Bsc Capital Partners, LLC

Item 1 – Cover Page BSC Capital Partners, LLC 1031 Office Park Road, Suite 4 West Des Moines, IA 50265 (515) 225-1185 www.bsccapital.com Date of Disclosure Brochure: June 2026 This disclosure brochure provides information about the qualifications and business practices of BSC Capital Partners, LLC (also referred to as we, us and BSC Capital Partners throughout this disclosure brochure). If you have any questions about the contents of this disclosure brochure, please contact Jason W. Shaw at (515) 225-1185 or jason@bsccapital.com. The information in this disclosure brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. information about BSC Capital Partners is also available on the Internet at Additional www.adviserinfo.sec.gov. You can view our firm’s information on this website by searching for BSC Capital Partners, LLC or our firm’s CRD number 284338. *Registration as an investment adviser does not imply a certain level of skill or training. BSC Capital Partners, LLC Page 1 Form ADV Part 2A Disclosure Brochure  Item 2 – Material Changes The material changes in this brochure from the last annual updating amendment of BSC Capital Partners, LLC on March 30, 2026, are described below. Material changes relate to BSC Capital Partners, LLC’s policies, practices or conflicts of interests. • Item 19 was removed from this firm brochure since it is not required for SEC registered firms. We will ensure that you receive a summary of any material changes to this and subsequent disclosure brochures within 120 days after our firm’s fiscal year ends. Our firm’s fiscal year ends on December 31, so you will receive the summary of material changes no later than April 30 each year. At that time we will also offer or provide a copy of the most current disclosure brochure. We may also provide other ongoing disclosure information about material changes as necessary. BSC Capital Partners, LLC Page 2 Form ADV Part 2A Disclosure Brochure  Item 3 – Table of Contents Item 1 – Cover Page .......................................................................................................................................... 1 Item 2 – Material Changes ................................................................................................................................ 2 Item 3 – Table of Contents ................................................................................................................................ 3 Item 4 – Advisory Business ............................................................................................................................... 4 Item 5 – Fees and Compensation ..................................................................................................................... 5 Item 6 – Performance-Based Fees and Side-By-Side Management ................................................................. 8 Item 7 – Types of Clients ................................................................................................................................... 8 Item 8 – Methods of Analysis, Investment Strategies, and Risk of Loss ........................................................... 9 Item 9 – Disciplinary Information ..................................................................................................................... 11 Item 10 – Other Financial Industry Activities and Affiliations ........................................................................... 11 Item 11 – Code of Ethics, Participation in Client Transactions and Personal Trading ..................................... 12 Item 12 – Brokerage Practices ........................................................................................................................ 12 Item 13 – Review of Accounts ......................................................................................................................... 15 Item 14 – Client Referrals and Other Compensation ....................................................................................... 15 Item 15 – Custody ........................................................................................................................................... 15 Item 16 – Investment Discretion ...................................................................................................................... 16 Item 17 – Voting Client Securities ................................................................................................................... 16 Item 18 – Financial Information ....................................................................................................................... 16 Business Continuity Plan ................................................................................................................................. 16 Customer Privacy Policy Notice ...................................................................................................................... 17 FORM ADV PART 2B BROCHURE SUPPLEMENT - Jason W. Shaw .......................................................... 18 FORM ADV PART 2B BROCHURE SUPPLEMENT - Cory J. Millmier........................................................... 20 FORM ADV PART 2B BROCHURE SUPPLEMENT - Matthew D. Evans ...................................................... 22 BSC Capital Partners, LLC Page 3 Form ADV Part 2A Disclosure Brochure  Item 4 – Advisory Business BSC Capital Partners is an investment adviser registered with the State of Iowa and is a limited liability company (LLC) formed under the laws of the State of Iowa. • Jason W. Shaw is the Chief Compliance Officer (CCO). Jason W Shaw Revocable Trust u/a December 3, 2025, is 100% owner of BSC Capital Partners. Jason W. Shaw is the beneficiary of the Jason W Shaw Revocable Trust u/a December 3, 2025. Full details of the education and business background of Jason W. Shaw are provided in Item 19 of this Disclosure Brochure. • BSC Capital Partners filed its initial application to become registered as an investment adviser in July • 2016. Item 4 – BSC Capital Partners, LLC filed its initial application to become registered as an investment adviser with the U.S. Securities and Exchange Commission in March 2026, which was accepted on May 6, 2026. Introduction The investment advisory services of BSC Capital Partners are provided to you through an appropriately licensed and qualified individual who is an investment adviser representative of BSC Capital Partners (referred to as your investment adviser representative throughout this brochure). Description of Advisory Services The following are descriptions of the primary advisory services of BSC Capital Partners. Please understand that a written agreement, which details the exact terms of the service, must be signed by you and BSC Capital Partners before we can provide you the services described below. Asset Management Services BSC Capital Partners offers asset management services, which involves BSC Capital Partners providing you with continuous and ongoing supervision over your specified accounts. You must appoint our firm as your investment adviser of record on specified accounts (collectively, the “Account”). The Account consists only of separate account(s) held by qualified custodian(s) under your name. The qualified custodian(s) maintain physical custody of all funds and securities of the Account, and you retain all rights of ownership (e.g., right to withdraw securities or cash, exercise or delegate proxy voting and receive transaction confirmations) of the Account. The Account is managed by us based on your financial situation, investment objectives and risk tolerance. We actively monitor the Account and provide advice regarding buying, selling, reinvesting or holding securities, cash or other investments of the Account. We will need to obtain certain information from you to determine your financial situation and investment objectives. You will be responsible for notifying us of any updates regarding your financial situation, risk tolerance or investment objective and whether you wish to impose or modify existing investment restrictions; however, we will contact you at least annually to discuss any changes or updates regarding your financial situation, risk tolerance or investment objectives. We are always reasonably available to consult with you relative to the status of your Account. You can impose reasonable restrictions on the management of your accounts, including the ability to instruct us not to purchase certain securities. It is important that you understand that we manage investments for other clients and may give them advice or take actions for them or for our personal accounts that is different from the advice we provide to you or actions taken for you. We are not obligated to buy, sell or recommend to you any security or other investment that we may buy, sell or recommend for any other clients or for our own accounts. Conflicts may arise in the allocation of investment opportunities among accounts that we manage. We strive to allocate investment opportunities believed to be appropriate for your account(s) and other accounts advised by our firm among such accounts equitably and consistent with the best interests of all accounts involved. However, there can be no assurance that a particular investment opportunity that comes to our attention will be allocated in any particular manner. If we obtain material, non-public information about a security or its issuer that we may not lawfully use or disclose, we have absolutely no obligation to disclose the information to any client or use it for any client’s benefit. BSC Capital Partners, LLC Page 4 Form ADV Part 2A Disclosure Brochure  Financial Planning & Consulting Services BSC Capital Partners offers financial planning services, which involve preparing a written financial plan covering specific or multiple topics. We provide full written financial plans, which typically address the following topics: Investment Planning, Retirement Planning, Tax Planning, Education Planning, Portfolio Review, and Asset Allocation. When providing financial planning and consulting services, the role of your investment adviser representative is to find ways to help you understand your overall financial situation and help you set