losses as a result of the unauthorized use of their personal information. While our firm has established a business continuity plan and systems designed to prevent cyber- attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Similar types of cybersecurity risks are also present for issuers of securities, investment companies, and other investment advisers in which we invest, which could result in material adverse consequences for such entities and may cause a client's investment in such entities to lose value. Pandemic Risk: Large-scale outbreaks of infectious disease can greatly increase morbidity and mortality over a wide geographic area, crossing international boundaries, and causing significant economic, social, and political disruption. It is difficult to predict the long-term impact of such events because they are dependent on a variety of factors, including the global response of regulators and governments to address and mitigate the worldwide  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 17 effects of such events. Workforce reductions, travel restrictions, governmental responses and policies, and macroeconomic factors could negatively impact investment returns. Cryptocurrency Risk: Cryptocurrency (e.g., bitcoin and ether), often referred to as “virtual currency,” “digital currency,” or “digital assets,” is designed to act as a medium of exchange. Cryptocurrency is an emerging asset class. There are thousands of cryptocurrencies, the most well-known of which is Bitcoin. Certain of the firm’s clients may have exposure to bitcoin or another cryptocurrency, directly or indirectly, through an investment such as an ETF or other investment vehicles. Cryptocurrency operates without a central authority or banks and is not backed by any government. Cryptocurrencies may experience very high volatility, and related investment vehicles may be affected by such volatility. As a result of holding cryptocurrency, certain of the firm’s clients may also trade at a significant premium or discount to NAV. Cryptocurrency is also not legal tender. Federal, state, or foreign governments may restrict the use and exchange of cryptocurrency, and regulation in the U.S. is still developing. The market price of many cryptocurrencies, including bitcoin, has been subject to extreme fluctuations. If cryptocurrency markets continue to be subject to sharp fluctuations, investors may experience losses if the value of the client’s investments declines. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national, or quasi-national organization), cryptocurrencies are susceptible to theft, loss, and destruction. Cryptocurrency exchanges and other trading venues on which cryptocurrencies trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges for securities, derivatives, and other currencies. The SEC has issued a public report stating that U.S. federal securities laws require treating some digital assets as securities. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers, or malware. Due to relatively recent launches, most cryptocurrencies have a limited trading history, making it difficult for investors to evaluate investments. Generally, cryptocurrency transactions are irreversible, such that an improper transfer can only be undone by the receiver of the cryptocurrency agreeing to return the cryptocurrency to the original sender. Digital assets are highly dependent on their developers, and there is no guarantee that development will continue or that developers will not abandon a project with little or no notice. Third parties may assert intellectual property claims relating to the holding and transfer of digital assets, including cryptocurrencies, and their source code. Any threatened action that reduces confidence in a network’s long-term ability to hold and transfer cryptocurrency may affect investments in cryptocurrencies. Many significant aspects of the U.S. federal income tax treatment of investments in cryptocurrency are uncertain, and a cryptocurrency investment may produce income that is not treated as qualifying income for purposes of the income test applicable to regulated investment companies. Certain cryptocurrency investments may be treated as a grantor trust for U.S. federal income tax purposes, and an investment by the firm’s clients in such a vehicle will generally be treated as a direct investment in cryptocurrency for tax purposes and “flow-through” to the underlying investors. Environmental, Social, and Governance Investment Criteria Risk: If a portfolio is subject to certain environmental, social, and governance (ESG) investment criteria, it may avoid purchasing certain securities for ESG reasons when it is otherwise economically advantageous to purchase those securities or may sell certain securities for ESG reasons when it is otherwise economically advantageous to hold those securities. In general, the application of the portfolio’s ESG investment criteria may affect the portfolio’s exposure to certain issuers, industries, sectors, and geographic areas, which may affect the financial performance of the portfolio, positively or negatively, depending on whether these issuers, industries, sectors, or geographic areas are in or out of favor. An adviser can vary materially from other advisers with respect to its methodology for constructing ESG portfolios or screens, including with respect to the factors and data that it collects and evaluates as part of its process. As a result, an adviser’s ESG portfolio or screen may materially differ from or contradict the conclusions reached by other ESG advisers concerning the same issuers. Further, ESG criteria are dependent on data and are subject to  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 18 the risk that such data reported by issuers or received from third-party sources may be subjective, or it may be objective in principle but not verified or reliable. Political Risk: Each administration presents its own set of policy risks that could impact investors. One of the policy tools that an administration can implement is the imposition of tariffs, or the threats thereof. The scope, implementation, and duration of tariffs can create uncertainty domestically and globally. Industries that rely on imported raw material or that have heavily integrated cross-border manufacturing practices may be most impacted by the imposition of tariffs. However, it is challenging to predict the impact of actual and/or threatened tariffs and impossible to predict future policy decisions. When tariffs are imposed, there is also a higher probability that retaliatory tariffs could be imposed, which could further impact industries and products. Tariffs in general can also permanently alter global supply chains and have far-reaching indirect impacts. Tariffs can hurt economic growth and add to inflation, which can lead to rising interest rates. Artificial Intelligence ("AI") Risk: We may rely on programs and systems that utilize AI, machine learning, probabilistic modeling, and other data science technologies ("AI Tools") when delivering our services. AI Tools are also used to record and transcribe client meetings. Clients should note that AI Tools are highly complex, and are known to have been flawed, hallucinate, reflect biases included in the data on which such tools are trained, be of poor quality, or be otherwise harmful. AI Tools present Cybersecurity Risk. The U.S. and global legal and regulatory environment relating to the use of AI Tools is uncertain and rapidly evolving, and could require changes in the firm’s implementation of AI Tools and increase compliance costs and the risk of non-compliance. Further, the firm may rely on AI Tools developed by third parties, and the firm has limited control over the accuracy and completeness of such AI Tools. Clients who do not want us to record their meetings have the option to opt out at the time of the meeting. Recommendation of Particular Types of Securities We offer advice on many types of securities; however, we primarily recommend equity securities and mutual funds. Since each client has different needs and different tolerance for risk, we may recommend other types of investments as appropriate for you. Each type of security has its own unique set of risks associated with it, and it would not be possible to list here all of the specific risks of every type of investment. Even within the same type of investment, risks can vary widely. However, in very general terms, the higher the anticipated return of an investment, the higher the risk of loss associated with it. There are numerous ways of measuring the risk of equity securities (also known simply as “equities” or “stock”). In very broad terms, the value of a stock depends on the financial health of the company issuing it. However, stock prices can be affected by many other factors, including, but not limited to, the class of stock (for example, preferred or common); the health of the market sector of the issuing company; and the overall health of the economy. In general, larger, better-established companies (“large cap”) tend to be safer than smaller start-up companies (“small cap”), but the mere size of an issuer is not, by itself, an indicator of the safety of the investment. Mutual funds are professionally managed collective investment systems that pool money from many investors and invest in stocks, bonds, short-term money market instruments, other mutual funds, other securities, or any combination thereof. The fund will have a manager who trades the fund's investments in accordance with the fund's investment objective. While mutual funds generally provide diversification, risks can be significantly increased if the fund is concentrated in a particular sector of the market, primarily invests in small cap or speculative companies, uses leverage (i.e., borrows money) to a significant degree, or concentrates in a particular type of security (i.e., equities) rather than balancing the fund with different types of securities. The returns on mutual funds can be reduced by the costs of managing the funds. In addition, while some mutual funds are “no  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 19 load” and charge no fee to buy into, or sell out of, other types of mutual funds do charge such fees, which can also reduce returns. Inverse mutual funds and ETFs, which are sometimes referred to as "short" funds, seek to provide the opposite of the single-day performance of the index or benchmark they track. Inverse funds are often marketed as a way to profit from, or hedge exposure to, downward-moving markets. Some inverse funds also use leverage, such that they seek to achieve a return that is a multiple of the opposite performance of the underlying index or benchmark (i.e., -200%, -300%). In addition to leverage, these funds may also use derivative instruments to accomplish their objectives. As such, inverse funds are highly volatile and provide the potential for significant losses. Leveraged mutual funds and ETFs generally seek to deliver multiples of the daily performance of the index or benchmark that they track. Inverse mutual funds and ETFs generally seek to deliver the opposite of the daily performance of the index or benchmark that they track. Inverse funds often are marketed as a way for investors to profit from, or at least hedge their exposure to, downward-moving markets. Some Inverse funds are both inverse and leveraged, meaning that they seek a return that is a multiple of the inverse performance of the underlying index. To accomplish their objectives, leveraged and inverse funds use a range of investment strategies, including swaps, futures contracts, and other derivative instruments. Leveraged, inverse, and leveraged inverse funds are more volatile and riskier than traditional funds due to their exposure to leverage and derivatives, particularly total return swaps and futures. At times, we will recommend leveraged and/or inverse funds, which may amplify gains and losses. Most leveraged funds are typically designed to achieve their desired exposure on a daily (in a few cases, monthly) basis, and reset their leverage daily. A "single day" is measured from the time the leveraged fund calculates its net asset value ("NAV") to the time of the leveraged fund's next NAV calculation. The return of the leveraged fund for periods longer than a single day will be the result of each day's returns compounded over the period. Due to the effect of this mathematical compounding, their performance over longer periods of time can differ significantly from the performance (or inverse performance) of their underlying index or benchmark during the same period of time. For periods longer than a single day, the leveraged fund will lose money when the level of the Index is flat, and the leveraged fund may lose money even if the level of the Index rises. Longer holding periods, higher index volatility, and greater leverage all exacerbate the impact of compounding on an investor's returns. During periods of higher Index volatility, the volatility of the Index may affect the leveraged fund's return as much as or more than the return of the Index itself. Therefore, holding leveraged, inverse, and leveraged inverse funds for longer periods of time increases their risk due to the effects of compounding and the inherent difficulty in market timing. Leveraged funds are riskier than similarly benchmarked funds that do not use leverage. Non-traditional funds are highly volatile and not suitable for all investors. They provide the potential for significant losses. Buffer ETFs are also known as defined-outcome ETFs since the ETF is designed to offer downside protection for a specified period of time. These ETFs are modeled after options-based structured notes, but are generally cheaper and offer more liquidity. Buffer ETFs are designed to safeguard against market downturns by employing complex options strategies. Buffer ETFs typically charge higher management fees that are considerably more than the index funds whose performance they attempt to track. Additionally, because buffer funds own options, they do not receive dividends from their equity holdings. Both factors result in the underperformance of the Buffer ETF compared to the index they attempt to track. Clients should carefully read the prospectus for a buffer ETF to fully understand the cost structures, risks, and features of these complex products.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 20 Structured Notes: Below are some specific risks related to the structured notes recommended by our firm:  Complexity: Structured notes are complex financial instruments. Clients should understand the reference asset(s) or index(es) and determine how the note’s payoff structure incorporates such reference asset(s) or index(es) in calculating the note’s performance. This payoff calculation may include leverage multiplied by the performance of the reference asset or index, protection from losses should the reference asset or index produce negative returns, and/or fees. Structured notes may have complicated payoff structures that can make it difficult for clients to accurately assess their value, risk, and potential for growth through the term of the structured note. Determining the performance of each note can be complex, and this calculation can vary significantly from note to note depending on the structure. Notes can be structured in a wide variety of ways. Payoff structures can be leveraged, inverse, or inverse-leveraged, which may result in larger returns or losses. Clients should carefully read the prospectus for a structured note to fully understand how the payoff on a note will be calculated and discuss these issues with our firm.    