CAPITAL SQUARE, LLC

Capital Square, LLC FORM ADV PART 2A INVESTMENT ADVISOR BROCHURE F e b r u a r y 2 0 2 5 This brochure provides information about the qualifications and business practices of Capital Square, LLC. If you have any questions about the contents of this brochure, please contact Sandy Maddox at 423-877-6708 and/or sandymaddox@capitalsquare.biz. 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. Capital Square, LLC is a registered investment adviser. Registration of an Investment Adviser does not imply any level of skill or training. The oral and written communications of an Adviser provide you with information about which you determine to hire or retain an Adviser. Additional information about Capital Square, LLC is also available on the SEC’s website at www.adviserinfo.sec.gov Physical Location: Mailing Address: Capital Square, LLC 1 West College St Suite 4 Athens, TN 37303 Capital Square, LLC 1 West College St Suite 4 Athens, TN 37303 1 | P a g e  Item 2: Summary of Material Changes Annual Update This Item of the Brochure will discuss only specific material changes that were made to this Brochure since the last annual update. The last annual update of our Brochure was J a n u a r y 2 0 2 4. Material Changes since the Last Update Since the last ADV annual filing, a new investment advisor representative, Jake Wallace, joined our firm in September of 2024. No additional material changes occurred. The Supplement to the Investment Adviser Brochure of Capital Square provides you with information regarding certain Supervised Persons of Capital Square that make discretionary investment decisions or provide investment advisory services for investment advisory clients of Capital Square. Whenever you would like to receive a complete copy of our Firm Brochure, please contact us by telephone at 423-877-6708 or by email at sandymaddox@capitalsquare.biz. In the past, we have offered or delivered information about our qualifications and business practices to clients at least on an annual basis. Pursuant to new SEC rules, we will ensure that you receive either a summary or an offer to receive a summary of any material changes to this and subsequent Brochures within 120 days of the close of our business’ fiscal year either directly or electronically. We may further provide other ongoing disclosure information about material changes as necessary. 2 | P a g e  Item 3: Table ofContents Item 2: Summary of Material Changes ............................................................................................... 2 Annual Update ............................................................................................................................ 2 Material Changes since the Last Update ..................................................................................... 2 Item 3: Table of Contents ..................................................................................................................... 3 Item 4: Advisory Business ..................................................................................................................... 5 Firm Description and Types of Advisory Services ..................................................................... 5 Principal Owners ......................................................................................................................... 5 Types of Advisory Services ......................................................................................................... 5 Financial Planning ...................................................................................................................... 6 Tailored Relationships ................................................................................................................ 6 Investment Management Services .............................................................................................. 7 Wrap Fee Programs ..................................................................................................................... 7 Client Assets ............................................................................................................................... 7 Item 5: Fees and Compensation ........................................................................................................... 8 Financial Planning ...................................................................................................................... 8 Other Fees .................................................................................................................................... 8 Conflicts of Interest ..................................................................................................................... 8 Termination of Agreements .........................................................................................................8 Item 6: Performance-Based Fees and Side-by-Side Management .................................................... 9 Item 7: Types of Clients ...................................................................................................................... 10 Types of Clients ......................................................................................................................... 10 Account Minimums .................................................................................................................. 10 Item 8: Methods of Analysis, Investment Strategies and Risk of Loss ........................................... 11 Method of Analysis ................................................................................................................... 11 Investment Strategies ................................................................................................................ 11 Risk of Loss .............................................................................................................................. 11 Item 9: Disciplinary Information ....................................................................................................... 