financial objectives. Written financial plans prepared by us do not include specific recommendations of individual securities. We also offer consultations to discuss financial planning issues when you do not need a written financial plan. We offer a one-time consultation, which covers mutually agreed-upon areas of concern related to investments or financial planning. We also offer “as-needed” consultations, which are limited to consultations in response to a particular investment or financial planning issue raised or request made by you. Under an “as-needed” consultation, it will be incumbent upon you to identify those particular issues for which you are seeking our advice or consultation. Our financial planning and consulting services do not involve implementing any transaction on your behalf or the active and ongoing monitoring or management of your investments or accounts. You have the sole responsibility for determining whether to implement our financial planning and consulting recommendations. To the extent that you would like to implement any of our investment recommendations through BSC Capital Partners or retain BSC Capital Partners to actively monitor and manage your investments, you must execute a separate written agreement with BSC Capital Partners for our asset management services. Limits Advice to Certain Types of Investments BSC Capital Partners provides investment advice on the following types of investments: • Mutual Funds • Exchange-listed Securities • Municipal Securities • Variable Annuities • US Government Securities • Options Contracts on Securities Although we generally provide advice only on the products previously listed, we reserve the right to offer advice on any investment product that may be suitable for each client’s specific circumstances, needs, goals and objectives. Tailor Advisory Services to Individual Needs of Clients BSC Capital Partners’ advisory services are always provided based on your individual needs. This means, for example, that when we provide asset management services, you are given the ability to impose restrictions on the accounts we manage for you, including specific investment selections and sectors. We work with you on a one- on-one basis through interviews and questionnaires to determine your investment objectives and suitability information. We will not enter an investment adviser relationship with a prospective client whose investment objectives may be considered incompatible with our investment philosophy or strategies or where the prospective client seeks to impose unduly restrictive investment guidelines. Client Assets Managed by BSC Capital Partners BSC Capital Partners has $125,816,727 discretionary assets and $0 non-discretionary assets under management as of December 31, 2025. Item 5 – Fees and Compensation In addition to the information provided in Item 4 – Advisory Business, this section provides additional details BSC Capital Partners, LLC Page 5 Form ADV Part 2A Disclosure Brochure  regarding our firm’s services along with descriptions of each service’s fees and compensation arrangements. It should be noted that lower fees for comparable service may be available from other sources. The exact fees and other terms will be outlined in the agreement between you and BSC Capital Partners. Asset Management Services Fees charged for our asset management services are charged based on a percentage of assets under management, either billed (1) in advance (at the start of the billing period) on a quarterly calendar basis and calculated based on the fair market value of your account as of the last business day of the previous billing period, or (2) in arrears (at the end of the billing period) using the average daily balance during the previous calendar quarter. Fees are prorated (based on the number of days service is provided during the billing period) for your account opened or closed at any time other than the beginning of the billing period. If asset management services commenced in the middle of a billing period, the prorated fee for the initial billing period is billed in arrears at the same time as the next full billing period’s fee is billed. For fees billed in arrears, the average daily balance in the client’s account throughout the billing period is used to determine the market value of the assets upon which the advisory fee is based. The asset management services continue in effect until terminated by either party (i.e., BSC Capital Partners or you) by providing written notice of termination to the other party. Any prepaid, unearned fees will be promptly refunded by BSC Capital Partners to you. Fee refunds will be determined on a pro rata basis using the number of days services are provided during the final period for fees billed in advance. Fees charged for our asset management services are negotiable based on the type of client, the complexity of the client's situation, the composition of the client's account (i.e., equities versus mutual funds), the potential for additional account deposits, the relationship of the client with the investment adviser representative, and the total amount of assets under management for the client. For our asset management services, client will be charged the following annual fee based upon the amount of assets under management: Assets Under Management Annual Fees $0 – $500,000 1.250% $500,001 – $1,500,000 1.100% $1,500,001 and above 0.950% There is a suggested minimum account size of $25,000. Exceptions may be granted to this minimum based upon the relationship of the client to the adviser. BSC Capital Partners believes that its annual fee is reasonable in relation to: (1) services provided and (2) the fees charged by other investment advisers offering similar services/programs. However, our annual investment advisory fee may be higher than that charged by other investment advisers offering similar services/programs. In addition to our compensation, you may also incur charges imposed at the mutual fund level (e.g., advisory fees and other fund expenses). The investment advisory fees will be deducted from your account and paid directly to our firm by the qualified custodian(s) of your account. You will authorize the qualified custodian(s) of your account to deduct fees from your account and pay such fees directly to our firm. Our firm will send you a billing statement prior to or at the same time that fee deduction instructions are sent to the qualified custodian(s) of your account. The billing statement will detail the formula used to calculate the fee, the assets under management and the time period covered. See Item 15 – Custody for more details. You should review your account statements received from the qualified custodian(s) and verify that appropriate investment advisory fees are being deducted. The qualified custodian(s) will not verify the accuracy of the investment advisory fees deducted. Brokerage commissions and/or transaction ticket fees charged by the qualified custodian are billed directly to you by the qualified custodian. BSC Capital Partners does not receive any portion of such commissions or fees from you or the qualified custodian. In addition, you may incur certain charges imposed by third parties other than BSC Capital Partners in connection with investments made through your account including, but not limited to, mutual fund sales loads, 12(b)-1 fees and surrender charges, variable annuity fees and surrender charges, IRA and qualified retirement plan fees, and charges imposed by the qualified custodian(s) of your account. Management fees charged by BSC Capital Partners are separate and distinct from the fees and expenses charged by investment company securities that may be recommended to you. A description of these fees and expenses is available in each investment company security’s prospectus. BSC Capital Partners, LLC Page 6 Form ADV Part 2A Disclosure Brochure  Financial Planning & Consulting Services Fees charged for our financial planning and consulting services are negotiable based upon the type of client, the complexity of the client's situation, the composition of the client's account, other advisory services provided and the relationship of the client and the investment adviser representative. The following are the fee arrangements available for financial planning and consulting services offered by BSC Capital Partners. Fees for Financial Planning Services BSC Capital Partners provides financial planning services under an hourly fee arrangement. An hourly fee in the range of $150 to $350 per hour (depending on the complexity of the client’s situation) is charged by BSC Capital Partners for financial planning services provided under this arrangement. Before commencing financial planning services, BSC Capital Partners provides an estimate of the approximate hours needed to complete the requested financial planning services. If BSC Capital Partners anticipates exceeding the estimated number of hours required, BSC Capital Partners will contact you to receive authorization to provide additional services. The standard billing dates and events of BSC Capital Partners are the following: (1) the first business day of each month; (2) the date when incurred hourly fees and expenses will cause the retainer balance to be depleted to zero; (3) the date or thereafter that BSC Capital Partners substantially provides the agreed upon services; and (4) the date the engagement is terminated by either you or BSC Capital Partners. Upon presentment of the invoice to you, BSC Capital Partners will deduct the hourly fees due against your current retainer balance and you are required to pay immediately BSC Capital Partners any outstanding balance of hourly fees due. BSC Capital Partners also provides financial planning services under a fixed fee arrangement. A mutually agreed upon fixed fee is charged for financial planning services under this arrangement. There is a range in the amount of the fixed fee charged by BSC Capital Partners for financial planning services. The minimum fixed fee is generally $500, and the maximum fixed fee is generally no more than $5,000. The amount of the fixed fee for your engagement is specified in your financial planning agreement with BSC Capital Partners. At our sole discretion, you may be required to pay in advance a portion of the