Market risk. Some structured notes provide for the repayment of principal at maturity, which is often referred to as “principal protection.” This principal protection is subject to the credit risk of the issuing financial institution. Many structured notes do not offer this feature. For structured notes that do not offer principal protection, the performance of the linked asset or index may cause clients to lose some or all of their principal. Depending on the nature of the linked asset or index, the market risk of the structured note may include changes in equity or commodity prices, changes in interest rates or foreign exchange rates, and/or market volatility. Issuance price and note value: The price of a structured note at issuance will likely be higher than the fair value of the structured note on the date of issuance. Issuers now generally disclose an estimated value of the structured note on the cover page of the offering prospectus, allowing investors to gauge the difference between the issuer’s estimated value of the note and the issuance price. The estimated value of the notes is likely lower than the issuance price of the notes to investors because issuers include the costs for selling, structuring, and/or hedging the exposure on the notes in the initial price of their notes. After issuance, structured notes may not be resold on a daily basis and thus may be difficult to value given their complexity. Liquidity: The ability to trade or sell structured notes in a secondary market is often very limited, as structured notes (other than exchange-traded notes known as ETNs) are not listed for trading on securities exchanges. As a result, the only potential buyer for a structured note may be the issuing financial institution’s broker-dealer affiliate or the broker-dealer distributor of the structured note. In addition, issuers often specifically disclaim their intention to repurchase or make markets in the notes they issue. Clients should, therefore, be prepared to hold a structured note to its maturity date or risk selling the note at a discount to its value at the time of sale.  Credit risk: Structured notes are unsecured debt obligations of the issuer, meaning that the issuer is obligated to make payments on the notes as promised. These promises, including any principal protection, are only as good as the financial health of the structured note issuer. 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 other payments that may be due on the structured notes. Preferred Securities have similar characteristics to bonds in that preferred securities are designed to make fixed payments based on a percentage of their par value and are senior to common stock. Like bonds, the market value of preferred securities is sensitive to changes in interest rates as well as changes in issuer credit quality. Preferred securities, however, are junior to bonds with regard to the distribution of corporate earnings and liquidation in the event of bankruptcy. Preferred securities that are in the form of preferred stock also differ from bonds in that dividends on the preferred stock must be declared by the issuer’s board of directors, whereas interest payments on bonds generally do not require action by the issuer’s board of directors, and bondholders generally have protections that preferred stockholders do not have, such as indentures that are designed to guarantee payments – subject to the credit quality of the issuer – with terms and conditions for the benefit of bondholders.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 21 In contrast, preferred stocks generally pay dividends, not interest payments, which can be deferred or stopped in the event of credit stress without triggering bankruptcy or default. Another difference is that preferred dividends are paid from the issue’s after-tax profits, while bond interest is paid before taxes. Alternative Investments in Private Funds, such as hedge funds, private equity, venture capital, private real estate, private debt, and other private partnerships, typically engage in highly speculative trading strategies. These private funds are illiquid, their assets may also be illiquid, and their performance results can be extremely volatile. Alternative funds may rely substantially on fair valuation techniques, which are subjective, and there is no guarantee that the client would realize proceeds equal to fair value upon the sale of a security. Private funds typically charge higher management fees and performance fees, and these funds also incur their own operating expenses, which may be substantial. Such investments are long-term. A portfolio’s ability to transfer and/or dispose of private investments is expected to be highly restricted. The ability to withdraw funds is usually restricted in accordance with the withdrawal provisions contained in an Offering Memorandum. In addition, substantial withdrawals by investors within a short period of time could require a fund to liquidate securities positions and other investments more rapidly than would otherwise be desirable, possibly reducing the value of the fund’s assets and/or disrupting the fund’s investment strategy. Proxy Voting Boyle Capital does not accept authorization to vote proxies on behalf of clients. At your request, we may offer you advice regarding corporate actions and the exercise of your proxy voting rights. If you own shares of applicable securities, you or your designated representative is responsible for exercising your right to vote as a shareholder. In most cases, you will receive proxy materials directly from the account custodian. However, in the event we were to receive any written or electronic proxy materials, we would forward them directly to you by mail, unless you have authorized our firm to contact you by electronic mail, in which case, we would forward any electronic solicitations to vote proxies. Client Information Provided to Portfolio Managers - Item 7 In order to provide the Program services, we will share your private information with your account custodian, Schwab. We may also provide your private information to mutual fund companies and/or private managers as needed. We will only share the information necessary in order to carry out our obligations to you in servicing your account. We share your personal account data in accordance with our privacy policy as described below. Your Privacy We view protecting your private information as a top priority. Pursuant to applicable privacy requirements, we have instituted policies and procedures to ensure that we keep your personal information private and secure. We do not disclose any nonpublic personal information about you to any non-affiliated third parties, except as permitted by law. In the course of servicing your account, we may share some information with our service providers, such as transfer agents, custodians, broker-dealers, accountants, consultants, and attorneys. We restrict internal access to nonpublic personal information about you to employees who need that information in order to provide products or services to you. We maintain physical and procedural safeguards that comply with regulatory standards to guard your nonpublic personal information and to ensure our integrity and confidentiality. We will not sell information about you or your accounts to anyone. We do not share your information unless it is required to process a transaction, at your request, or required by law.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 22 You will receive a copy of our privacy notice prior to or at the time you sign an advisory agreement with our firm. Thereafter, we will deliver a copy of the current privacy policy notice to you on an annual basis. Please contact our main office at the telephone number on the cover page of this brochure if you have any questions regarding this policy. Client Contact with Portfolio Managers - Item 8 Without restriction, you should contact our firm or your advisory representative directly with any questions regarding your Program account. You should contact your advisory representative with respect to changes in your investment objectives, risk tolerance, or requested restrictions placed on the management of your Program assets. Additional Information - Item 9 Disciplinary Information We are required to disclose the facts of any legal or disciplinary events that are material to a client's evaluation of our advisory business or the integrity of our management. We do not have any required disclosures under this item. Other Financial Industry Activities and Affiliations David Merritt, an investment adviser representative with our firm, is a licensed certified public accountant ("CPA"). Mr. Merritt owns a tax and accounting practice, Sterling Financial Advisory Services LLC ("Sterling Financial"). Clients of our firm may also be clients of Sterling Financial. If you require tax or accounting services, we may refer you to Sterling Financial. Our advisory services are separate and distinct from the compensation paid to Sterling. We do not share in any fees paid to Sterling for tax or accounting services. Brian F. Boyle, President of our firm, and Mr. Merritt are also licensed as independent insurance agents, and they can effect transactions in life insurance products. It is possible that some clients to whom we offer advisory services could also be clients for whom Mr. Boyle and Mr. Merritt act as insurance agents. They earn commission- based compensation for selling insurance products, including insurance products they sell to our clients. In such cases, clients are instructed that the fees paid to the firm for advisory services are separate and distinct from the commissions earned by Mr. Boyle and Mr. Merritt for placing the client in insurance products. The sale of insurance instruments and other commissionable products offered by our licensed individuals is intended to complement our advisory services. However, this practice presents a conflict of interest because persons providing investment advice on behalf of our firm who are insurance agents have an incentive to recommend insurance products to you for the purpose of generating commissions rather than making recommendations based solely on your needs. We address this conflict of interest by recommending insurance products only where we, in good faith, believe that it is appropriate for the client’s particular needs and circumstances, and only after a full presentation of the recommended insurance product to our client. In addition, we explain the insurance underwriting process to our clients to illustrate how the insurer also reviews the client’s application and disclosures prior to the issuance of a resulting insuring agreement. Moreover, clients are under no obligation to utilize the insurance services of Mr. Boyle or Mr. Merritt or of any particular insurance provider and may use any insurance provider or agent they choose. Referral arrangements with persons affiliated with our firm present a conflict of interest for us because we may have a direct or indirect financial incentive to recommend insurance products or accounting services. While we believe that the compensation charged by Mr. Merritt and Sterling is competitive, such compensation may be  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 23 higher than fees charged by others providing the same or similar services. You are under no obligation to use the services of any tax, accounting, or insurance provider we recommend, whether affiliated or otherwise, and you may obtain comparable services and/or lower fees through other providers. Code of Ethics We strive to comply with applicable laws and regulations governing our practices. Therefore, our Code of Ethics includes guidelines for professional standards of conduct for persons associated with our firm. Our goal is to protect your interests at all times and to demonstrate our commitment to our fiduciary duties of honesty, good faith, and fair dealing with you. All persons associated with our firm are expected to adhere strictly to these guidelines. Our Code of Ethics also requires that certain persons associated with our firm submit reports of their personal account holdings and transactions to a qualified representative of our firm who will review these reports periodically. Persons associated with our firm are also required to report any violations of our Code of Ethics. Additionally, we maintain and enforce written policies reasonably designed to prevent the misuse or dissemination of material, non-public information about you or your account holdings by persons associated with our firm. Clients or prospective clients may obtain a copy of our Code of Ethics by contacting us at the telephone number on the cover page of this brochure. Participation or Interest in Client Transactions and Personal Trading Practices Our firm or persons associated with our firm may buy or sell securities for you at the same time we or persons associated with our firm buy or sell such securities for our own account. We may also combine our orders to purchase securities with your orders to purchase securities (“block trading”). Please refer to the “Brokerage Practices” section in this brochure for information on our block trading practices. A conflict of interest exists in such cases because we have the ability to trade ahead of you and potentially receive more favorable prices than you will receive. To eliminate this conflict of interest, it is our policy that persons associated with our firm or our firm shall not have priority over any client transactions in the purchase or sale of securities. Under certain circumstances, exceptions to the trading policy may be made. For example, the foregoing policy does not apply to investments in:  direct obligations of the Government of the United States;  money market instruments, bankers’ acceptances, bank certificates of deposit, commercial paper, repurchase agreements, and other high-quality short-term debt instruments, including repurchase agreements;  shares issued by mutual funds or money market funds; and,  shares issued by unit investment trusts that are invested exclusively in one or more mutual funds. Review of Accounts Account reviews are conducted on an ongoing basis by Brian Boyle, Managing Member and Chief Compliance Officer, or Ryan O'Hare, Chief Operating Officer. It is your responsibility to advise us of any changes in your investment objectives and/or financial situation. You are encouraged to review investment objectives and account performance with us at least annually, either in person or by phone. Additional reviews may be conducted based on various circumstances, including, but not limited to:  contributions and withdrawals,  year-end tax planning,  market-moving events,  security-specific events, and/or  changes in your risk/return objectives.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 24 We will not provide you with additional or regular written reports in conjunction with account reviews. However, you will receive trade confirmations, monthly or quarterly statements, and year-end tax statements from your account custodian(s). Client Referrals and Other Compensation We directly compensate non-employee (outside) consultants, individuals, and/or entities (Promoters) for client referrals. In order to receive a cash referral fee from our firm, Promoters must comply with the requirements of the jurisdictions in which they operate. If you become a client, the Promoter that referred you to our firm will receive a percentage of the advisory fee you pay our firm for as long as you are a client with our firm, or until such time as our agreement with the Promoter expires. You will not pay additional fees because of this referral arrangement. Referral fees paid to a Promoter are contingent upon your entering into an advisory agreement with our firm. Therefore, a Promoter has a financial incentive to recommend our firm to you for advisory services. This creates a conflict of interest; however, you are not obligated to retain our firm for advisory services. Comparable services and/or lower fees may be available through other firms. Promoters that refer business to more than one investment adviser may have a financial incentive to recommend advisers with more favorable compensation arrangements. We request that our Promoters disclose to you whether multiple referral relationships exist and that comparable services may be available from other advisers for lower fees and/or where the Promoter’s compensation is less favorable. Custodial Benefits As described in Item 12 above, we receive economic benefits from our custodial broker-dealer in the form of support products and services they make available to us and other independent investment advisors whose clients maintain their accounts at these custodial broker dealers. The availability of custodial products and services is not dependent upon or based on the specific investment advice we provide our clients, such as buying or selling specific securities or specific types of securities for our clients. The products and services provided by the custodial broker-dealer, how they benefit us, and the related conflicts of interest are described above (see Item 12 – Brokerage Practices). Economic Benefits Received from Vendors and Product Sponsors Occasionally, our firm and our Associated Persons will receive additional compensation from vendors. Compensation could include such items as gifts, an occasional dinner or ticket to a sporting event, reimbursement in connection with educational meetings with an Associated Person, reimbursement for consulting services, client workshops, or events, or marketing events or advertising initiatives, including services for identifying prospective clients. Receipt of additional economic benefits presents a conflict of interest because our firm and Associated Persons have an incentive to recommend and use vendors based on the additional economic benefits obtained rather than solely on the client’s needs. We address this conflict of interest by recommending vendors that we, in good faith, believe are appropriate for the client’s particular needs. Clients are under no obligation contractually or otherwise, to use any of the vendors recommended by us. Financial Information Our firm does not have any financial condition or impairment that would prevent us from meeting our contractual commitments to you.  Boyle Capital Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure Page 25 Questions Brian Boyle, Managing Member and Chief Compliance Officer, and Ryan O'Hare, Chief Operating Officer, are available to address any questions that you may have regarding the information contained in this brochure. You may contact Mr. Boyle and Mr. O'Hare at (515) 327-1870. 