13 Legal and Disciplinary ............................................................................................................... 13 Item 10: Other Financial Industry Activities and Affiliations ........................................................ 14 Financial Industry Activities – Broker-Dealer .......................................................................... 14 Financial Industry Activities – Commodities ........................................................................... 14 Other Financial Activities or Affiliations ................................................................................. 14 Accountant or Accounting Firm ............................................................................................... 14 Insurance .................................................................................................................................... 14 Other Investment Advisors ....................................................................................................... 14 3 | P a g e  Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading….15 Code of Ethics ........................................................................................................................... 15 Participation or Interest in Client Transactions – Personal Securities Transactions .................. 15 Participation or Interest in Client Transactions – Financial Interest ......................................... 15 Participation or Interest in Client Transactions – Principal/Agency Cross ............................... 15 Item 12: Brokerage Practices ............................................................................................................. 16 Research and Other Soft Dollar Benefits ................................................................................... 16 Brokerage for Client Referrals ................................................................................................... 16 Directed Brokerage ................................................................................................................... 16 Directed Brokerage – Other Economic Benefits ....................................................................... 16 Trade Aggregation .................................................................................................................... 17 Item 13: Review of Accounts ............................................................................................................. 18 Reviews ...................................................................................................................................... 18 Reports ...................................................................................................................................... 18 Item 14: Client Referrals and Other Compensation ........................................................................ 19 Other Compensation ................................................................................................................. 19 Compensation – Client Referrals – Solicitation Arrangement .................................................. 19 Item 15: Custody ..................................................................................................................................20 Custody – Fee Debiting ............................................................................................................. 20 Custody – Trusteeship/Executor ................................................................................................20 Custody – Check Signing.......................................................................................................... 20 Custody – Account Statements ................................................................................................. 20 Item 16: Investment Discretion .......................................................................................................... 21 Discretionary Authority for Trading and Limited Power of Attorney ...................................... 21 Non-Discretionary Authority .....................................................................................................21 Item 17: Voting Client Securities ....................................................................................................... 22 Item 18: Financial Information .......................................................................................................... 23 Form ADV Part 2B – Investment Adviser Brochure Supplement ...................................................25 Educational Background and Business Experience ......................................................................... 26 Education and Business Background ........................................................................................ 26 Supervised Persons ................................................................................................................... 26 Professional Certifications .........................................................................................................30 Disciplinary Information .................................................................................................................... 33 Other Business Activities .................................................................................................................... 34 Additional Compensation ................................................................................................................... 35 Supervision .......................................................................................................................................... 