fixed fee at the time you execute an agreement with BSC Capital Partners. However, at no time will BSC Capital Partners require payment of more than $500 in fees more than six months in advance. Upon completion and delivery of the financial plan, the fixed fee is considered earned by BSC Capital Partners and any unpaid amount is immediately due. The financial planning services terminate upon delivery of the written financial plan or upon either party providing the other party with written notice of termination. You may terminate the financial planning services within five (5) business days of entering into an agreement with BSC Capital Partners without penalty or fees due. If you terminate the financial planning services after five (5) business days of entering into an agreement, you will be responsible for immediate payment of any financial planning services performed by BSC Capital Partners prior to the receipt by BSC Capital Partners of your notice. For financial planning services performed by BSC Capital Partners under an hourly arrangement, you will pay BSC Capital Partners for any hourly fees incurred at the rates described above. For financial planning services performed by BSC Capital Partners under a fixed fee arrangement, you will pay an early termination fee for the hours worked by BSC Capital Partners multiplied by the hourly rate of $250. If there is a remaining balance of any fees paid in advance after the deduction of fees from the final invoice, those remaining proceeds will be refunded by BSC Capital Partners to you. Fees for Consulting Services BSC Capital Partners provides consulting services under an hourly fee arrangement. An hourly fee in the range of $150 to $350 (depending upon the complexity of the client’s situation) is charged by BSC Capital Partners for consulting services provided under this arrangement. Before providing consulting services, BSC Capital Partners will provide an estimate of the approximate hours needed to complete the consulting services. If BSC Capital Partners anticipates exceeding the estimated number of hours required, BSC Capital Partners will contact you to receive authorization to provide additional services. The standard billing dates and events of BSC Capital Partners are the following: (1) the first business day of each month; (2) the date or thereafter that BSC Capital Partners substantially provides the services; and (3) the date the engagement is terminated by either client or BSC Capital Partners. Upon presentment of the invoice, BSC Capital Partners will deduct the hourly fees due BSC Capital Partners against your current retainer balance and you will immediately pay BSC Capital Partners any outstanding balance of hourly fees due. You agree to notify BSC Capital Partners within ten (10) days of receipt of an invoice if you dispute any billing entry. BSC Capital Partners also provides consulting services under a fixed fee arrangement. A mutually agreed upon BSC Capital Partners, LLC Page 7 Form ADV Part 2A Disclosure Brochure  fixed fee is charged for consulting services under this arrangement. There is a range in the amount of the fixed fee charged by BSC Capital Partners for consulting services. The minimum fixed fee for consulting services will be $100, and maximum fixed fee for consulting services will be generally no more than $5,000. The amount of the fixed fee for your engagement is specified in your consulting agreement with BSC Capital Partners. At our sole discretion, you may be required to pay in advance a portion of the fixed fee at the time you execute an agreement with BSC Capital Partners. At no time will BSC Capital Partners require payment of more than $500 in fees more than six months in advance. The fixed fee will be considered earned by BSC Capital Partners and any unpaid amount immediately due from you upon the completion of the consulting services. The one-time consulting services will terminate upon completion of the consultation or either party providing the other party with written notice. The “as-needed” consulting services will terminate upon either you or BSC Capital Partners providing written notice of termination to the other party. You may terminate the consulting services within five (5) business days of entering into an agreement with BSC Capital Partners without penalty or fees due. If you terminate the consulting services after five business days of entering into an agreement with BSC Capital Partners, you will be responsible for immediate payment of any consulting work performed by BSC Capital Partners prior to the receipt by BSC Capital Partners of your notice. For consulting services performed by BSC Capital Partners under an hourly arrangement, you will pay BSC Capital Partners for any hourly fees incurred at the rates described above. For consulting services performed by BSC Capital Partners under a fixed fee arrangement, you will pay an early termination fee for the hours worked by BSC Capital Partners multiplied by the hourly rate of $250. If there is a remaining balance of any fees paid in advance after the deduction of fees from the final invoice, those remaining proceeds will be refunded by BSC Capital Partners to you. Other Fee Terms for Financial Planning & Consulting Services You may pay the investment advisory fees owed for the financial planning services by submitting payment directly (for example, by check) or having the fee deducted from an existing investment account. If you elect to pay by automatic deduction from an existing investment account, you will provide written authorization to BSC Capital Partners for such charge. You should notify BSC Capital Partners within ten (10) days of receipt of an invoice if you have questions about or dispute any billing entry. To the extent BSC Capital Partners engages an outside professional (i.e. attorney, independent investment adviser or accountant) while providing financial planning and consulting services to you, BSC Capital Partners will be responsible for the payment of the fees for the services of such an outside professional, and you will not be required to reimburse BSC Capital Partners for such payments. To the extent that you personally engage such an outside professional, you will be responsible for the payment of the fees for the services of such an outside professional, and BSC Capital Partners will not be required to reimburse you for such payments. Fees for the services of an outside professional (i.e. attorney, independent investment adviser or accountant) will be in addition to and separate from the fees charged by BSC Capital Partners, and you will be responsible for the payment of the fees for the services of such an outside professional. In no event will the services of an outside professional be engaged without your express approval. All fees paid to BSC Capital Partners for services are separate and distinct from the commissions, fees and expenses charged by insurance companies associated with any disability insurance, life insurance and annuities subsequently acquired by you. If you sell or liquidate certain existing securities positions to acquire any insurance or annuity, you may also pay a commission and/or deferred sales charges in addition to the financial planning and consulting fees paid to BSC Capital Partners and any commissions, fees and expenses charged by the insurance company for subsequently acquired insurance and/or annuities. All fees paid to BSC Capital Partners for financial planning and consulting services are separate and distinct from the commissions charged by a broker-dealer or asset management fees charged by an investment adviser to implement such recommendations. It should be noted that lower fees for comparable services may be available from other sources. Item 6 – Performance-Based Fees and Side-By-Side Management Item 6 is not applicable to this Disclosure Brochure because we do not charge or accept performance-based fees. Item 7 – Types of Clients BSC Capital Partners, LLC Page 8 Form ADV Part 2A Disclosure Brochure  BSC Capital Partners generally provides investment advice to the following types of clients: Individuals • • High net worth individuals • Corporations or business entities other than those listed above You are required to execute a written agreement with BSC Capital Partners specifying the particular advisory services in order to establish a client arrangement with BSC Capital Partners. Minimum Investment Amounts Required BSC Capital Partners suggests a minimum of $25,000 in order to open an account. To reach this account minimum, clients can aggregate all household accounts. Exceptions may be granted to this minimum based upon the relationship of the client to the advisor. The minimum fee generally charged for financial planning services provided on an hourly basis is $150. The minimum fixed fee generally charged for financial planning services on a fixed fee basis is $500. The minimum hourly fee generally charged for consulting services is $150. The minimum fixed fee generally charged for consulting services is $100. Item 8 – Methods of Analysis, Investment Strategies, and Risk of Loss Each client engagement will entail a review of your investment goals, financial situation, time horizon, tolerance and capacity for risk, and other factors to develop an appropriate strategy for managing your account. Your participation in this process, including full and accurate disclosure of requested information, is essential for the analysis of your account. BSC Capital Partners shall rely on the financial and other information provided by you or your designees without the duty or obligation to validate the accuracy and completeness of the provided information. It is your responsibility to inform BSC Capital Partners of any changes in financial condition, goals, or other factors that may affect this analysis. Methods of Analysis BSC Capital Partners primarily employs fundamental analysis methods in developing investment strategies for its clients. Research and analysis are derived from numerous sources including financial media companies, third- party research materials, internet sources, and review of company activities including annual reports, prospectuses, press releases and research prepared by others. Investment Strategies BSC Capital Partners uses the