Cover Page – Item 1 Boyle Capital Management, L.L.C. dba Boyle Capital 1230 Office Plaza Drive West Des Moines, IA 50266 Telephone: (515) 327-1870 Fax: (515) 619-5719 Email: bboyle@boylecapital.com Web: www.boylecapital.com March 10, 2026 FORM ADV PART 2A BROCHURE This brochure provides information about the qualifications and business practices of Boyle Capital Management, L.L.C., dba Boyle Capital. If you have any questions about the contents of this brochure, please contact us at (515) 327-1870. 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. Additional information about Boyle Capital is available on the SEC's website at www.adviserinfo.sec.gov. Boyle Capital is a registered investment adviser. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training.  Boyle Capital Form ADV Part 2A Page 2 Material Changes - Item 2 Form ADV Part 2 requires registered investment advisers to amend their brochures when information becomes materially inaccurate. If there are any material changes to our disclosure brochure, we are required to notify you and provide you with a description of the material changes. On March 10, 2026, we submitted our required annual filing for the firm’s fiscal year ending December 31, 2025. We have made the following material changes since our previous annual filing submitted to regulators on March 24, 2025. • Item 8 was updated with important information regarding political risks and risks associated with the use of artificial intelligence. We strongly encourage you to review the entire brochure. If you have questions, or if you would like a current copy of our brochure at any time free of charge, please contact us at 1230 Office Plaza Drive, West Des Moines, IA 50266 or (515) 327-1870.  Boyle Capital Form ADV Part 2A Page 3 Table of Contents - Item 3 Cover Page – Item 1 ................................................................................................................................................. 1 Material Changes - Item 2 ........................................................................................................................................ 2 Table of Contents - Item 3 ....................................................................................................................................... 3 Advisory Business - Item 4 ....................................................................................................................................... 4 Fees and Compensation - Item 5 ............................................................................................................................. 7 Performance-Based Fees and Side-By-Side Management - Item 6 ....................................................................... 11 Types of Clients - Item 7......................................................................................................................................... 11 Methods of Analysis, Investment Strategies and Risk of Loss - Item 8 .................................................................. 11 Disciplinary Information - Item 9 ........................................................................................................................... 18 Other Financial Industry Activities or Affiliations - Item 10 ................................................................................... 18 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading - Item 11 .......................... 19 Brokerage Practices - Item 12 ................................................................................................................................ 20 Review of Accounts - Item 13 ................................................................................................................................ 24 Client Referrals and Other Compensation - Item 14 .............................................................................................. 25 Custody - Item 15 ................................................................................................................................................... 25 Investment Discretion - Item 16 ............................................................................................................................ 26 Voting Client Securities - Item 17 ........................................................................................................................... 26 Financial Information - Item 18 ............................................................................................................................. 26 Miscellaneous ........................................................................................................................................................ 27  Boyle Capital Form ADV Part 2A Page 4 Advisory Business - Item 4 Boyle Capital Management, L.L.C., doing business as Boyle Capital, is a registered investment adviser based in West Des Moines, Iowa. It is organized as a limited liability company under the laws of the State of Iowa. The company is owned by BFB Holdings, LLC, an Arizona holding company. Boyle Capital has been providing investment advisory services since 2004. Brian F. Boyle is the President and Chief Compliance Officer of Boyle Capital and is the sole owner and Managing Member of BFB Holdings, LLC. As used in this brochure, the words “we,” “our,” and “us” refer to Boyle Capital, and the words “you,” “your,” and “client” refer to you as either a client or prospective client of our firm. The following paragraphs describe our services and fees. Please refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to your individual needs. Boyle Capital Managed Account Program (Wrap Fee Program) We are a portfolio manager to, and sponsor of, the Boyle Capital Managed Account Program a wrap fee program (“Program”). If you participate in our wrap fee program, you will pay our firm a single fee, which includes our money management fees, certain transaction costs, and custodial and administrative costs. We receive a portion of the wrap fee for our services. The overall cost you will incur if you participate in our wrap fee program may be higher or lower than you might incur by separately purchasing the types of securities available in the program. Transactions for your account must be executed through Charles Schwab & Co., Inc. (“Schwab”), an unaffiliated securities broker-dealer and member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Depending on the Program's annual percentage fee charged by our firm (please see Appendix 1 to this Brochure), the amount of portfolio activity in your account, and the value of custodial and other services provided, the wrap fee may or may not exceed the aggregate cost of such services if they were to be provided separately and/or if we were to negotiate transaction fees and seek best price and execution of transactions for your individual account. To compare the cost of the wrap fee program with non- wrap fee portfolio management services, you should consider the frequency of trading activity associated with our investment strategies and the brokerage commissions charged by Schwab or other broker-dealers, and the advisory fees charged by us or investment advisors. In determining whether to establish a Boyle Capital Managed Account Program account, a client should be aware that the overall cost to the client of the Program may be higher or lower than the client might incur by purchasing separately the types of securities available in the Program. For more information concerning the Wrap Fee Program, please see Appendix 1 to this Brochure. Non-Wrap Portfolio Management Services In limited circumstances and at our discretion, we may provide direct asset management services on a non-wrap basis. There is no difference in the way we manage non-wrap accounts and wrap accounts. If you participate in our discretionary portfolio management services, we require you to grant us discretionary authority to manage your account. Subject to a grant of discretionary authorization, we have the authority and responsibility to formulate investment strategies on your behalf. Discretionary authorization will allow us to determine the specific securities and the amount of securities to be purchased or sold for your account without obtaining your approval prior to each transaction. Discretionary authority is typically granted by the investment advisory agreement you sign with our firm, a power of attorney, or trading authorization forms. In limited circumstances and at our discretion, we may also offer non-discretionary portfolio management services. If you enter into non-discretionary arrangements with our firm, we must obtain your approval prior to executing any transactions on behalf of your account. You have an unrestricted right to decline to implement any advice provided by our firm on a non-discretionary basis.  Boyle Capital Form ADV Part 2A Page 5 In either case, our investment advice is tailored to meet our clients’ needs and investment objectives. If you decide to hire our firm to manage your portfolio, we will meet with you to gather your financial information, determine your goals, and help you decide how much risk you should take in your investments. The information we gather will help us implement a strategy that will be specific to your goals, whether we are actively investing for you or simply providing you with advice. Once the portfolio is constructed, we periodically rebalance the portfolio as changes in market conditions and your circumstances may require. A minimum account size of $30,000 is required to participate in the Program. The minimum account size may be waived or lowered at our discretion. You may specify investment objectives, guidelines, and/or impose certain conditions or investment parameters for your account(s). For example, you may specify that the investment in any particular stock or industry should not exceed specified percentages of the value of the portfolio and/or restrictions or prohibitions of transactions in the securities of a specific industry or security. Simply provide us with your restrictions or guidelines in writing. In determining whether to establish a wrap or non-wrap account, a client should be aware that the overall cost to the client may be higher or lower in the wrap program than in the non-wrap program. Accounts participating in Non-Wrap Portfolio Management Services will incur transaction charges and/or brokerage fees when purchasing or selling securities, as well as applicable brokerage and custodial fees. The broker-dealer or custodian through which your account transactions are executed typically imposes these charges and fees. Boyle Capital Manager of Managers Program As part of our investment advisory services, we offer Manager selection services (referred to as the “Manager of Managers” Program whereby we may recommend that you use the services of or specific programs/model portfolios offered through an unaffiliated third-party adviser or sub-adviser (collectively “Managers”) to manage a portion of or your entire investment portfolio. Factors that we take into consideration when making our recommendation(s) include, but are not limited to, the Manager’s performance, methods of analysis, fees, your financial needs, investment goals, risk tolerance, and investment objectives. After gathering information about your financial situation and objectives, we will recommend that you engage one or more specific Manager(s) or investment program(s). If you decide to act on our recommendation(s), the selected Manager(s) will actively manage your portfolio and will assume discretionary investment authority over your account. We will recommend allocations of assets to Managers, monitor Managers’ performance on an ongoing basis, and make recommendations to you to rebalance and reallocate the assets in accordance with your financial situation and investment objectives. However, we will not have investment authority to direct the investment, reinvestment, allocation, or reallocation of account assets, to execute transactions on behalf of the account, or to terminate Managers without obtaining your specific consent prior to each such investment, reinvestment, or transaction, and termination. In some cases, in accordance with the agreement you sign with us, we will be granted discretionary authority to reallocate your assets to other strategies or models offered through your selected Manager(s)where we deem such action to be appropriate. Neither our firm nor persons associated with our firm serve as an officer, director, or employee of any recommended Manager. Generally, you will be required to sign an agreement directly with the selected Manager(s) in addition to the agreement you sign with us. We will provide you with a copy of each recommended Manager’s disclosure brochures prior to the engagement of any such Manager. You should carefully review each Manager’s disclosure brochure and applicable advisory agreement for detailed information about the Manager’s services and fees and for specific information on how you may terminate your advisory relationship with the Manager, and how you may receive a refund of any prepaid, unearned fees, if applicable. You can contact the Manager directly for questions regarding your advisory agreement with them. You may terminate your agreement with us within the  Boyle Capital Form ADV Part 2A Page 6 first five days of execution without penalty. Thereafter, either party may terminate the agreement upon 30 days' written notice to the other party. Any prepaid, unearned fees will be promptly refunded. Financial Planning Services We offer financial planning services, which typically involve providing a variety of advisory services to clients regarding the management of their financial resources based on an analysis of their individual needs. These services can range from broad-based financial planning to consultative or single-subject planning. If you retain our firm for financial planning services, we will meet with you to gather information about your financial circumstances and objectives. We may also use financial planning software to determine your current financial position and to define and quantify your long-term goals and objectives. Once we specify those long-term objectives (both financial and non-financial), we will develop shorter-term, targeted objectives. Once we review and analyze the information you provide to our firm and the data derived from our financial planning software, we will deliver a written plan to you, designed to help you achieve your stated financial goals and objectives. Financial plans are based on your financial situation at the time we present the plan to you, and on the financial information you provide to us. You must promptly notify our firm if your financial situation, goals, objectives, or needs change. You are under no obligation to act on our financial planning recommendations. Should you choose to act on any of our recommendations, you are not obligated to implement the financial plan through any of our other investment advisory services. Moreover, you may act on our recommendations by placing securities transactions with any brokerage firm. At our discretion, we may offset our financial planning fees to the extent you implement the financial plan through our Portfolio Management Service. Types of Investments We primarily offer advice on equity securities (including exchange listed securities, exchange traded funds (ETFs), over-the-counter securities, and foreign issues, such as American Depository Receipts (ADRs), warrants, corporate debt and municipal securities (bonds), investment company securities (including mutual funds), exchange traded funds, US Government securities, and options contracts on securities). Additionally, we may advise you on any type of investment that we deem appropriate based on your stated goals and objectives. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship. You may request that we refrain from investing in particular securities or certain types of securities. You must provide these restrictions to our firm in writing. Our investment or portfolio management services are offered solely through the Boyle Capital Managed Account Program. We do not offer portfolio management services outside of the program or in a non-wrap capacity. Therefore, there are no differences in the portfolio management of client accounts. Assets Under Management As of December 31, 2025, we provided continuous management services for $249,618,153 in client assets on a discretionary basis and $92,336,575 in client assets on a non-discretionary basis.  Boyle Capital Form ADV Part 2A Page 7 Fees and Compensation - Item 5 Boyle Capital Managed Account Program Fees Please see Item 4 of our Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure for information regarding our wrap program fees. Non-Wrap Portfolio Management Fees Our annual non-wrap portfolio management fees are based on a percentage of the assets under management and are negotiable. The agreed-upon fee will be set forth in the management agreement. Account Value $0 - $1,999,999 $2,000,000 - $4,999,999 $5,000,000 - $24,999,999 Over $25,000,000 Quarterly Fee 0.375% 0.2250% 0.0875% 0.0625% Annualized Fee 1.50% 0.90% 0.35% 0.25% Our annual Program fee is billed and payable quarterly in advance based on the value of your account on the last day of the previous quarter. If the advisory agreement is executed at any time other than the first day of a calendar quarter, our fees will apply on a pro rata basis, which means that the advisory fee is payable in proportion to the number of days in the quarter for which you are a client. Our advisory fee is negotiable, depending on individual client circumstances. At our discretion, we may combine the account values of family members living in the same household to determine the applicable advisory fee. For example, we may combine account values for you and your minor children, joint accounts with your spouse, and other types of related accounts. Combining account values may increase the asset total, which may result in your paying a reduced advisory fee based on the available breakpoints in our fee schedule, stated above. The firm treats cash and cash equivalents as an asset class. Accordingly, unless otherwise agreed in writing, all cash and cash equivalent positions (e.g., money market funds, etc.) are included as part of assets under management for purposes of calculating the firm’s advisory fee. At any specific point in time, depending upon perceived or anticipated market conditions/events (there is no guarantee that such anticipated market conditions/events will occur), the firm may maintain cash and/or cash equivalent positions for defensive, liquidity, or other purposes. While assets are maintained in cash or cash equivalents, such amounts could miss market advances and, depending upon current yields, at any point in time, the firm’s advisory fee could exceed the interest paid by the client’s cash or cash equivalent positions. Unless otherwise agreed in writing, the gross amount of assets in the client’s account, including margin balances, is included as part of assets under management for purposes of calculating the firm’s advisory fee. Clients should note that this practice will increase total assets under management, used to calculate advisory fees that will, in turn, increase the amount of fees collected by our firm. This practice creates a conflict of interest in that our firm has an incentive to use margin in order to increase the amount of billable assets. At all times, the firm and its Associated Persons strive to uphold their fiduciary duty of fair dealing with clients. Clients are free to restrict the use of margin by our firm. However, clients should note that any restriction on the use of margin might negatively impact an account’s performance in a rising market. The firm has a fiduciary duty to provide services consistent with the client’s best interest. As part of its investment advisory services, the firm will review client portfolios on an ongoing basis to determine if any changes are necessary based upon various factors, including but not limited to investment performance, fund manager tenure, style drift, account additions/withdrawals, the client’s financial circumstances, and changes in the client’s  Boyle Capital Form ADV Part 2A Page 8 investment objectives. Based upon these and other factors, there may be extended periods of time when the firm determines that changes to a client’s portfolio are neither necessary nor prudent. Notwithstanding, unless otherwise agreed in writing, the firm’s annual investment advisory fee will continue to apply during these periods, and there can be no assurance that investment decisions made by the firm will be profitable or equal any specific performance level(s). We will deduct our fee directly from your account through the qualified custodian holding your funds and securities. We will deduct our advisory fee only when you have given our firm written authorization in accordance with the investment advisory agreement you sign with us that permits the fees to be paid directly from your account. Further, the qualified custodian will deliver an account statement to you at least quarterly. These account statements will show all disbursements from your account. You should review all statements for accuracy. We will also receive a duplicate copy of your account statements. Under certain circumstances, you may request to be billed directly for our fees instead of having them debited from your account. Either you or the firm may terminate the advisory agreement within five days from the date of acceptance without penalty to you. After the five-day period, either you or the firm may terminate the advisory agreement upon 30-days’ written notice to the other party. You will incur a pro rata charge for services rendered prior to the termination of the advisory agreement, which means you will incur advisory fees only in proportion to the number of days in the quarter for which you are a client. If you have prepaid advisory fees that we have not yet earned, you will receive a prorated refund of those fees. Manager of Manager Program Fees Our annual fee ranges between 0.25% and 1.50% annually and is based on the account size and/or the investment strategy associated with the account. At our discretion, we may negotiate fees based on individual client circumstances. The fees you pay to selected Managers are separate and in addition to the fees you pay to us for our advisory services and are established and payable in accordance with the selected Manager’s Form ADV Brochure and advisory agreement. The total annual combined fee payable to us and the selected Manager will not exceed 2.25% of the assets under management. The selected Manager(s)may offer services on a wrap-fee or non-wrap fee basis. The selected Manager’s fees may or may not be negotiable. Since our compensation may differ depending upon our individual agreement with each selected Manager, we have an incentive to recommend one Manager over another with whom we have less favorable compensation arrangements or with others with whom we have no compensation arrangements. At all times, Boyle Capital and its Associated Persons uphold their fiduciary duty of fair dealing with Clients. Financial Planning Fees We charge an hourly fee of $100-$300 per hour for financial planning services, which is negotiable depending on the scope and complexity of the plan, your situation, and your financial objectives. An estimate of the total time/cost will be determined at the start of the advisory relationship. In limited circumstances, the cost/time could potentially exceed the initial estimate. In such cases, we will notify you and request that you approve the additional fee. We also offer advice on single-subject financial planning/general consulting services at the same hourly rate. Fees are due upon completion of services rendered. You may terminate the financial planning agreement by providing written notice to our firm. Since fees are payable in arrears, you will be responsible for a prorated fee based on services performed. At our discretion, we may offset our financial planning fees to the extent you implement the financial plan through our Portfolio Management Service.  Boyle Capital Form ADV Part 2A Page 9 Additional Fees and Expenses As part of our investment advisory services to you, we may invest, or recommend that you invest, in mutual funds and exchange traded funds. The fees that you pay to our firm for investment advisory services are separate and distinct from the fees and expenses charged by mutual funds or exchange traded funds (described in each fund’s prospectus) to their shareholders. These fees will generally include a management fee and other fund expenses. Accounts participating in Non-Wrap Portfolio Management Services or the Manager of Managers Program will incur transaction charges and/or brokerage fees when purchasing or selling securities, as well as applicable brokerage and custodial fees. The broker-dealer or custodian through which your account transactions are executed typically imposes these charges and fees. The Boyle Capital Managed Account Program Wrap Fee includes the costs of brokerage commissions for transactions executed through the Qualified Custodian (or a broker-dealer designated by the Qualified Custodian), and charges relating to the settlement, clearance, or custody of securities in the Account. The Boyle Capital Managed Account Program Wrap Fee does NOT include costs associated with additional services requested by you including, but not limited to - wire or electronic fund transfer fees, overnight delivery fees, duplicate statement fees, account transfer fees, reorganization fees, administrative fees, dividend reinvestment fees, extension fees, foreign dividend/custody/settlement fees, returned check fees, share class exchange fees, special product fees, stop payment fees, termination fees, or any contingent deferred sales charges that may be incurred upon the sale of a security transferred into the Program account at your request. Client accounts may be traded on margin. Each client must sign a separate margin agreement before margin is extended to that client's account. Fees for advice and execution on these securities are based on the total asset value of the account, which includes the value of the securities purchased on margin. While a negative amount may show on a client’s statement for the margined security as the result of a lower net market value, the amount of the fee is based on the absolute market value. This could create a conflict of interest where we may have an incentive to encourage the use of margin to create a higher market value and therefore receive a higher fee. The use of margin may also result in interest charges in addition to all other fees and expenses associated with the security involved. IRA Rollover Considerations As part of our investment advisory services to you, we may recommend that you withdraw the assets from your employer's retirement plan and roll the assets over to an individual retirement account ("IRA") that we will manage on your behalf. A plan participant leaving employment has several options. Each choice offers advantages and disadvantages, depending on desired investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment, and the investor's unique financial needs and retirement plans. The complexity of these choices may lead an investor to seek assistance from us. An Associated Person who recommends an investor roll over plan assets into an Individual Retirement Account (“IRA”) may earn an asset-based fee as a result, but no compensation if assets are retained in the plan. Thus, we have an economic incentive to encourage an investor to roll plan assets into an IRA. In most cases, fees and expenses will increase for the investor as a result because the fees described herein will apply to assets rolled over to an IRA, and the outlined ongoing services will be extended to these assets. We are fiduciaries under the Investment Advisers Act of 1940, and when we provide investment advice to you regarding your retirement plan account or individual retirement account, we are also fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as  Boyle Capital Form ADV Part 2A Page 10 applicable, which are laws governing retirement accounts. We have to act in your best interests and not put our interests ahead of yours. At the same time, the way we make money creates some conflicts with your interests. If you elect to roll the assets to an IRA that is subject to our management, we will charge you an asset-based fee as set forth in the agreement you executed with our firm. This practice presents a conflict of interest because persons providing investment advice on our behalf have an incentive to recommend a rollover to you to generate fee-based compensation rather than solely based on your needs. You are under no obligation, contractually or otherwise, to complete the rollover. Moreover, if you do complete the rollover, you are under no obligation to have the assets in an IRA managed by our firm. Many employers permit former employees to keep their retirement assets in their company plans. Also, current employees can sometimes move assets out of their company plan before they retire or change jobs. In determining whether to complete the rollover to an IRA, and to the extent the following options are available, you should consider the costs and benefits. An employee will typically have four options: 1. Leaving the funds in your employer's (former employer's) plan. 2. Moving the funds to a new employer’s retirement plan. 3. Cashing out and taking a taxable distribution from the plan. 4. Rolling the funds into an IRA rollover account. Each of these options has advantages and disadvantages, and before making a change, we encourage you to speak with your CPA and/or tax attorney. If you are considering rolling over your retirement funds to an IRA for us to manage, here are a few points to consider before you do so: 1. Determine whether the investment options in your employer's retirement plan address your needs or whether you might want to consider other types of investments. a. Employer retirement plans generally have a more limited investment menu than IRAs. b. Employer retirement plans may have unique investment options not available to the public, such as employer securities or previously closed funds. Your current plan may have lower fees than our fees. 2. a. If you are interested in investing only in mutual funds, you should understand the cost structure of the share classes available in your employer's retirement plan and how the costs of those share classes compare with those available in an IRA. b. You should understand the various products and services you might take advantage of at an IRA provider and the potential costs of those products and services. 