36 4 | P a g e  Item 4: Advisory Business Firm Description and Types of Advisory Services Capital Square, LLC is a Registered Investment Advisor that provides investment advice to individuals, trusts, and estates. Capital Square was founded on January 9, 2017. Principal Owners Three partners own Capital Square as follows: Sandy Maddox – Managing Partner and Chief Compliance Officer - 45% owner Stacy Eaton – Secretary - 45% owner Jeff Shelton – 10% owner Types of Advisory Services Capital Square offers the following types of advisory services: financial planning, retirement planning, discretionary and non-discretionary portfolio management and investment advice for individuals, businesses, non-profits, foundations, and endowments. Capital Square, LLC, depending upon the engagement, offers its services on a fee basis which may include hourly and/or fixed fees as well as fees based upon assets under management or under advisement. Before engaging Capital Square, LLC, to provide any of the foregoing investment advisory services, the client will be required to enter into one or more written agreements with Capital Square, LLC, setting forth the terms and conditions under which Capital Square, LLC, shall render its services. Capital Square also provides continuous advice to clients regarding the investment of client funds based on the individual needs of the client. Through personal discussions in which goals and objectives based on a client’s particular circumstances are established, Capital Square will manage advisory accounts on a discretionary and/or non-discretionary basis. Account supervision is guided by the stated objectives of the client (i.e., speculation, growth, income, growth and income, etc.) in discussions with the investment advisor representative. Capital Square will create a portfolio based on the stated goals consisting of one or all of the following: individual equities, bonds, other investment products, no-load or load-waived mutual funds and exchange-traded funds. Capital Square will allocate the client’s assets among various investments taking into consideration the overall management style and objectives stated by the client. Mutual funds will be selected based on any or all of the following factors: the fund’s performance history, industry sector in which the fund invests, the track record of the fund manager, fund’s investment objective, fund’s management style, and the fund’s management fee structure. Portfolio weighting will be determined by the client’s objectives and individual needs. Clients can place investment restrictions on the types of investments if they so choose. The client maintains individual ownership of all securities in their account. Capital Square does not commingle any funds with clients. When appropriate, Capital Square may recommend the use of margin transactions or options transactions. Because these investment strategies involve a certain degree of additional risk, they are only recommended when consistent with the client objectives and risk tolerance. 5 | P a g e  Financial Planning Capital Square also provides financial planning for clients and non-clients through our Investment Supervisory Services. Financial planning may address any or all of the following areas: • Personal: family records, budgeting, personal liability, estate information, and financial goals. • Education: college planning, private school planning. • Death and Disability: cash needs at death, income needs for surviving spouse, estate Insurance: review existing policies, structure new policies. planning and disability income needs. • Retirement: retirement goals and strategies • Estates: trusts, wills, estate tax, powers of attorney • Financial planning clients may receive a written report, providing a detailed financial plan designed to achieve their stated goals and objectives. A financial plan may also include some or all of the following topics as applicable: clarifying and prioritizing goals, cash management, retirement planning, education planning, risk management, income tax planning, estate tax planning, and investment planning. Capital Square gathers required information through in-depth personal interviews. Information gathered includes the client’s current financial states, future goals, and risk tolerances. Related documents include a questionnaire completed by the client, tax returns, investment statements, wills, and trusts. After careful analysis and review, a written report is provided with recommendations provided in the plan. Capital Square suggests that the client works closely with their attorney and accountant. Capital Square does not give legal or tax advice. Implementation of the plan recommendations is solely the client’s responsibility. Financial planning recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company. Capital Square may recommend the services of itself and/or other professionals to implement financial planning and consulting recommendations. Clients are advised that a conflict of interest exists if Capital Square recommends its services. A client is under no obligation to act upon any of the recommendations made by Capital Square under a financial planning/consulting engagement and/or engage the services of any such recommended professional, including Capital Square. The client retains absolute discretion over the implementation of all such financial planning/consulting decisions and is free to accept or reject any of the recommendations by Capital Square. Tailored Relationships Capital Square tailors’ advisory services to the individual needs of the client. Clients may impose restrictions on investing in certain securities or types of securities. All limitations and restrictions placed on accounts must be delivered to Capital Square in writing. Information for all clients: Each client is advised that it remains a client’s responsibility to promptly notify Capital Square if there is ever any change in a client’s financial situation or investment objective 6 | P a g e  for the purpose of reviewing, evaluating, or revising Capital Square’s previous recommendations and/or services. Investment Management Services Based on a client’s individual circumstances, Capital Square will manage a client portfolio(s) of investment assets. Clients may grant Capital Square discretionary authority to manage client portfolios by arranging for the purchase and sale of client investments through the client’s investment account(s), or Capital Square may provide nondiscretionary services requiring the consent of the client before