following investment strategies when managing client assets and/or providing investment advice: 1. Modern Portfolio Theory is the theoretical foundation for structuring client portfolios. The underlying concepts of Modern Portfolio Theory include: a. Investors are risk averse. The only acceptable risk is that which is adequately compensated by potential portfolio returns. b. Markets are efficient. It is virtually impossible to anticipate the future direction of the market as a whole or of any individual security. It is, therefore, unlikely that any portfolio will succeed in consistently “beating the market.” c. The design of the overall portfolio is more important than the selection of any particular security within the portfolio. The appropriate allocation among asset classes (stocks, bonds, cash, etc.) will have far more influence on long-term portfolio results than the selection of individual securities. Investing for the long term becomes critical to investment success because it allows the realization of the long-term characteristics of the asset classes. d. For a given risk level, an optimal combination of asset classes will maximize returns. Diversification helps reduce investment volatility. The proportional mix of asset classes determines the long-term risk and return characteristics of the portfolio as a whole. e. Portfolio risk can be decreased by increasing diversification of the portfolio and by lowering the correlation of market behavior among the asset classes selected. (Correlation is the statistical BSC Capital Partners, LLC Page 9 Form ADV Part 2A Disclosure Brochure  term for the extent to which two asset classes move in tandem or opposition to one another.) 2. Investing globally helps to minimize overall portfolio risk due to the imperfect correlation between economies of the world. Investing globally has also been shown historically to enhance portfolio returns, although there is no guarantee that it will do so in the future. 3. Equities offer the potential for higher long-term investment returns than cash or fixed income investments. Equities are also more volatile in their performance. Investors seeking higher rates of return must increase the proportion of equities in their portfolio, while at the same time accepting greater variation of results (including occasional substantial declines in value). Fixed income investments have their own risks including term risk and default risk. 4. Picking individual securities and timing the purchase or sale of investments in the attempt to “beat the market” are highly unlikely to increase long-term investment returns; they also can significantly increase portfolio operating costs. Such practices are, therefore, to be avoided. BSC Capital Partners does not invest based on speculation or market timing. Individual stocks or bonds are generally not recommended, but certain exceptions may be made in cases where stocks or bonds were obtained before becoming a client or are requested by the client. Given these strategies, the underlying approach to managing investments shall be to optimize the risk- return relationship appropriate to Investor’s needs and goals in a tax efficient manner. The client portfolios will be diversified globally employing a variety of asset classes. Mutual funds or exchange-traded funds will be employed to implement the portfolio and the chosen asset classes will be periodically re-balanced to maintain a more consistent risk/reward profile. Risk of Loss Past performance is not indicative of future results. Therefore, you should never assume that future performance of any specific investment or investment strategy will be profitable. Investing in securities (including stocks, mutual funds, and bonds, etc.) involves risk of loss. Further, depending on the different types of investments there may be varying degrees of risk. You should be prepared to bear investment loss including loss of original principal. Because of the inherent risk of loss associated with investing, our firm is unable to represent, guarantee, or even imply that our services and methods of analysis can or will predict future results, successfully identify market tops or bottoms, or insulate you from losses due to market corrections or declines. There are certain additional risks associated with investing in securities through our investment management program, as described below: • Market Risk – Either the stock market as a whole, or the value of an individual company, goes down resulting in a decrease in the value of client investments. This is also referred to as systemic risk. • Equity (stock) market risk – Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. If you held common stock, or common stock equivalents, of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks and debt obligations of the issuer. • Company Risk. When investing in stock positions, there is always a certain level of company or industry specific risk that is inherent in each investment. This is also referred to as unsystematic risk and can be reduced through appropriate diversification. There is the risk that the company will perform poorly or have its value reduced based on factors specific to the company or its industry. For example, if a company’s employees go on strike or the company receives unfavorable media attention for its actions, the value of the company may be reduced. • Fixed Income Risk. When investing in bonds, there is the risk that the issuer will default on the bond and be unable to make payments. Further, individuals who depend on set amounts of periodically paid income face the risk that inflation will erode their spending power. Fixed-income investors receive set, regular payments that face the same inflation risk. • Options Risk. Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. • ETF and Mutual Fund Risk – When investing in an ETF or mutual fund, you will bear additional expenses based on your pro rata share of the ETF’s or mutual fund’s operating expenses, including the potential duplication of management fees. The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities the ETF or mutual fund holds. You will also incur brokerage costs when purchasing ETFs. BSC Capital Partners, LLC Page 10 Form ADV Part 2A Disclosure Brochure  • Management Risk – Your investment with our firm varies with the success and failure of our investment strategies, research, analysis and determination of portfolio securities. If our investment strategies do not produce the expected returns, the value of the investment will decrease. Primarily Recommend One Type of Security We do not primarily recommend one type of security to clients. Instead, we recommend any product that may be suitable for each client relative to that client’s specific circumstances and needs. Item 9 – Disciplinary Information Item 9 is not applicable to this Disclosure Brochure because there are no legal or disciplinary events that are material to a client’s or prospective client’s evaluation of our business or integrity. Item 10 – Other Financial Industry Activities and Affiliations BSC Capital Partners is not and does not have a related person that is a broker/dealer, municipal securities dealer, government securities dealer or broker, an investment company or other pooled investment vehicle (including a mutual fund, closed-end investment company, unit investment trust, private investment company or "hedge fund," and offshore fund), another investment adviser or financial planner, a futures commission merchant, commodity pool operator, or commodity trading advisor, a banking or thrift institution, a lawyer or law firm, an insurance company or agency, a pension consultant, a real estate broker or dealer, and a sponsor or syndicator of limited partnerships. We are an independent registered investment adviser and only provide investment advisory services. We are not engaged in any other business activities and offer no other services except those described in this Disclosure Brochure. However, while we do not sell products or services other than investment advice, our representatives may sell other products or provide services outside of their role as investment adviser representatives with us. Insurance Agent You may work with your investment adviser representative in his or her separate capacity as an insurance agent. When acting in his or her separate capacity as an insurance agent, the investment adviser representative may sell, for commissions, general disability insurance, life insurance, annuities, and other insurance products to you. As such, your investment adviser representative in his or her separate capacity as an insurance agent, may suggest that you implement recommendations of BSC Capital Partners by purchasing disability insurance, life insurance, annuities, or other insurance products. This receipt of commissions creates an incentive for the representative to recommend those products for which your investment adviser representative will receive a commission in his or her separate capacity as an insurance agent. Consequently, the advice rendered to you could be biased. You are under no obligation to implement any insurance or annuity transaction through your investment adviser representative. Accounting Services Jason W. Shaw, the Managing Member and Chief Compliance Officer of BSC Capital Partners, is 51% owner and CPA and provides accounting and tax services for BSC Advisors, LLC, an affiliated entity. Cory Millmier, an Investment Adviser Representative of BSC Capital Partners, is also a CPA and provides accounting and tax services for BSC Advisors, LLC. Advisory clients of BSC Capital Partners needing assistance with tax preparation and/or accounting services may be referred to BSC Advisors, LLC. In addition, tax and accounting clients of BSC Advisors, LLC needing advisory services may be referred to BSC Capital Partners. Clients are never obligated to use the services of BSC Capital Partners or BSC Advisors, LLC. There is no referral compensation between BSC Capital Partners and BSC Advisors, LLC. BSC Capital Partners, LLC Page 11 Form ADV Part 2A Disclosure Brochure  Item 11 – Code of Ethics, Participation in Client Transactions and Personal Trading Code of Ethics Summary An investment adviser is considered a fiduciary and has a fiduciary duty to all