3. Our strategy may have a higher risk than the option(s) provided to you in your plan. 4. 5. Your current plan may also offer financial advice. If you keep your assets titled in a 401k or retirement account, you could potentially delay your required minimum distribution. Your 401k may offer more liability protection than a rollover IRA; each state may vary. 6. a. Generally, federal law protects assets in qualified plans from creditors. IRA assets may be protected from creditors in bankruptcy. However, there can be some exceptions to the general rules, so you should consult with an attorney if you are concerned about protecting your retirement plan assets from creditors. 7. 8. You may be able to take out a loan on your 401k, but not from an IRA. IRA assets can be accessed at any time; however, distributions are subject to ordinary income tax and may also be subject to an early distribution penalty unless they qualify for an exception. Your plan may allow you to hire us as the manager and keep the assets titled in the plan name. 9.  Boyle Capital Form ADV Part 2A Page 11 It is important that you understand the differences between these types of accounts and decide whether a rollover is best for you. Before proceeding, if you have questions, contact your investment adviser representative or call our main number as listed on the cover page of this brochure. Performance-Based Fees and Side-By-Side Management - Item 6 Please see Item 6 of our Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure for information regarding performance-based fees and side-by-side management. Recommended Managers typically do not charge performance-based fees. Types of Clients - Item 7 We offer investment advisory services to individuals, pension and profit sharing plans, trusts, estates, charitable organizations, corporations, and other business entities. In general, we require a minimum of $30,000 to open and maintain an advisory account. However, the stated minimum may be waived at our discretion. For example, we may waive the minimum if you appear to have significant potential for increasing your assets under our management. We may also combine account values for you and your minor children, joint accounts with your spouse, and other types of related accounts to meet the stated minimum. Selected Managers may require different minimums for participation in certain strategies or programs; therefore, we will only refer you to such programs for which you qualify. Methods of Analysis, Investment Strategies and Risk of Loss - Item 8 We may use one or more of the following methods of analysis or investment strategies when providing investment advice to you: • Fundamental Analysis – involves analyzing individual companies and their industry groups, such as a company’s financial statements, details regarding the company’s product line, the experience and expertise of the company’s management, and the outlook for the company’s industry. The resulting data is used to measure the true value of the company’s stock compared to the current market value. The risk of fundamental analysis is that information obtained may be incorrect, and the analysis may not provide an accurate estimate of earnings, which may be the basis for a stock’s value. If securities prices adjust rapidly to new information, utilizing fundamental analysis may not result in favorable performance. • Long-Term Purchases – securities purchased with the expectation that the value of those securities will grow over a relatively long period of time, generally greater than one year. • Short-Term Purchases – securities purchased with the expectation that they will be sold within a relatively short period of time, generally less than one year, to take advantage of the securities’ short- term price fluctuations.  Boyle Capital Form ADV Part 2A Page 12 • Short Sales – securities transactions in which an investor sells securities he or she borrowed in anticipation of a price decline. The investor is then required to return an equal number of shares at some point in the future. A short seller will profit if the stock goes down in price, but if the price of the shares increases, the potential losses are unlimited. • Margin Transactions – a securities transaction in which an investor borrows money to purchase a security, in which case the security serves as collateral on the loan. If the value of the shares drops sufficiently, the investor will be required to either deposit more cash into the account or sell a portion of the stock in order to maintain the margin requirements of the account. This is known as a "margin call." An investor’s overall risk includes the amount of money invested plus the amount that was loaned to them. • Options Writing – a securities transaction that involves selling an option. An option is a right, but not an obligation, to buy or sell a particular security at a specified price before the expiration date of the option. When an investor sells an option, he or she must deliver to the buyer a specified number of shares if the buyer exercises the option. The seller pays the buyer a premium (the market price of the option at a particular time) in exchange for writing the option. Options are complex investments and can be very risky, especially if the investor does not own the underlying stock. In certain situations, an investor’s risk can be unlimited. We may use short-term trading (in general, selling securities within 30 days of purchasing the same securities) as an investment strategy when managing your account(s) when we determine that it is suitable, given your stated investment objectives and risk tolerance. This may include buying and selling securities frequently in an effort to capture significant market gains and avoid significant losses during a volatile market. However, frequent trading can negatively affect investment performance, particularly through increased brokerage and other transactional costs and taxes. Our investment strategies and advice may vary depending on each client’s specific financial situation. As such, we determine investments and allocations based on your predefined objectives, risk tolerance, time horizon, financial horizon, financial information, liquidity needs, and other various suitability factors. Your restrictions and guidelines may affect the composition of your portfolio. Tax Considerations Our strategies and investments may have unique and significant tax implications. However, unless we specifically agree otherwise, and in writing, tax efficiency is not our primary consideration in the management of your assets. Regardless of your account size or any other factors, we strongly recommend that you continuously consult with a tax professional before and throughout the investment of your assets. Moreover, as a result of revised IRS regulations, custodians and broker-dealers will begin reporting the cost basis of equities acquired in client accounts on or after January 1, 2011. Your custodian will default to the FIFO (First- In First-Out) accounting method for calculating the cost basis of your investments. You are responsible for contacting your tax advisor to determine if this accounting method is the right choice for you. If your tax advisor believes another accounting method is more advantageous, please provide written notice to our firm immediately, and we will alert the account custodian of your individually selected accounting method. Please note that decisions about cost-basis accounting methods will need to be made before trades settle, as the cost- basis method cannot be changed after settlement. Risk of Loss Investing in securities involves the risk of loss that you should be prepared to bear. We do not represent or guarantee that our services or methods of analysis can or will predict future results, successfully identify market tops or bottoms, or insulate clients from losses due to market corrections or declines. We cannot offer any  Boyle Capital Form ADV Part 2A Page 13 guarantees or promises that your financial goals and objectives will be met. Past performance is in no way an indication of future performance. Concentrated Position Risk: Certain Associated Persons may recommend that clients concentrate account assets in an industry or economic sector. In addition to the potential concentration of accounts in one or more sectors, certain accounts may, or may be advised to, hold concentrated positions in specific securities. Therefore, at times, an account may, or may be advised to, hold a relatively small number of securities positions, each representing a relatively large portion of assets in the account. As a result, the account will be subject to greater volatility than a more sector-diversified portfolio. Investments in issuers within an industry or economic sector that experiences adverse economic, business, political conditions, or other concerns will impact the value of such a portfolio more than if the portfolio’s investments were not so concentrated. A change in the value of a single investment within the portfolio will affect the overall value of the portfolio and will cause greater losses than it would in a portfolio that holds more diversified investments. Cybersecurity Risks: Our firm and our service providers are subject to risks associated with a breach in cybersecurity. Cybersecurity is a generic term used to describe the technology, processes, and practices designed to protect networks, systems, computers, programs, and data from cyber-attacks and hacking by other computer users, and to avoid the resulting damage and disruption of hardware and software systems, loss or corruption of data, and/or misappropriation of confidential information. In general, cyber-attacks are deliberate; however, unintentional events may have similar effects. Cyber-attacks may cause losses to clients by interfering with the processing of transactions, affecting the ability to calculate net asset value, or impeding or sabotaging trading. Clients may also incur substantial costs as a result of a cybersecurity breach, including those associated with forensic analysis of the origin and scope of the breach, increased and upgraded cybersecurity, identity theft, unauthorized use of proprietary information, litigation, and the dissemination of confidential and proprietary information. Any such breach could expose our firm to civil liability as well as regulatory inquiry and/or action. In addition, clients could be exposed to additional losses as a result of the unauthorized use of their personal information. While our firm has established a business continuity plan and systems designed to prevent cyber- attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Similar types of cybersecurity risks are also present for issuers of securities, investment companies, and other investment advisers in which we invest, which could result in material adverse consequences for such entities and may cause a client's investment in such entities to lose value. Pandemic Risk: Large-scale outbreaks of infectious disease can greatly increase morbidity and mortality over a wide geographic area, crossing international boundaries, and causing significant economic, social, and political disruption. It is difficult to predict the long-term impact of such events because they are dependent on a variety of factors, including the global response of regulators and governments to address and mitigate the worldwide effects of such events. Workforce reductions, travel restrictions, governmental responses and policies, and macroeconomic factors could negatively impact investment returns. Cryptocurrency Risk: Cryptocurrency (e.g., bitcoin and ether), often referred to as “virtual currency,” “digital currency,” or “digital assets,” is designed to act as a medium of exchange. Cryptocurrency is an emerging asset class. There are thousands of cryptocurrencies, the most well-known of which is Bitcoin. Certain of the firm’s clients may have exposure to bitcoin or another cryptocurrency, directly or indirectly, through an investment such as an ETF or other investment vehicles. Cryptocurrency operates without a central authority or banks and is not backed by any government. Cryptocurrencies may experience very high volatility, and related investment vehicles may be affected by such volatility. As a result of holding cryptocurrency, certain of the firm’s clients may also trade at a significant premium or discount to NAV. Cryptocurrency is also not legal tender. Federal, state, or foreign governments may restrict the use and exchange of cryptocurrency, and regulation in the U.S. is still developing. The market price of many cryptocurrencies, including bitcoin, has been subject to extreme fluctuations. If cryptocurrency markets continue to be subject to sharp fluctuations, investors may experience losses if the value of the client’s investments declines. Similar to fiat currencies (i.e., a currency that is backed by  Boyle Capital Form ADV Part 2A Page 14 a central bank or a national, supra-national, or quasi-national organization), cryptocurrencies are susceptible to theft, loss, and destruction. Cryptocurrency exchanges and other trading venues on which cryptocurrencies trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges for securities, derivatives, and other currencies. The SEC has issued a public report stating that U.S. federal securities laws require treating some digital assets as securities. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers, or malware. Due to relatively recent launches, most cryptocurrencies have a limited trading history, making it difficult for investors to evaluate investments. Generally, cryptocurrency transactions are irreversible, such that an improper transfer can only be undone by the receiver of the cryptocurrency agreeing to return the cryptocurrency to the original sender. Digital assets are highly dependent on their developers, and there is no guarantee that development will continue or that developers will not abandon a project with little or no notice. Third parties may assert intellectual property claims relating to the holding and transfer of digital assets, including cryptocurrencies, and their source code. Any threatened action that reduces confidence in a network’s long-term ability to hold and transfer cryptocurrency may affect investments in cryptocurrencies. Many significant aspects of the U.S. federal income tax treatment of investments in cryptocurrency are uncertain, and a cryptocurrency investment may produce income that is not treated as qualifying income for purposes of the income test applicable to regulated investment companies. Certain cryptocurrency investments may be treated as a grantor trust for U.S. federal income tax purposes, and an investment by the firm’s clients in such a vehicle will generally be treated as a direct investment in cryptocurrency for tax purposes and “flow-through” to the underlying investors. Environmental, Social, and Governance Investment Criteria Risk: If a portfolio is subject to certain environmental, social, and governance (ESG) investment criteria, it may avoid purchasing certain securities for ESG reasons when it is otherwise economically advantageous to purchase those securities or may sell certain securities for ESG reasons when it is otherwise economically advantageous to hold those securities. In general, the application of the portfolio’s ESG investment criteria may affect the portfolio’s exposure to certain issuers, industries, sectors, and geographic areas, which may affect the financial performance of the portfolio, positively or negatively, depending on whether these issuers, industries, sectors, or geographic areas are in or out of favor. An adviser can vary materially from other advisers with respect to its methodology for constructing ESG portfolios or screens, including with respect to the factors and data that it collects and evaluates as part of its process. As a result, an adviser’s ESG portfolio or screen may materially differ from or contradict the conclusions reached by other ESG advisers concerning the same issuers. Further, ESG criteria are dependent on data and are subject to the risk that such data reported by issuers or received from third-party sources may be subjective, or it may be objective in principle but not verified or reliable. Political Risk: Each administration presents its own set of policy risks that could impact investors. One of the policy tools that an administration can implement is the imposition of tariffs, or the threats thereof. The scope, implementation, and duration of tariffs can create uncertainty domestically and globally. Industries that rely on imported raw material or that have heavily integrated cross-border manufacturing practices may be most impacted by the imposition of tariffs. However, it is challenging to predict the impact of actual and/or threatened tariffs and impossible to predict future policy decisions. When tariffs are imposed, there is also a higher probability that retaliatory tariffs could be imposed, which could further impact industries and products. Tariffs in general can also permanently alter global supply chains and have far-reaching indirect impacts. Tariffs can hurt economic growth and add to inflation, which can lead to rising interest rates.  