Capital Square can arrange for the purchase or sale of any investment. Capital Square will primarily allocate clients’ investment management assets among stocks, bonds, mutual funds, and exchange-traded funds. Capital Square may also exercise the discretionary authority provided by the client to select a third party like an unaffiliated investment manager to the extent Capital Square determines it is necessary for specific investment management services primarily involving the management of large fixed income and/or equity securities portfolios. Capital Square also may render non-discretionary advice to clients relative to (1) variable life/annuity products that they may own, and/or (2) their individual employer-sponsored retirement plans. In so doing, Capital Square either directs or recommends the allocation of client assets among the various mutual funds available within the variable life/annuity product or retirement plan. The client assets shall be maintained at either the specific insurance company that issued the variable life/annuity product, which is owned by the client or at the custodian designated by the sponsor of the client’s retirement plan. Wrap Fee Programs Capital Square does not participate in a wrap fee program but may provide Wrap Fee Programs from third parties as investment alternatives for investment portfolios. Client Assets As of December 2024, Capital Square managed $ 393 million in assets; approximately $392 million is managed on a discretionary basis, approximately $847 thousand is managed on a non- discretionary basis, and approximately $14 million are assets under advisement. 7 | P a g e  Item 5: Fees and Compensation Capital Square bases its fees on a percentage of assets under management. Capital Square’s fees are negotiable. The maximum annual fee will be 2% of assets under management. We deduct our fees on a quarterly basis in most cases and the fee is charged in advance based on prior quarter-end value. We can also bill for services rendered by flat fee arrangements and/or partial or prorated fees on significant asset additions that occur mid-quarter based on the complexity of the services rendered, or on the size of the additional assets deposited. Financial Planning Financial planning, or investment consulting, may be included within the advisory fees or if separate fees are charged, the billing will be in one of two ways. Capital Square will be compensated on a negotiated basis by either the firm’s hourly rate or a fixed rate depending on the scope and complexity of the financial plan or consulting agreement. Generally, Capital Square requires that the client pay financial planning fees in arrears on completion of the service. In either case, services to be provided, the applicable fee, and fee-paying arrangements are agreed upon in advance of services provided and are outlined in the executed financial planning agreement. Other Fees Capital Square’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which shall be incurred by the client. Clients may incur certain charges imposed by custodians, brokers, third party investment and other third parties such as fees charged by managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer, and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. Mutual fund and exchange-traded funds also charge internal management fees, which are disclosed in a fund’s prospectus. Performance figures quoted by mutual fund companies in various publications are after, or net, of their fees. Such charges, fees or commissions are exclusive of and in addition to Capital Square’s fee and Capital Square shall not receive any portion of these commissions, fees, or costs. Conflicts of Interest Capital Square does not believe that it has any conflicts of interest related to fees and compensation, either with the Client/Firm or Partner/Firm. Capital Square strives to maintain the utmost integrity with its clients by avoiding any conflicts of interest. Our clients are free to choose any qualified custodian. Termination of Agreements A client agreement may be canceled at any time, by either party, for any reason upon receipt of written notice. Upon termination of any account, any earned, unpaid fees will be due and payable. The client has the right to terminate an agreement without penalty within five business days after entering into the agreement. 8 | P a g e  Item 6: Performance-Based Fees and Side-by-Side Management Neither Capital Square nor any of its supervised persons accept performance-based fees (fees based on a share of capital gains or capital appreciation of the assets of a client). Capital Square does not use a performance-based fee structure because of the potential conflict of interest. Performance-based compensation may create an incentive for the advisor to recommend an investment that may carry a higher degree of risk to the client. 9 | P a g e  Item 7: Types of Clients Types of Clients As described in Item 4 above, Capital Square generally provides investment advice to individuals, trusts, businesses, non-profits, foundations, and endowments. Account Minimums At this time, Capital Square does not have a minimum account value to open or maintain an agreement. In addition, Capital Square does not have a minimum fee to open or maintain an agreement. 