clients. BSC Capital Partners has established a Code of Ethics to comply with the requirements of the securities laws and regulations that reflects its fiduciary obligations and those of its supervised persons. The Code of Ethics also requires compliance with federal securities laws. BSC Capital Partners’ Code of Ethics covers all individuals that are classified as “supervised persons”. All employees, officers, directors and investment adviser representatives are classified as supervised persons. BSC Capital Partners requires its supervised persons to consistently act in your best interest in all advisory activities. BSC Capital Partners imposes certain requirements on its affiliates and supervised persons to ensure that they meet the firm’s fiduciary responsibilities to you. The standard of conduct required is higher than ordinarily required and encountered in commercial business. This section is intended to provide a summary description of the Code of Ethics of BSC Capital Partners. If you wish to review the Code of Ethics in its entirety, you should send us a written request and upon receipt of your request, we will promptly provide a copy of the Code of Ethics to you. Affiliate and Employee Personal Securities Transactions Disclosure BSC Capital Partners or supervised persons of the firm may buy or sell for their personal accounts, investment products identical to those recommended to clients. This creates a potential conflict of interest. It is the express policy of BSC Capital Partners that all persons associated in any manner with our firm must place clients’ interests ahead of their own when implementing personal investments. BSC Capital Partners and its supervised persons will not buy or sell securities for their personal account(s) where their decision is derived, in whole or in part, by information obtained as a result of employment or association with our firm unless the information is also available to the investing public upon reasonable inquiry. We are now and will continue to be in compliance with applicable state and federal rules and regulations. To prevent conflicts of interest, we have developed written supervisory procedures that include personal investment and trading policies for our representatives, employees and their immediate family members (collectively, supervised persons): • Supervised persons cannot prefer their own interests to that of the client. • Supervised persons cannot purchase or sell any security for their personal accounts prior to implementing transactions for client accounts. • Supervised persons cannot buy or sell securities for their personal accounts when those decisions are based on information obtained as a result of their employment, unless that information is also available to the investing public upon reasonable inquiry. • Supervised persons are prohibited from purchasing or selling securities of companies in which any client is deemed an “insider”. • Supervised d persons are discouraged from conducting frequent personal trading. • Supervised persons are generally prohibited from serving as board members of publicly traded companies unless an exception has been granted by the Chief Compliance Officer of BSC Capital Partners. Any supervised person not observing our policies is subject to sanctions up to and including termination. Item 12 – Brokerage Practices Clients are under no obligation to act on the financial planning recommendations of BSC Capital Partners. If the firm assists in the implementation of any recommendations, we are responsible to ensure that the client receives the best execution possible. Best execution does not necessarily mean that clients receive the lowest possible commission costs but that the qualitative execution is best. In other words, all conditions considered, the transaction execution is in your best interest. When considering best execution, we look at a number of factors besides prices and rates including, but not limited to: • Execution capabilities (e.g., market expertise, ease/reliability/timeliness of execution, responsiveness, integration with our existing systems, ease of monitoring investments) BSC Capital Partners, LLC Page 12 Form ADV Part 2A Disclosure Brochure  • Products and services offered (e.g., investment programs, back office services, technology, regulatory compliance assistance, research and analytic services) • Financial strength, stability and responsibility • Reputation and integrity • Ability to maintain confidentiality We exercise reasonable due diligence to make certain that best execution is obtained for all clients when implementing any transaction by considering the back-office services, technology and pricing of services offered. Brokerage Recommendations You are under no obligation to act on the financial planning recommendations of BSC Capital Partners. If we assist you in the implementation of any recommendations, we are responsible to ensure that you receive the best execution possible. BSC Capital Partners recommends that you establish institutional brokerage accounts with National Financial Services, LLC, a subsidiary of FMR, LLC, the parent company of various Fidelity entities (Fidelity) to maintain custody of account assets and to effect trades. Fidelity is an independent SEC-registered broker-dealer and member of NYSE and SIPC. BSC Capital Partners is independently owned and operated and not affiliated with Fidelity. At least annually, we review alternative custodians in the marketplace for comparison to the currently used custodian, evaluating criteria such as overall expertise, cost competitiveness, and financial condition. Quality of execution for custodians will be reviewed through trade journal evaluations. The primary factor in suggesting a broker/dealer or custodian is that the services of the recommended firm are provided in a cost-effective manner. While quality of execution at the best price is an important determinant, best execution does not necessarily mean lowest price and it is not the sole consideration. The trading process of any broker/dealer and money manager suggested by BSC Capital Partners must be efficient, seamless, and straight- forward. Overall custodial support services, trade correction services, and statement preparation are some of the other factors determined when suggesting a broker/dealer. Fidelity does not charge separately for custody but is compensated by account holders through commissions or other transaction-related fees for securities trades that are executed by recommended money managers through the custodian or that settle into a custodian account. Fidelity provides us with access to their institutional trading, custody services, and other benefits which are typically not available to retail investors. These services generally are available to independent investment advisors at no charge to them so long as the independent investment advisors maintain a minimum amount of assets with the custodian. The benefits include, but are not necessarily limited to: receipt of duplicate client confirmations and bundled duplicate statements; access to a trading desk; access to block trading which provides the ability to aggregate securities transactions and allocate the appropriate shares to client accounts; the ability to have investment advisory fees deducted directly from client accounts; access to an electronic communications network for client order entry and account information; and access to mutual funds that generally require significantly higher minimum initial investments or are generally only available to institutional investors. Directed Brokerage Clients should understand that not all investment advisors require the use of a particular broker/dealer or custodian. Some investment advisors allow their clients to select whichever broker/dealer the client decides. By requiring clients to use a particular broker/dealer, BSC Capital Partners may not achieve the most favorable execution of client transactions and the practice requiring the use of specific broker/dealers may cost clients more money than if the client used a different broker/dealer or custodian. However, for compliance and operational efficiencies, BSC Capital Partners has decided to require our clients to use broker/dealers and other qualified custodians determined by BSC Capital Partners. Soft Dollar Benefits An investment adviser receives soft dollar benefits from a broker-dealer when the investment adviser receives research or other products and services in exchange for client securities transactions or maintaining an account BSC Capital Partners, LLC Page 13 Form ADV Part 2A Disclosure Brochure  balance with the broker-dealer. We do not have any formal soft dollar arrangements. However, certain jurisdictions interpret economic benefits that an advisor receives but are not typically available to the custodian’s retail investors to be soft dollar benefits. Fidelity and various mutual fund families make available to us other products and services that benefit our firm but may not benefit clients' accounts. Some of these other products and services assist us in managing and administering clients' accounts. These include software and other technology that provide access to client account data (such as trade confirmation and account statements); provide research, pricing information and other market data; facilitate payment of the firm’s fees from its clients' accounts; and assist with back- office functions; record keeping and client reporting. Many of these services generally may be used to service all or a substantial number of our accounts, including accounts not maintained at a recommended custodian. These firms also provide other services intended to help our firm manage and further develop our business enterprise. These services may include consulting, publications and conferences on practice management, information technology, business succession, regulatory compliance and marketing. (Please see the disclosure under Item 14 below.) Handling Trade Errors BSC Capital Partners has implemented procedures designed to prevent trade errors; however, trade errors in client accounts cannot always be avoided. Consistent with its fiduciary duty, it is the policy of BSC Capital Partners to correct trade errors in a manner that is in the best interest of