Boyle Capital Form ADV Part 2A Page 15 Artificial Intelligence ("AI") Risk: We may rely on programs and systems that utilize AI, machine learning, probabilistic modeling, and other data science technologies ("AI Tools") when delivering our services. AI Tools are also used to record and transcribe client meetings. Clients should note that AI Tools are highly complex, and are known to have been flawed, hallucinate, reflect biases included in the data on which such tools are trained, be of poor quality, or be otherwise harmful. AI Tools present Cybersecurity Risk. The U.S. and global legal and regulatory environment relating to the use of AI Tools is uncertain and rapidly evolving, and could require changes in the firm’s implementation of AI Tools and increase compliance costs and the risk of non-compliance. Further, the firm may rely on AI Tools developed by third parties, and the firm has limited control over the accuracy and completeness of such AI Tools. Clients who do not want us to record their meetings have the option to opt out at the time of the meeting. Recommendation of Particular Types of Securities We offer advice on many types of securities; however, we primarily recommend equity securities and mutual funds. Since each client has different needs and different tolerance for risk, we may recommend other types of investments as appropriate for you. Each type of security has its own unique set of risks associated with it, and it would not be possible to list here all of the specific risks of every type of investment. Even within the same type of investment, risks can vary widely. However, in very general terms, the higher the anticipated return of an investment, the higher the risk of loss associated with it. There are numerous ways of measuring the risk of equity securities (also known simply as “equities” or “stock”). In very broad terms, the value of a stock depends on the financial health of the company issuing it. However, stock prices can be affected by many other factors, including, but not limited to, the class of stock (for example, preferred or common); the health of the market sector of the issuing company; and the overall health of the economy. In general, larger, better-established companies (“large cap”) tend to be safer than smaller start-up companies (“small cap”), but the mere size of an issuer is not, by itself, an indicator of the safety of the investment. Mutual funds are professionally managed collective investment systems that pool money from many investors and invest in stocks, bonds, short-term money market instruments, other mutual funds, other securities, or any combination thereof. The fund will have a manager who trades the fund's investments in accordance with the fund's investment objective. While mutual funds generally provide diversification, risks can be significantly increased if the fund is concentrated in a particular sector of the market, primarily invests in small cap or speculative companies, uses leverage (i.e., borrows money) to a significant degree, or concentrates in a particular type of security (i.e., equities) rather than balancing the fund with different types of securities. The returns on mutual funds can be reduced by the costs of managing the funds. In addition, while some mutual funds are “no load” and charge no fee to buy into, or sell out of, other types of mutual funds do charge such fees, which can also reduce returns. Inverse mutual funds and ETFs, which are sometimes referred to as "short" funds, seek to provide the opposite of the single-day performance of the index or benchmark they track. Inverse funds are often marketed as a way to profit from, or hedge exposure to, downward-moving markets. Some inverse funds also use leverage, such that they seek to achieve a return that is a multiple of the opposite performance of the underlying index or benchmark (i.e., -200%, -300%). In addition to leverage, these funds may also use derivative instruments to accomplish their objectives. As such, inverse funds are highly volatile and provide the potential for significant losses. Leveraged mutual funds and ETFs generally seek to deliver multiples of the daily performance of the index or benchmark that they track. Inverse mutual funds and ETFs generally seek to deliver the opposite of the daily performance of the index or benchmark that they track. Inverse funds often are marketed as a way for investors  Boyle Capital Form ADV Part 2A Page 16 to profit from, or at least hedge their exposure to, downward-moving markets. Some Inverse funds are both inverse and leveraged, meaning that they seek a return that is a multiple of the inverse performance of the underlying index. To accomplish their objectives, leveraged and inverse funds use a range of investment strategies, including swaps, futures contracts, and other derivative instruments. Leveraged, inverse, and leveraged inverse funds are more volatile and riskier than traditional funds due to their exposure to leverage and derivatives, particularly total return swaps and futures. At times, we will recommend leveraged and/or inverse funds, which may amplify gains and losses. Most leveraged funds are typically designed to achieve their desired exposure on a daily (in a few cases, monthly) basis, and reset their leverage daily. A "single day" is measured from the time the leveraged fund calculates its net asset value ("NAV") to the time of the leveraged fund's next NAV calculation. The return of the leveraged fund for periods longer than a single day will be the result of each day's returns compounded over the period. Due to the effect of this mathematical compounding, their performance over longer periods of time can differ significantly from the performance (or inverse performance) of their underlying index or benchmark during the same period of time. For periods longer than a single day, the leveraged fund will lose money when the level of the Index is flat, and the leveraged fund may lose money even if the level of the Index rises. Longer holding periods, higher index volatility, and greater leverage all exacerbate the impact of compounding on an investor's returns. During periods of higher Index volatility, the volatility of the Index may affect the leveraged fund's return as much as or more than the return of the Index itself. Therefore, holding leveraged, inverse, and leveraged inverse funds for longer periods of time increases their risk due to the effects of compounding and the inherent difficulty in market timing. Leveraged funds are riskier than similarly benchmarked funds that do not use leverage. Non-traditional funds are highly volatile and not suitable for all investors. They provide the potential for significant losses. Buffer ETFs are also known as defined-outcome ETFs since the ETF is designed to offer downside protection for a specified period of time. These ETFs are modeled after options-based structured notes, but are generally cheaper and offer more liquidity. Buffer ETFs are designed to safeguard against market downturns by employing complex options strategies. Buffer ETFs typically charge higher management fees that are considerably more than the index funds whose performance they attempt to track. Additionally, because buffer funds own options, they do not receive dividends from their equity holdings. Both factors result in the underperformance of the Buffer ETF compared to the index they attempt to track. Clients should carefully read the prospectus for a buffer ETF to fully understand the cost structures, risks, and features of these complex products. Structured Notes: Below are some specific risks related to the structured notes recommended by our firm: • Complexity: Structured notes are complex financial instruments. Clients should understand the reference asset(s) or index(es) and determine how the note’s payoff structure incorporates such reference asset(s) or index(es) in calculating the note’s performance. This payoff calculation may include leverage multiplied by the performance of the reference asset or index, protection from losses should the reference asset or index produce negative returns, and/or fees. Structured notes may have complicated payoff structures that can make it difficult for clients to accurately assess their value, risk, and potential for growth through the term of the structured note. Determining the performance of each note can be complex, and this calculation can vary significantly from note to note depending on the structure. Notes can be structured in a wide variety of ways. Payoff structures can be leveraged, inverse, or inverse-leveraged, which may result in larger returns or losses. Clients should carefully read the prospectus for a structured note to fully understand how the payoff on a note will be calculated and discuss these issues with our firm. • Market risk. Some structured notes provide for the repayment of principal at maturity, which is often referred to as “principal protection.” This principal protection is subject to the credit risk of the issuing financial institution. Many structured notes do not offer this feature. For structured notes that do not offer principal protection, the performance of the linked asset or index may cause clients to lose some or all of their principal. Depending on the nature of the linked asset or index, the market risk of the  Boyle Capital Form ADV Part 2A Page 17 • • • structured note may include changes in equity or commodity prices, changes in interest rates or foreign exchange rates, and/or market volatility. Issuance price and note value: The price of a structured note at issuance will likely be higher than the fair value of the structured note on the date of issuance. Issuers now generally disclose an estimated value of the structured note on the cover page of the offering prospectus, allowing investors to gauge the difference between the issuer’s estimated value of the note and the issuance price. The estimated value of the notes is likely lower than the issuance price of the notes to investors because issuers include the costs for selling, structuring, and/or hedging the exposure on the note in the initial price of their notes. After issuance, structured notes may not be resold on a daily basis and thus may be difficult to value given their complexity. Liquidity: The ability to trade or sell structured notes in a secondary market is often very limited, as structured notes (other than exchange-traded notes known as ETNs) are not listed for trading on securities exchanges. As a result, the only potential buyer for a structured note may be the issuing financial institution’s broker-dealer affiliate or the broker-dealer distributor of the structured note. In addition, issuers often specifically disclaim their intention to repurchase or make markets in the notes they issue. Clients should, therefore, be prepared to hold a structured note to its maturity date or risk selling the note at a discount to its value at the time of sale. Credit risk: Structured notes are unsecured debt obligations of the issuer, meaning that the issuer is obligated to make payments on the notes as promised. These promises, including any principal protection, are only as good as the financial health of the structured note issuer. 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 other payments that may be due on the structured notes. Preferred Securities have similar characteristics to bonds in that preferred securities are designed to make fixed payments based on a percentage of their par value and are senior to common stock. Like bonds, the market value of preferred securities is sensitive to changes in interest rates as well as changes in issuer credit quality. Preferred securities, however, are junior to bonds with regard to the distribution of corporate earnings and liquidation in the event of bankruptcy. Preferred securities that are in the form of preferred stock also differ from bonds in that dividends on the preferred stock must be declared by the issuer’s board of directors, whereas interest payments on bonds generally do not require action by the issuer’s board of directors, and bondholders generally have protections that preferred stockholders do not have, such as indentures that are designed to guarantee payments – subject to the credit quality of the issuer – with terms and conditions for the benefit of bondholders. In contrast, preferred stocks generally pay dividends, not interest payments, which can be deferred or stopped in the event of credit stress without triggering bankruptcy or default. Another difference is that preferred dividends are paid from the issue’s after-tax profits, while bond interest is paid before taxes. Alternative Investments in Private Funds, such as hedge funds, private equity, venture capital, private real estate, private debt, and other private partnerships, typically engage in highly speculative trading strategies. These private funds are illiquid, their assets may also be illiquid, and their performance results can be extremely volatile. Alternative funds may rely substantially on fair valuation techniques, which are subjective, and there is no guarantee that the client would realize proceeds equal to fair value upon the sale of a security. Private funds typically charge higher management fees and performance fees, and these funds also incur their own operating expenses, which may be substantial. Such investments are long-term. A portfolio’s ability to transfer and/or dispose of private investments is expected to be highly restricted. The ability to withdraw funds is usually restricted in accordance with the withdrawal provisions contained in an Offering Memorandum. In addition, substantial withdrawals by investors within a short period of time could require a fund to liquidate securities positions and other investments more rapidly than would otherwise be desirable, possibly reducing the value of the fund’s assets and/or disrupting the fund’s investment strategy.  