10 | P a g e  Item 8: Methods of Analysis, Investment Strategies and Risk of Loss Method of Analysis Capital Square may use any of the following investment strategies to implement investment advice: Long term purchases (securities held at least one year); trading (securities sold within 30 days); margin transactions; option writing or buying for hedging long positions or spread strategies. Capital Square also may use financial newspapers, magazines, an inspection of corporate activities, research material prepared by others, annual reports, prospectuses, filings with the Securities and Exchange Commission (SEC) and company press releases. Other sources of information that Capital Square may use include information from financial service companies, financial journals and government sources, Morningstar Principia mutual fund information, Morningstar Principia stock information, and other quality sources on the internet. Investment Strategies The primary investment strategy used with client accounts is specifically based upon the stated objectives of the client during consultations. Asset allocations using a core approach with mutual funds, exchange-traded funds, individual equities, and fixed income may be employed. The client may change their objectives at any time. Strategies may include long-term purchases, short-term purchases, trading, margin transactions and option writing (including covered options, Hedging or spreading strategies). Risk of Loss Investing in securities involves risk of loss that clients should be prepared to bear. All investment programs have certain risks that are borne by the investor. Our investment approach constantly keeps the risk of loss in mind. Investors may face the following investment risks: • Interest-rate Risk: Fluctuations in interest rates may cause investment prices to fluctuate. For example, when interest rates rise, yields on existing bonds become less attractive, causing their market values to decline. • Market Risk: The price of a security, bond, or mutual fund may drop in reaction to tangible and intangible events and conditions. This type of risk is caused by external factors independent of a security’s particular underlying circumstances. For example, political, economic and social conditions may trigger market events. • Inflation Risk: When any type of inflation is present, a dollar today will not buy as much as a dollar next year, because purchasing power is eroding at the rate of inflation. • Currency Risk: Overseas investments are subject to fluctuations in the value of the dollar against the currency of the investment’s originating country. This is also referred to as exchange rate risk. • Reinvestment Risk: This is the risk that future proceeds from investments may have to be reinvested at a potentially lower rate of return (i.e. interest rate). This primarily relates to fixed income securities. • Business Risk: These risks are associated with a particular industry or a particular company within an industry. For example, oil-drilling companies 11 | P a g e  depend on finding oil and then refining it, a lengthy process, before they can generate a profit. They carry a higher risk of profitability than an electric company, which generates its income from a steady stream of customers who buy electricity no matter what the economic environment is like. • Liquidity Risk: Liquidity is the ability to readily convert an investment into cash. Generally, assets are more liquid if many traders are interested in a standardized product. For example, Treasury Bills are highly liquid, while real estate properties are not. • Financial Risk: Excessive borrowing to finance a business’ operations increases the risk of profitability because the company must meet the terms of its obligations in good times and bad. During periods of financial stress, the inability to meet loan obligations may result in bankruptcy and/or declining market value. 12 | P a g e  Item 9: Disciplinary Information Legal and Disciplinary Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of Capital Square, LLC or the integrity of Capital Square’s management. Capital Square has no information to disclose applicable to this Item. 13 | P a g e  Item 10: Other Financial Industry Activities and Affiliations Financial Industry Activities – Broker-Dealer Capital Square is not registered as a broker-dealer, and none of its managed persons are registered representatives of a broker-dealer. Financial Industry Activities – Commodities Neither Capital Square nor any of its managed persons are registered as (or associated with) a futures commodity merchant, commodity pool operator or a commodity trading advisor. Other Financial Activities or Affiliations Accountant or Accounting Firm Capital Square has no material relationships with related persons who are accountants. Insurance Investment Adviser Representatives (IARs) of Capital Square may be appointed with several insurance companies and may be able to receive separate compensation for transactions implemented through various insurance companies. Clients are not obligated to use any company for insurance products recommended and may work with any insurance agent they choose. Insurance compensation will be separate and distinct from financial fees charged by Capital Square; IARs typically spend less than 10% of their time on insurance sales. Other Investment Advisors Capital Square does not recommend or select other investment advisors for its clients. 14 | P a g e  Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Capital Square employees must comply with a Code of Ethics and Statement for Insider Trading. The Code describes the Firms’ high standard of business conduct and fiduciary duty to its clients. The Code’s key provisions include: • Statement of General Principles • Policy on and reporting of Personal Securities Transactions • A prohibition on Insider Trading, • Restrictions on the acceptance of significant gifts • Procedures to detect and deter misconduct and violations. • The requirement to maintain the confidentiality of client information, The Chief Compliance Officer reviews all employee trades each quarter. These reviews ensure that personal trading does not affect the markets and that clients of the Firm receive preferential treatment. Since most employee trades are mutual fund, exchange-traded fund trades, and small equity trades, these trades do not affect the securities markets. All employees of Capital Square must acknowledge the terms of the Code of Ethics at least annually. Clients and prospective clients can obtain a copy of Capital Square’s Code of Ethics by contacting Sandy Maddox, Managing Member, and Chief Compliance Officer, at 423-877-6708. Participation or Interest in Client Transactions – Personal Securities Transactions Capital Square and its employees may buy or sell securities identical to those recommended to clients for their personal accounts. These trades may not occur ahead of client