the client. In cases where the client causes the trade error, the client is responsible for any loss resulting from the correction. Depending on the specific circumstances of the trade error, the client may not be able to receive any gains generated as a result of the error correction. In all situations where the client does not cause the trade error, the client is made whole and any loss resulting from the trade error is absorbed by BSC Capital Partners. If the error is caused by the broker- dealer, the broker-dealer is responsible for handling the trade error. If an investment gain results from the correcting trade, the gain remains in the client’s account unless the same error involved other client account(s) that should also receive the gains. It is not permissible for all clients to retain the gain. BSC Capital Partners may also confer with a client to determine if the client should forego the gain (e.g., for tax reasons). BSC Capital Partners will never benefit or profit from trade errors. Block Trading Policy We may elect to purchase or sell the same securities for several clients at approximately the same time. This process is referred to as aggregating orders, batch trading or block trading and is used by our firm when BSC Capital Partners believes such action may prove advantageous to clients. If and when we aggregate client orders, allocating securities among client accounts is done on a fair and equitable basis. Typically, the process of aggregating client orders is done in order to achieve better execution, to negotiate more favorable commission rates or to allocate orders among clients on a more equitable basis in order to avoid differences in prices and transaction fees or other transaction costs that might be obtained when orders are placed independently. BSC Capital Partners uses the pro rata allocation method for transaction allocation. Under this procedure, pro rata trade allocation means an allocation of the trade at issue among applicable advisory clients in amounts that are proportional to the participating advisory client’s intended investable assets. BSC Capital Partners will calculate the pro rata share of each transaction included in a block order and assigns the appropriate number of shares of each allocated transaction executed for the client’s account. If and when we determine to aggregate client orders for the purchase or sale of securities, including securities in which BSC Capital Partners or our associated persons may invest, we will do so in accordance with the parameters set forth in the SEC No-Action Letter, SMC Capital, Inc. Neither we nor our associated persons receive any additional compensation as a result of block trades. Agency Cross Transactions Our associated persons are prohibited from engaging in agency cross transactions, meaning we cannot act as brokers for both the sale and purchase of a single security between two different clients and cannot receive compensation in the form of an agency cross commission or principal mark-up for the trades. BSC Capital Partners, LLC Page 14 Form ADV Part 2A Disclosure Brochure  Item 13 – Review of Accounts Account Reviews and Reviewers Managed accounts are reviewed at least quarterly. While the calendar is the main triggering factor, reviews can also be conducted at your request. Account reviews will include investment strategy and objectives review and making a change if strategy and objectives have changed. Our financial planning services engagements terminate upon the presentation of the written plan. Our financial planning and consulting services do not include monitoring the investments of your account(s), and therefore, there is no ongoing review of your account(s) under such services. Statements and Reports Under our asset management services, you are provided with transaction confirmation notices and regular monthly account statements in writing directly from the qualified custodian. Additionally, BSC Capital Partners may provide position or performance reports to you quarterly and upon request. Financial planning clients do not receive any report other than the written plan originally contracted for and provided by BSC Capital Partners. You are encouraged to always compare any reports or statements provided by us against the account statements delivered from the qualified custodian. When you have questions about your account statement, you should contact our firm and the qualified custodian preparing the statement. Item 14 – Client Referrals and Other Compensation BSC Capital Partners does not directly or indirectly compensate any person for client referrals. The only compensation received from advisory services is the fees charged for providing investment advisory services as described in Item 5 of this Disclosure Brochure. BSC Capital Partners receives no other forms of compensation in connection with providing investment advice. However, as discussed in Item 12 above, we receive economic benefits that are typically not available to retail investors through Fidelity and various mutual fund companies. As part of our fiduciary duties to clients, we endeavor at all times to put clients’ interests first. You should be aware, however, that the receipt of economic benefits by BSC Capital Partners or our related persons in and of itself creates a potential conflict of interest and may indirectly influence BSC Capital Partners’ choice of Fidelity for custody and brokerage services or various mutual fund sponsors for investment securities. Please see Item 5, Fees and Compensation, Item 10, Other Financial Industry Activities and Affiliations and Item 12, Brokerage Practices, for additional discussion concerning other compensation. Item 15 – Custody Custody, as it applies to investment advisors, has been defined by regulators as having access or control over client funds and/or securities. In other words, custody is not limited to physically holding client funds and securities. If an investment adviser has the ability to access or control client funds or securities, the investment adviser is deemed to have custody and must ensure proper procedures are implemented. BSC Capital Partners is deemed to have custody of client funds and securities whenever BSC Capital Partners is given the authority to have fees deducted directly from client accounts. However, this is the only form of custody BSC Capital Partners will ever maintain. It should be noted that authorization to trade in client accounts is not deemed by regulators to be custody. For accounts in which BSC Capital Partners is deemed to have custody, we have established procedures to ensure all client funds and securities are held at a qualified custodian in a separate account for each client under that client’s name. Clients or an independent representative of the client will direct, in writing, the establishment of all accounts and therefore are aware of the qualified custodian’s name, address and the manner in which the funds or securities are maintained. Finally, account statements are delivered directly from the qualified custodian to each client, or the client’s independent representative, at least quarterly. Clients should carefully review those statements and are urged to compare the statements against reports received from BSC Capital Partners. When clients have questions about their account statements, they should contact BSC Capital Partners or the qualified custodian preparing the statement. BSC Capital Partners, LLC Page 15 Form ADV Part 2A Disclosure Brochure  When fees are deducted from an account, BSC Capital Partners is responsible for calculating the fee and delivering instructions to the custodian. Prior to or at the same time BSC Capital Partners instructs the custodian to deduct fees from your account, BSC Capital Partners will send you an invoice itemizing the fee. Itemization will include the formula used to calculate the fee, the amount of assets under management the fee is based on, and the time period covered by the fee. Item 16 – Investment Discretion When providing asset management services, BSC Capital Partners maintains trading authorization over your Account and can provide management services on a discretionary basis. When discretionary authority is granted, we will have the authority to determine the type of securities and the amount of securities that can be bought or sold for your portfolio without obtaining your consent for each transaction. You will have the ability to place reasonable restrictions on the types of investments that may be purchased in your Account. You may also place reasonable limitations on the discretionary power granted to BSC Capital Partners so long as the limitations are specifically set forth or included as an attachment to the client agreement. In certain limited circumstances, non-discretionary management may also be available based on the relationship of the client to the advisor. Item 17 – Voting Client Securities BSC Capital Partners does not vote proxies on behalf of clients. We have determined that taking on the responsibilities for voting client securities does not add enough value to the services provided to you to justify the additional compliance and regulatory costs associated with voting client securities. Therefore, it is your responsibility to vote all proxies for securities held in your account. You will receive proxies directly from the qualified custodian or transfer agent; we will not provide you with the proxies. You are encouraged to read through the information provided with the proxy-voting documents and make a determination based on the information provided. Item 18 – Financial Information This Item 18 is not applicable to this brochure. BSC Capital Partners does not require or solicit prepayment of more than $500 in fees per client, six months or more in advance. Therefore, we are not required to include a balance sheet for the most recent fiscal year. We are not subject to a financial condition that is reasonably likely to impair our ability to meet contractual commitments to clients. Finally, BSC Capital Partners has not been the subject of a bankruptcy petition at any time. Business Continuity Plan BSC Capital Partners has a business continuity and contingency plan in place designed to respond to significant business disruptions. These disruptions