Boyle Capital Form ADV Part 2A Page 18 Use of Other Managers In the event we recommend a third-party Manager to manage all or a portion of your assets, we will advise you on how to allocate your assets among various classes of securities, Managers, programs, or managed model portfolios. As such, we will primarily rely on investment model portfolios and strategies developed by the Manager(s) and their portfolio managers. If there is a significant deviation in characteristics or performance from the stated strategy and/or benchmark, we may recommend changing models, strategies, programs, or Managers (or, where you grant us discretion to do so, we may change models or strategies within the same Manager’s program(s). The primary risk associated with investing with a third party is that while a particular third party may have demonstrated a certain level of success in the past, it may not be able to replicate that success in future markets. In addition, as we do not control the underlying investments in third-party model portfolios, there is also a risk that a third party may deviate from the stated investment mandate or strategy of the portfolio, making it a less suitable investment for our clients. To mitigate this risk, we seek third parties with proven track records that have demonstrated a consistent level of performance and success over time. A third party’s past performance is not a guarantee of future results, and certain market and economic risks exist that may adversely affect an account’s performance, which could result in capital losses in your account. Please refer to the specific Manager’s advisory agreements, Form ADV Brochure, and associated disclosure documents for details on their specific investment strategies, methods of analysis, and associated risks. Disciplinary Information - Item 9 We are required to disclose the facts of any legal or disciplinary events that are material to a client's evaluation of our advisory business or the integrity of our management. We do not have any required disclosures under this item. Other Financial Industry Activities or Affiliations - Item 10 David Merritt, an investment adviser representative with our firm, is a licensed certified public accountant ("CPA"). Mr. Merritt owns a tax and accounting practice, Sterling Financial Advisory Services LLC ("Sterling Financial"). Clients of our firm may also be clients of Sterling Financial. If you require tax or accounting services, we may refer you to Sterling Financial. Our advisory services are separate and distinct from the compensation paid to Sterling. We do not share in any fees paid to Sterling for tax or accounting services. Brian F. Boyle, President of our firm, and Mr. Merritt are also licensed as independent insurance agents, and they can effect transactions in life insurance products. It is possible that some clients to whom we offer advisory services could also be clients for whom Mr. Boyle and Mr. Merritt act as insurance agents. They earn commission- based compensation for selling insurance products, including insurance products they sell to our clients. In such cases, clients are instructed that the fees paid to the firm for advisory services are separate and distinct from the commissions earned by Mr. Boyle and Mr. Merritt for placing the client in insurance products. The sale of insurance instruments and other commissionable products offered by our licensed individuals is intended to complement our advisory services. However, this practice presents a conflict of interest because persons providing investment advice on behalf of our firm who are insurance agents have an incentive to recommend insurance products to you for the purpose of generating commissions rather than making recommendations based solely on your needs. We address this conflict of interest by recommending insurance products only where we, in good faith, believe that it is appropriate for the client’s particular needs and circumstances, and only after a full presentation of the recommended insurance product to our client. In addition, we explain the insurance underwriting process to our clients to illustrate how the insurer also reviews the client’s application and disclosures prior to the issuance of a resulting insuring agreement. Moreover, clients are under no obligation to  Boyle Capital Form ADV Part 2A Page 19 utilize the insurance services of Mr. Boyle or Mr. Merritt or of any particular insurance provider and may use any insurance provider or agent they choose. Referral arrangements with persons affiliated with our firm present a conflict of interest for us because we may have a direct or indirect financial incentive to recommend insurance products or accounting services. While we believe that the compensation charged by Mr. Merritt and Sterling is competitive, such compensation may be higher than fees charged by others providing the same or similar services. You are under no obligation to use the services of any tax, accounting, or insurance provider we recommend, whether affiliated or otherwise, and you may obtain comparable services and/or lower fees through other providers. Recommendation of Other Managers As disclosed above, we may recommend the use of third-party Manager(s) or programs to manage all or a portion of your portfolio. Please see Items 4, 5, and 8 of this brochure for additional information regarding this topic. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading - Item 11 We strive to comply with applicable laws and regulations governing our practices. Therefore, our Code of Ethics includes guidelines for professional standards of conduct for persons associated with our firm. Our goal is to protect your interests at all times and to demonstrate our commitment to our fiduciary duties of honesty, good faith, and fair dealing with you. All persons associated with our firm are expected to adhere strictly to these guidelines. Our Code of Ethics also requires that certain persons associated with our firm submit reports of their personal account holdings and transactions to a qualified representative of our firm who will review these reports periodically. Persons associated with our firm are also required to report any violations of our Code of Ethics. Additionally, we maintain and enforce written policies reasonably designed to prevent the misuse or dissemination of material, non-public information about you or your account holdings by persons associated with our firm. Clients or prospective clients may obtain a copy of our Code of Ethics by contacting us at the telephone number on the cover page of this brochure. Participation or Interest in Client Transactions and Personal Trading Practices It is our policy that persons associated with our firm or our firm shall not have priority over any client transactions in the purchase or sale of securities. We, our associated persons, and/or third-party Managers may buy or sell securities for you that we buy, sell, or currently own for our own accounts. A conflict of interest exists in cases where we have the ability to trade ahead of you and potentially receive more favorable prices than you will receive. To eliminate this conflict of interest, it is our policy that persons associated with our firm or our firm shall not have priority over any client transactions in the purchase or sale of securities. Although we would not necessarily be aware of the timing of trades being considered by a selected Manager prior to the transaction, this could be considered a potential conflict of interest with clients. Where we and any persons associated with our firm are aware that a Manager is considering specific transactions for clients’ accounts on a specific trading day where there is a potential material conflict, we will make every effort to be “last in” and “last out” for the trading day when trading occurs in close proximity to client trades for which we are aware. Under certain circumstances, exceptions to the trading policy may be made. The foregoing policy does not apply to investments in:  Boyle Capital Form ADV Part 2A Page 20 • direct obligations of the Government of the United States; • money market instruments, bankers’ acceptances, bank certificates of deposit, commercial paper, repurchase agreements, and other high-quality short-term debt instruments, including repurchase agreements; • shares issued by mutual funds or money market funds; and, • shares issued by unit investment trusts that are invested exclusively in one or more mutual funds. Brokerage Practices - Item 12 Brokerage Practices We and selected third-party Managers routinely require clients to utilize the brokerage and custodial services of Charles Schwab & Co., Inc. (Schwab), a registered broker-dealer, member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). We believe that Schwab provides quality execution services for clients at competitive prices. Price is not the sole factor we consider in evaluating best execution. We also consider the quality of the brokerage services provided, including the value of research provided, the company’s reputation, execution capabilities, commission rates, and responsiveness to our clients and our firm. In recognition of the value of research services and additional brokerage products and services Schwab provides, lower commissions and/or trading costs may be available elsewhere. We are independently owned and operated and are not affiliated with Schwab. Schwab will hold your assets in a brokerage account and buy and sell securities when we or you instruct them to. While we require that you use Schwab as custodian/broker, you will decide whether to do so and will open your account with Schwab by entering into an account Agreement directly with them. Conflicts of interest associated with this arrangement are described below. You should consider these conflicts of interest when selecting your custodian. We do not open the account for you, although we may assist you in doing so. If you do not wish to place your assets with Schwab, then we cannot manage your account. Not all advisors require their clients to use a particular broker-dealer or other custodian selected by the advisor. Even though your account is maintained at Schwab, and we anticipate that most trades will be executed through Schwab, we can still use other brokers to execute trades for your account as described below (see “Your Brokerage and Custody Costs”). How We Select Brokers/Custodians We use Schwab to hold your assets and execute transactions. When considering whether the terms that Schwab provides are, overall, most advantageous to you when compared with other available providers and their services, we take into account a wide range of factors, including: • • • Combination of transaction execution services and asset custody services (generally without a separate fee for custody) Capability to execute, clear, and settle trades (buy and sell securities for your account) Capability to facilitate transfers and payments to and from accounts (wire transfers, check requests, bill payments, etc.) • Breadth of available investment products (stocks, bonds, mutual funds, exchange-traded funds (ETFs), etc.) • Availability of investment research and tools that assist us in making investment decisions • Quality of services  Boyle Capital Form ADV Part 2A Page 21 • Competitiveness of the price of those services (commission rates, margin interest rates, other fees, etc.) and willingness to negotiate the prices Prior service to our clients and us Services delivered or paid for by Schwab • Reputation, financial strength, security, and stability • • • Availability of other products and services that benefit us, as discussed below Your Brokerage and Custody Costs For our clients’ accounts that Schwab maintains, Schwab generally does not charge separately for custody services but is compensated by charging commissions or other fees on trades that it executes or that settle into your Schwab account. Schwab is also compensated by earning interest on the uninvested cash in your account in Schwab’s Cash Features Program. Certain trades (for example, mutual funds and ETFs) do not incur Schwab commissions or transaction fees. However, the wrap fee we charge includes redemption fees resulting from mutual fund trades along with any commissions, markups, and markdowns resulting from transactions effected through or with a broker-dealer other than Schwab (also known as “step-out” or “trade away” fees). For some accounts, Schwab charges a percentage of the dollar amount of assets in the account in lieu of commissions. Schwab’s commission rates and asset-based fees applicable to our client accounts were negotiated based on the condition that our clients collectively maintain a total of at least $10 million of their assets in accounts at Schwab. This commitment benefits you because the overall commission rates and asset-based fees you pay are lower than they would be otherwise. If we have less than $10 million in client assets at Schwab, it may charge us quarterly service fees, but those fees will not be passed on to you. Schwab also charges a flat dollar amount as a “prime broker” or “trade away” fee for each trade that we have executed by a different broker-dealer, but where the securities bought, or the funds from the securities sold, are deposited (settled) into your Schwab account. These fees are in addition to the commissions or other compensation charged by the executing broker-dealer. As noted above, all such “trade away” fees are paid by us for wrap-fee accounts. Because of this, in order to minimize trading costs, we will have Schwab execute most trades for your account. fees, extension fees, fees, administrative fees, dividend reinvestment Your account(s) may incur costs associated with additional services requested by you including, but not limited to wire or electronic fund transfer fees, overnight delivery fees, duplicate statement fees, account transfer fees, foreign reorganization dividend/custody/settlement fees, returned check fees, share class exchange fees, special product fees, stop payment fees, termination fees, or any contingent deferred sales charges that may be incurred upon the sale of a security transferred into the Program account at your request. Additionally, there may be other costs assessed to your account that are not included in the Program Fee, such as national securities exchange fees, SEC or other regulatory fees, charges for transactions with respect to assets not executed through the custodian, costs associated with exchanging currencies, or other fees required by law. We are not required to select the broker or dealer that charges the lowest transaction cost, even if that broker provides execution quality comparable to other brokers or dealers. Although we are not required to execute all trades through Schwab, we have determined that having Schwab execute most trades is consistent with our duty to seek “best execution” of your trades. Best execution means the most favorable terms for a transaction based on all relevant factors, including those listed above (see “How We Select Brokers/Custodians”).  Boyle Capital Form ADV Part 2A Page 22 Research and Other Soft Dollar Benefits Although the following products and services are not purchased with “soft dollar” credits, we will receive certain economic benefits (soft dollar benefits) from Schwab in the form of access to Schwab’s institutional brokerage and support services at no additional cost or at a discounted cost. Below is a detailed description of Schwab’s support services: Products and Services Available to Us from Schwab Schwab Advisor Services™ is Schwab’s business serving independent investment advisory firms like ours. They provide our clients and us with access to their institutional brokerage services (trading, custody, reporting, and related services), many of which are not typically available to Schwab retail customers. However, certain retail investors may be able to get institutional brokerage services from Schwab without going through us. Schwab also makes available various support services. Some of those services help us manage or administer our clients’ accounts, while others help us manage and grow our business. Schwab’s support services are generally available on an unsolicited basis (we don’t have to request them) and at no charge to us. Services that Benefit You: Schwab’s institutional brokerage services include access to a broad range of investment products, execution of securities transactions, and custody of client assets. The investment products available through Schwab include some that we might not otherwise have access to, or that would require a significantly higher minimum initial investment by our clients. Schwab’s services described in this paragraph generally benefit you and your account. Services that Do Not Directly Benefit You: Schwab also makes available to us other products and services that benefit us but do not directly benefit you or your account. These products and services assist us in managing and administering our clients’ accounts and operating our firm. They include investment research, both Schwab’s own and that of third parties. We use this research to service all or a substantial number of our clients’ accounts, including accounts not maintained at Schwab. In addition to investment research, Schwab also makes available software and other technology that: provide access to client account data (such as duplicate trade confirmations and account statements) facilitate trade execution and allocate aggregated trade orders for multiple client accounts provide pricing and other market data facilitate payment of our fees from our clients’ accounts assist with back-office functions, recordkeeping, and client reporting • • • • • Services that Generally Benefit Only Us: Schwab also offers other services intended to help us manage and further develop our business enterprise. These services include: Educational conferences and events Consulting on technology and business needs Consulting on legal and compliance-related needs Publications and conferences on practice management and business succession • • • • • Access to employee benefits providers, human capital consultants, and insurance providers • Marketing consulting and support • Recruiting and custodial search consulting Schwab provides some of these services itself. In other cases, it will arrange for third-party vendors to provide the services to us. Schwab also discounts or waives its fees for some of these services or pays all or a part of a  Boyle Capital Form ADV Part 2A Page 23 third party’s fees. Schwab also provides us with other benefits, such as occasional business entertainment for our personnel. If you did not maintain your account with Schwab, we would be required to pay for those services from our own resources. We understand our duty for best execution and consider all factors in making recommendations to clients. These research services may be useful in servicing all our clients and may not be used in connection with any particular account that may have paid compensation to the firm providing such services. While we may not always obtain the lowest commission rate, we believe the rate is reasonable in relation to the value of the brokerage and research services provided. Our Interest in Schwab’s Services The availability of these services from Schwab benefits us because we do not have to produce or purchase them. We don’t have to pay for Schwab’s services. Schwab has also agreed to pay for certain technology, research, marketing, and compliance consulting products and services on our behalf. These services are not contingent upon our committing any specific amount of business to Schwab in trading commissions or assets in custody. The fact that we receive these benefits from Schwab is an incentive for us to require the use of Schwab rather than making such a decision based exclusively on your interest in receiving the best value in custody services and the most favorable execution of your transactions. This is a conflict of interest. We believe, however, that taken in the aggregate, our selection of Schwab as custodian and broker is in the best interests of our clients. Our selection is primarily supported by the scope, quality, and price of Schwab’s services (see “How We Select Brokers/Custodians”) and not by Schwab’s services that benefit only us. Brokerage for Client Referrals We do not receive client referrals from broker-dealers in exchange for cash or other compensation, such as brokerage services or research. Directed Brokerage We routinely require that you direct our firm to execute transactions through broker-dealers with whom we have a business relationship, such as Schwab. As such, we may be unable to achieve the most favorable execution of your transactions, and you may pay higher brokerage commissions than you might otherwise pay through another broker-dealer that offers the same types of services. Not all advisers require their clients to direct brokerage. Block Trades We combine multiple orders for shares of the same securities purchased for advisory accounts we manage (this practice is commonly referred to as “block trading”) whenever possible. We will then distribute a portion of the shares to participating accounts in a fair and equitable manner. The distribution of the shares purchased is typically proportionate to the size of the account, but it is not based on account performance or the amount or structure of management fees. In rare instances, such as partial fills or limited shares of thinly traded or illiquid stocks, it may be necessary to place block trades for only small groups of clients over a period of time. Subject to our discretion regarding factual and market conditions, when we combine orders, each participating account pays an average price per share for all transactions and pays a proportionate share of all transaction costs. (Participants in our Wrap Fee Program do not pay separate transaction fees.) Accounts owned by our firm or  Boyle Capital Form ADV Part 2A Page 24 persons associated with our firm may participate in block trading with your accounts; however, they will not be given preferential treatment. We combine multiple orders for shares of the same securities purchased for discretionary accounts; however, we do not combine orders for non-discretionary accounts. Accordingly, non-discretionary accounts may pay different costs than discretionary accounts pay. If you enter into non-discretionary arrangements with our firm, we may not be able to buy and sell the same quantities of securities for you, and you may pay higher commissions, fees, and/or transaction costs than clients who enter into discretionary arrangements with our firm. We do not combine multiple orders for shares of the same mutual funds purchased for advisory accounts we manage because mutual funds do not trade in blocks. Third-party Managers may or may not block trade client accounts. Please see the Manager’s disclosure brochure for information regarding block trading and other brokerage practices. Review of Accounts - Item 13 Account reviews are conducted on an ongoing basis by Brian Boyle, Managing Member and Chief Compliance Officer, or Ryan O'Hare, Chief Operating Officer. It is your responsibility to advise us of any changes in your investment objectives and/or financial situation. You are encouraged to review investment objectives and account performance with us at least annually, either in person or by phone. Additional reviews may be conducted based on various circumstances, including, but not limited to: • contributions and withdrawals, • year-end tax planning, • market-moving events, • security-specific events, and/or • changes in your risk/return objectives. We will not provide you with additional or regular written reports in conjunction with account reviews. However, you will receive trade confirmations, monthly or quarterly statements, and year-end tax statements from your account custodian(s) and/or from relevant third-party advisers in accordance with their disclosures and your agreement with the relevant third-party adviser. Dave Merritt, Investment Adviser Representative, will review financial plans as needed, depending on the arrangements made with you at the inception of your advisory relationship to ensure that the advice provided is consistent with your investment needs and objectives. Generally, we will contact you periodically to determine whether any updates may be needed based on changes in your circumstances. Changed circumstances may include, but are not limited to, a marriage, divorce, birth, death, inheritance, lawsuit, retirement, job loss, and/or disability, among others. We recommend meeting with you at least annually to review and update your plan if needed. Additional reviews will be conducted upon your request. Such reviews and updates may be subject to our then-current hourly rate. We will not provide regular written reports for financial planning and consulting services. If you implement financial planning advice, you will receive trade confirmations and monthly or quarterly statements from relevant custodians.  Boyle Capital Form ADV Part 2A Page 25 Client Referrals and Other Compensation - Item 14 We directly compensate non-employee (outside) consultants, individuals, and/or entities (Promoters) for client referrals. In order to receive a cash referral fee from our firm, Promoters must comply with the requirements of the jurisdictions in which they operate. If you become a client, the Promoter that referred you to our firm will receive a percentage of the advisory fee you pay our firm for as long as you are a client with our firm, or until such time as our agreement with the Promoter expires. You will not pay additional fees because of this referral arrangement. Referral fees paid to a Promoter are contingent upon your entering into an advisory agreement with our firm. Therefore, a Promoter has a financial incentive to recommend our firm to you for advisory services. This creates a conflict of interest; however, you are not obligated to retain our firm for advisory services. Comparable services and/or lower fees may be available through other firms. Promoters that refer business to more than one investment adviser may have a financial incentive to recommend advisers with more favorable compensation arrangements. We request that our Promoters disclose to you whether multiple referral relationships exist and that comparable services may be available from other advisers for lower fees and/or where the Promoter’s compensation is less favorable. Third-party Manager fees are separate and in addition to Boyle Capital’s fees. Boyle Capital does not share in fees charged by other Managers. Custodial Benefits As described in Item 12 above, we receive economic benefits from our custodial broker-dealer in the form of support products and services they make available to us and other independent investment advisors whose clients maintain their accounts at these custodial broker dealers. The availability of custodial products and services is not dependent upon or based on the specific investment advice we provide our clients, such as buying or selling specific securities or specific types of securities for our clients. The products and services provided by the custodial broker-dealer, how they benefit us, and the related conflicts of interest are described above (see Item 12 – Brokerage Practices). Economic Benefits Received from Vendors and Product Sponsors Occasionally, our firm and our Associated Persons will receive additional compensation from vendors. Compensation could include such items as gifts, an occasional dinner or ticket to a sporting event, reimbursement in connection with educational meetings with an Associated Person, reimbursement for consulting services, client workshops, or events, or marketing events or advertising initiatives, including services for identifying prospective clients. Receipt of additional economic benefits presents a conflict of interest because our firm and Associated Persons have an incentive to recommend and use vendors based on the additional economic benefits obtained rather than solely on the client’s needs. We address this conflict of interest by recommending vendors that we, in good faith, believe are appropriate for the client’s particular needs. Clients are under no obligation contractually or otherwise, to use any of the vendors recommended by us. Custody - Item 15 We do not have physical custody of any of your funds and/or securities. Your funds and securities will be held with a bank, broker-dealer, or other independent, qualified custodian. As a paying agent for our firm, your independent custodian will directly debit your account(s) for the payment of our advisory fees upon our instruction. Therefore, we are deemed to have custody of client funds or securities limited to the fee deduction authority granted by you in the investment advisory agreement with us, and in certain situations where we accept standing letters of authorization from you to transfer assets to third parties. We maintain safeguards in accordance with regulatory requirements regarding the custody of client assets. Additionally, you will receive  Boyle Capital Form ADV Part 2A Page 26 account statements from the independent, qualified custodian(s) holding your funds and securities at least quarterly. Third-party Managers will calculate and deduct their fees from the accounts pursuant to the advisory agreements you sign with us and/or them. The account statements from your custodian(s) will indicate any deductions from your accounts, including the amount of advisory fees deducted from your account(s) each billing period and paid to us and applicable third-party Managers. You should carefully review account statements for accuracy. If you have a question regarding your account statement, or if you did not receive a statement from your custodian, please contact us directly at the telephone number on the cover page of this brochure. Investment Discretion - Item 16 Before we can buy or sell securities on your behalf, you must first sign our management agreement and/or trading authorization forms. If you enter into discretionary arrangements with our firm, you will grant our firm discretion over the selection and amount of securities to be purchased or sold for your account(s) without obtaining your consent or approval prior to each transaction. You may specify investment objectives, guidelines, and/or impose certain conditions or investment parameters for your account(s). For example, you may specify that the investment in any particular stock or industry should not exceed specified percentages of the value of the portfolio and/or restrictions or prohibitions of transactions in the securities of a specific industry or security. Please refer to the “Advisory Business” section in this brochure for more information on our discretionary management services. If you enter into non-discretionary arrangements with our firm, we will obtain your approval prior to the execution of any transactions for your account(s). You have an unrestricted right to decline to implement any advice provided by our firm on a non-discretionary basis. Voting Client Securities - Item 17 Proxy Voting Boyle Capital does not accept authorization to vote proxies on behalf of clients. At your request, we may offer you advice regarding corporate actions and the exercise of your proxy voting rights. If you own shares of applicable securities, you or your designated representative is responsible for exercising your right to vote as a shareholder. In most cases, you will receive proxy materials directly from the account custodian. However, in the event we were to receive any written or electronic proxy materials, we would forward them directly to you by mail, unless you have authorized our firm to contact you by electronic mail, in which case, we would forward any electronic solicitations to vote proxies. Other Managers typically do not vote proxies. Financial Information - Item 18 Our firm does not have any financial condition or impairment that would prevent us from meeting our contractual commitments to you.  Boyle Capital Form ADV Part 2A Page 27 Miscellaneous Your Privacy We view protecting your private information as a top priority. Pursuant to applicable privacy requirements, we have instituted policies and procedures to ensure that we keep your personal information private and secure. We do not disclose any nonpublic personal information about you to any non-affiliated third parties, except as permitted by law. In the course of servicing your account, we may share some information with our service providers, such as transfer agents, custodians, broker-dealers, accountants, consultants, and attorneys. We restrict internal access to nonpublic personal information about you to employees who need that information in order to provide products or services to you. We maintain physical and procedural safeguards that comply with regulatory standards to guard your nonpublic personal information and to ensure our integrity and confidentiality. We will not sell information about you or your accounts to anyone. We do not share your information unless it is required to process a transaction, at your request, or required by law. You will receive a copy of our privacy notice prior to or at the time you sign an advisory agreement with our firm. Thereafter, we will deliver a copy of the current privacy policy notice to you on an annual basis. Please contact our main office at the telephone number on the cover page of this brochure if you have any questions regarding this policy. Class Action Lawsuits and Other Legal Matters Please note that Boyle Capital will not advise or act for the Client with respect to any legal matters, including bankruptcies and class actions, with respect to the securities held in the Client’s Account(s). We do not determine if securities held by you are the subject of a class action lawsuit or whether you are eligible to participate in class action settlements or litigation, nor do we initiate or participate in litigation to recover damages on your behalf for injuries as a result of actions, misconduct, or negligence by issuers of securities held by you.