can be both internal and external. Internal disruptions will impact our ability to communicate and do business, such as a fire in the office building. External disruptions will prevent the operation of the securities markets or the operations of a number of firms, such as earthquakes, wildfires, hurricanes, terrorist attack or other wide-scale, regional disruptions. Our continuity and contingency plan has been developed to safeguard employees’ lives and firm property, to allow a method of making financial and operational assessments, to quickly recover and resume business operations, to protect books and records, and to allow clients to continue transacting business. The plan includes the following: • Alternate locations to conduct business • Hard and electronic back-ups of records • Alternative means of communication with employees, clients, critical business constituents and regulators • Details on the firm’s employee succession plan Our business continuity and contingency plan is reviewed and updated on a regular basis to ensure that the BSC Capital Partners, LLC Page 16 Form ADV Part 2A Disclosure Brochure  policies in place are sufficient and operational. Customer Privacy Policy Notice In November of 1999, Congress enacted the Gramm-Leach-Bliley Act (GLBA). The GLBA requires certain financial institutions, such as investment advisor firms, to protect the privacy of customer information. In situations where a financial institution does disclose customer information to non-affiliated third parties, other than permitted or required by law, customers must be given the opportunity to opt out or prevent such disclosure. BSC Capital Partners does not share or disclose customer information to non-affiliated third parties except as permitted or required by law. BSC Capital Partners is committed to safeguarding the confidential information of its clients. BSC Capital Partners holds all personal information provided by clients in the strictest confidence and it is the objective of BSC Capital Partners to protect the privacy of all clients. Except as permitted or required by law, BSC Capital Partners does not share confidential information about clients with non-affiliated parties. In the event that there were to be a change in this policy, BSC Capital Partners will provide clients with written notice and clients will be provided an opportunity to direct BSC Capital Partners as to whether such disclosure is permissible. To conduct regular business, BSC Capital Partners may collect personal information from sources such as: • Information reported by the client on applications or other forms the client provides to BSC Capital Partners Information about the client’s transactions implemented by BSC Capital Partners or others • Information developed as part of financial plans, analyses or investment advisory services • To administer, manage, service and provide related services for client accounts, it is necessary for BSC Capital Partners to provide access to customer information within the firm and to non-affiliated companies with whom BSC Capital Partners has entered into agreements. To provide the utmost service, BSC Capital Partners may disclose the information below regarding customers and former customers, as necessary, to companies to perform certain services on BSC Capital Partners’ behalf. • Information BSC Capital Partners receives from the client on applications (name, Social Security number, address, assets, etc.) • Information about the client’s transactions with BSC Capital Partners or others (account information, payment history, parties to transactions, etc.) Information concerning investment advisory account transactions • Information about a client’s financial products and services transaction with BSC Capital Partners • Since BSC Capital Partners shares non-public information solely to service client accounts, BSC Capital Partners does not disclose any non-public personal information about BSC Capital Partners’ customers or former customers to anyone, except as permitted by law. However, BSC Capital Partners may also provide customer information outside of the firm as required by law, such as to government entities, consumer reporting agencies or other third parties in response to subpoenas. In the event that BSC Capital Partners has a change to its customer privacy policy that would allow it to disclose non-public information not covered under applicable law, BSC Capital Partners will allow its clients the opportunity to opt out of such disclosure. BSC Capital Partners, LLC Page 17 Form ADV Part 2A Disclosure Brochure  FORM ADV PART 2B BROCHURE SUPPLEMENT - Jason W. Shaw Item 1 – Cover Page Jason W. Shaw, CPA/PFS BSC Capital Partners, LLC 1031 Office Park Road, Suite 4 West Des Moines, IA 50265 (515) 225-1185 www.bsccapital.com Date of Supplement: June 2026 This brochure supplement provides information about Jason W. Shaw that supplements the BSC Capital Partners, LLC (“BSC Capital Partners”) disclosure brochure. You should have received a copy of that brochure. Please contact Jason W. Shaw at (515) 225-1185 or at jason@bsccapital.com if you did not receive BSC Capital Partners’ brochure or if you have any questions about the contents of this supplement. Additional information about Jason W. Shaw is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2 – Educational Background and Business Experience Jason W. Shaw, CPA/PFS Born 1972; CRD # 4171619 Educational Background: Iowa State University, Bachelor's Degrees Accounting and Finance: 1996 Business Experience: BSC Capital Partners, LLC, Managing Member and Chief Compliance Officer, 09/2016 to Present BSC Advisors, LLC, Managing Member, Majority Owner and Accountant, 9/2025 to Present Boelman Shaw & Company, LLC, Managing Member, 05/2007 to 9/2025 Item 3 – Disciplinary Information Jason W. Shaw has no legal or disciplinary events to report. Item 4 – Other Business Activities Accountant Jason W. Shaw is an accountant. If Jason W. Shaw determines that a client needs tax or accounting services, the client may be referred to Jason W. Shaw’s accounting firm BSC Advisors, LLC. In addition, if accounting or tax clients of Jason W. Shaw need financial planning or other advisory services, Jason W. Shaw acting in his separate capacity as an accountant may refer or recommend investment services available through BSC Capital Partners. Clients are not obligated in any manner to use the services of an accounting firm recommended or owned by Jason W. Shaw. Certified Public Accountant (CPA) CPAs are licensed and regulated by their state boards of accountancy. While state laws and regulations vary, the education, experience and testing requirements for licensure as a CPA generally include minimum college education (typically 150 credit hours with at least a baccalaureate degree and a concentration in accounting), minimum experience levels (most states require at least one year of experience providing services that involve the use of accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills, all of which must be achieved under the supervision of or verification by a CPA), and successful passage of the Uniform CPA Examination. To maintain a CPA license, states generally require the completion of 40 hours of continuing professional education (CPE) each year (or 80 hours over a two-year period or 120 hours over a three-year period). Additionally, all BSC Capital Partners, LLC Page 18 Form ADV Part 2A Disclosure Brochure  American Institute of Certified Public Accountants (AICPA) members are required to follow a rigorous Code of Professional Conduct, which requires that they act with integrity, objectivity, due care, competence, fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain client confidentiality, disclose to the client any commission or referral fees, and serve the public interest when providing financial services. Personal Financial Specialist (PFS) This credential is awarded by the American Institute of Certified Public Accountants (AICPA) to licensed Certified Public Accountants (CPAs) who demonstrate substantial education and experience in personal financial planning. The PFS designation requires completion of specialized coursework in areas such as retirement planning, estate planning, investment planning, risk management, and tax planning, successful completion of a comprehensive examination (unless qualified through experience pathways), and ongoing continuing professional education. Because the PFS credential is available exclusively to CPAs who maintain their CPA license in good standing, it reflects an integrated approach to financial planning that incorporates advanced tax expertise within the broader financial planning process. Item 5 – Additional Compensation In addition to the description of additional compensation provided in Item 4, Jason W. Shaw can receive additional benefits. Certain product sponsors may provide Jason W. Shaw with other economic benefits as a result of his recommendation or sale of the product sponsors’ investments. The economic benefits received by Jason W. Shaw from product sponsors can include but are not limited to, financial assistance or the sponsorship of conferences and educational sessions, marketing support, incentive awards, payment of travel expenses, and tools to assist Jason W. Shaw in providing various services to clients. Although BSC Capital Partners and Jason W. Shaw endeavor at all times to put the interest of its clients ahead of its own or those of its officers, directors, or representatives (“affiliated persons”), these arrangements could affect the judgment of Jason W. Shaw when recommending investment products. These situations present a conflict of interest that may affect the judgment of affiliated persons including Jason W. Shaw. Item 6 – Supervision Jason W. Shaw is the Chief Compliance Officer of BSC Capital Partners. He is responsible for overseeing and enforcing the firm’s compliance programs that have been established to monitor and supervise the activities and services provided by the firm and its representatives. Jason W. Shaw can be contacted at (515) 225-1185. BSC Capital Partners, LLC Page 19 Form ADV Part 2A Disclosure Brochure  FORM ADV PART 2B BROCHURE SUPPLEMENT - Cory J. Millmier Item 1 – Cover Page Cory J. Millmier, CPA/PFS BSC Capital Partners, LLC 1031 Office Park Road, Suite 4 West Des Moines, IA 50265 (515) 225-1185 www.bsccapital.com Date of Supplement: June 2026 This brochure supplement provides information about Cory J. Millmier, CPA/PFS that supplements the BSC Capital Partners, LLC (“BSC Capital Partners”) disclosure brochure. You should have received a copy of that brochure. Please contact Jason W. Shaw at (515) 225-1185 or at jason@bsccapital.com if you did not receive BSC Capital Partners’ brochure or if you have any questions about the contents of this supplement. Additional information about Cory J. Millmier is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2 – Educational Background and Business Experience Cory J. Millmier, CPA/PFS Born 1990, CRD# 7211309 Educational Background: Iowa State University, Bachelor's Degrees Accounting and Finance: 2012 Business Experience: BSC Capital Partners, Investment Adviser Representative, 10/2019 to Present Athene USA, Sr Internal Auditor, 08/2014 - 10/2019 Ernst & Young, Staff Auditor, 08/2012 - 08/2014 Item 3 – Disciplinary Information Cory J. Millmier has no legal or disciplinary events to report. Item 4 – Other Business Activities Accountant Cory J. Millmier, CPA/PFS is an accountant. If Cory J. Millmier determines that a client needs tax or accounting services, the client may be referred to BSC Advisors, LLC, a company with the same ownership as BSC Capital Partners. In addition, if accounting or tax clients of BSC Advisors, LLC need financial planning or other advisory services, Cory J. Millmier acting in his separate capacity as an accountant may refer or recommend investment services available through BSC Capital Partners. Clients are not obligated in any manner to use the services of an accounting firm recommended by Cory J. Millmier. Certified Public Accountant (CPA) CPAs are licensed and regulated by their state boards of accountancy. While state laws and regulations vary, the education, experience and testing requirements for licensure as a CPA generally include minimum college education (typically 150 credit hours with at least a baccalaureate degree and a concentration in accounting), minimum experience levels (most states require at least one year of experience providing services that involve the use of accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills, all of which must be achieved under the supervision of or verification by a CPA), and successful passage of the Uniform CPA Examination. To maintain a CPA license, states generally require the completion of 40 hours of continuing professional education (CPE) each year (or 80 hours over a two-year period or 120 hours over a three-year period). Additionally, all BSC Capital Partners, LLC Page 20 Form ADV Part 2A Disclosure Brochure  American Institute of Certified Public Accountants (AICPA) members are required to follow a rigorous Code of Professional Conduct, which requires that they act with integrity, objectivity, due care, competence, fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain client confidentiality, disclose to the client any commission or referral fees, and serve the public interest when providing financial services. Personal Financial Specialist (PFS) This credential is awarded by the American Institute of Certified Public Accountants (AICPA) to licensed Certified Public Accountants (CPAs) who demonstrate substantial education and experience in personal financial planning. The PFS designation requires completion of specialized coursework in areas such as retirement planning, estate planning, investment planning, risk management, and tax planning, successful completion of a comprehensive examination (unless qualified through experience pathways), and ongoing continuing professional education. Because the PFS credential is available exclusively to CPAs who maintain their CPA license in good standing, it reflects an integrated approach to financial planning that incorporates advanced tax expertise within the broader financial planning process. Item 5 – Additional Compensation In addition to the description of additional compensation provided in Item 4, Cory J. Millmier can receive additional benefits. Certain product sponsors may provide Cory J. Millmier with other economic benefits as a result of his recommendation or sale of the product sponsors’ investments. The economic benefits received by Cory J. Millmier from product sponsors can include but are not limited to, financial assistance or the sponsorship of conferences and educational sessions, marketing support, incentive awards, payment of travel expenses, and tools to assist Cory J. Millmier in providing various services to clients. Although BSC Capital Partners and Cory J. Millmier endeavor at all times to put the interest of its clients ahead of its own or those of its officers, directors, or representatives (“affiliated persons”), these arrangements could affect the judgment of Cory J. Millmier when recommending investment products. These situations present a conflict of interest that may affect the judgment of affiliated persons including Cory J. Millmier. Item 6 – Supervision As a representative of BSC Capital Partners, Cory J. Millmier is supervised by Jason W Shaw, the firm's Chief Compliance Officer. Jason W Shaw is responsible for ensuring that Cory J. Millmier adheres to all required regulations regarding the activities of an Investment Adviser Representative, as well as all policies and procedures outlined in the firm’s Code of Ethics and compliance manual. The phone number for Jason W Shaw is (515) 225-1185. BSC Capital Partners, LLC Page 21 Form ADV Part 2A Disclosure Brochure  FORM ADV PART 2B BROCHURE SUPPLEMENT - Matthew D. Evans Item 1 – Cover Page Matthew D. Evans BSC Capital Partners, LLC 1031 Office Park Road, Suite 4 West Des Moines, IA 50265 (515) 225-1185 www.bsccapital.com Date of Supplement: June 2026 This brochure supplement provides information about Matthew D. Evans that supplements the BSC Capital Partners, LLC (“BSC Capital Partners”) disclosure brochure. You should have received a copy of that brochure. Please contact Jason W. Shaw at (515) 225-1185 or at jason@bsccapital.com if you did not receive BSC Capital Partners’ brochure or if you have any questions about the contents of this supplement. Additional information about Matthew D. Evans is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2 – Educational Background and Business Experience Matthew D. Evans Born 1983, CRD# 5623134 Educational Background: Grand View University, Bachelor's Degree Organizational Studies: 2023 Business Experience: BSC Capital Partners, Investment Adviser Representative, 02/2021 to Present Edward Jones, Financial Advisor, 12/2008 – 02/2021 Item 3 – Disciplinary Information Matthew D. Evans has no legal or disciplinary events to report. Item 4 – Other Business Activities Matthew D. Evans is a member of Oakwood Church-Finance Board Committee. Matthew D. Evans is a licensed insurance agent. This activity creates a conflict of interest since there is an incentive to recommend insurance products based on commissions or other benefits received from the insurance company, rather than on the client’s needs. Additionally, the offer and sale of insurance products by supervised persons of BSC Capital Partners are not made in their capacity as a fiduciary, and products are limited to only those offered by certain insurance providers. BSC Capital Partners addresses this conflict of interest by requiring its supervised persons to always act in the best interest of the client, including when acting as an insurance agent. BSC Capital Partners periodically reviews recommendations by its supervised persons to assess whether they are based on an objective evaluation of each client’s risk profile and investment objectives rather than on the receipt of any commissions or other benefits. BSC Capital Partners will disclose in advance how it or its supervised persons are compensated and will disclose conflicts of interest involving any advice or service provided. At no time will there be tying between business practices and/or services (a condition where a client or prospective client would be required to accept one product or service conditioned upon the selection of a second, distinctive tied product or service). No client is ever under any obligation to purchase any insurance product. Insurance products recommended by BSC Capital Partners’ supervised persons may also be available from other providers on more favorable terms, and clients can purchase insurance products recommended through other unaffiliated insurance agencies. BSC Capital Partners, LLC Page 22 Form ADV Part 2A Disclosure Brochure  Item 5 – Additional Compensation In addition to the description of additional compensation provided in Item 4, Matthew D. Evans can receive additional benefits. Certain product sponsors may provide Matthew D. Evans with other economic benefits as a result of his recommendation or sale of the product sponsors’ investments. The economic benefits received by Matthew D. Evans from product sponsors can include but are not limited to, financial assistance or the sponsorship of conferences and educational sessions, marketing support, incentive awards, payment of travel expenses, and tools to assist Matthew D. Evans in providing various services to clients. Although BSC Capital Partners and Matthew D. Evans endeavor at all times to put the interest of its clients ahead of its own or those of its officers, directors, or representatives (“affiliated persons”), these arrangements could affect the judgment of Matthew D. Evans when recommending investment products. These situations present a conflict of interest that may affect the judgment of affiliated persons including Matthew D. Evans. Item 6 – Supervision As a representative of BSC Capital Partners, Matthew D. Evans is supervised by Jason W Shaw, the firm's Chief Compliance Officer. Jason W Shaw is responsible for ensuring that Matthew D. Evans adheres to all required regulations regarding the activities of an Investment Adviser Representative, as well as all policies and procedures outlined in the firm’s Code of Ethics and compliance manual. The phone number for Jason W Shaw is (515) 225-1185. BSC Capital Partners, LLC Page 23 Form ADV Part 2A Disclosure Brochure