trades. Employees are required to put the best interests of the client first. Employees must comply with a Code of Ethics and Statement for Insider Trading. The Code, described above, contains provisions reasonably necessary to deter misconduct and conflicts of interest and to detect any violation. The Code is designed to assure that the personal securities transactions, activities and interests of the employees of Capital Square will not interfere with (i) making decisions in the best interest of advisory clients and (ii) implementing such decisions while, at the same time, allowing employees to invest for their own accounts. Under the Code, certain classes of securities have been designated as exempt transactions, based upon a determination that these would materially not interfere with the best interest of Capital Square’s clients. Nonetheless, because the Code in some circumstances would permit employees to invest in the same securities as clients, there is a possibility that employees might benefit from market activity by a client in a security held by an employee. Employee trading is continually monitored under the Code, and to reasonably prevent conflicts of interest between Capital Square and its clients. Participation or Interest in Client Transactions – Financial Interest Neither Capital Square nor its employees recommend to clients or buy or sell for client accounts securities in which they have a material financial interest. Participation or Interest in Client Transactions – Principal/Agency Cross Capital Square does not affect any principal or agency cross securities transactions for client accounts. 15 | P a g e  Item 12: Brokerage Practices Research and Other Soft Dollar Benefits Capital Square does not receive formal soft dollar benefits other than execution from broker/dealers in connection with client securities transactions. Brokerage for Client Referrals Capital Square does not receive client referrals from broker/dealers. Directed Brokerage Clients may come to Capital Square with an existing brokerage relationship and direct Capital Square to execute their trades through that broker/dealer. Clients normally negotiate their commission rate directly with their broker. In those circumstances, Capital Square will not seek better execution services or prices from other broker/dealers and as a result, clients could pay higher commissions, other transaction costs, greater spreads or receive less favorable net prices on transactions for the client’s portfolio than would otherwise be the case. If the client requests Capital Square to arrange for the execution of securities brokerage transactions for the client’s account, Capital Square shall direct such transactions through broker/dealers that Capital Square reasonably believes will provide the best execution. Capital Square shall periodically and systematically review its policies and procedures regarding recommending broker/dealers to its clients in light of its duty to obtain the best execution. Capital Square generally recommends either Raymond James & Associates Inc. or Charles Schwab, both widely recognized broker/dealers, to serve as custodian of client investments. However, the client will ultimately be responsible for the selection of the financial institution. The primary factors considered in Capital Square’s decision to recommend e i t h e r f i r m include financial strength and the quality of the products and services it offers its clients. Clients are free to select any broker they wish and are so informed. Capital Square is independently owned and operated and not affiliated with Raymond James. With respect to any brokerage commissions or transaction charges charged by executing brokers, for investment advisory portfolios, Capital Square will continually review the commission charges to ensure they are reasonable within the current marketplace. The amount of commission paid for by each client for a transaction placed by Capital Square may be higher than the cost if executed by an alternative broker/dealer. In such cases, Capital Square will use its best efforts to determine that the higher commissions are reasonable in relation to the value of the brokerage and research services provided by the executing broker/dealer viewed in terms of either a particular transaction or Capital Square’s overall responsibilities to its other clients. Directed Brokerage – Other Economic Benefits Capital Square may have the opportunity to receive traditional “non-cash benefits” from Raymond James, such as customized statements; receipt of duplicate client confirmations and bundled duplicate statements; access to a trading desk servicing Raymond James advisors exclusively; access to block trading which provides the ability to aggregate securities transactions and then allocate the appropriate shares to client accounts; ability to have investment advisory fees deducted directly from client accounts; access to an electronic communication network for client order entry and account information; access to mutual funds which generally require significantly high minimum initial investments or those that are otherwise only generally available to institutional investors; reporting features; receipt of industry communications and perhaps discounts on business-related products. 16 | P a g e  Trade Aggregation At the sole discretion of the Firm, aggregate purchases or sales of the same security, instrument or obligation may be transacted on the same day for multiple accounts of one or more of the Firm’s clients. Although such aggregations potentially could be either advantageous or disadvantageous to any one or more accounts, orders for the same security entered on behalf of more than one client will generally be aggregated (i.e., block trading) subject to the aggregation being in the best interest of all participating clients. If the order is filled at different prices during the day, the prices are averaged for the day so that all participating accounts receive the same price. If an order has not been filled completely so that there are not enough shares to allocate among all clients equally, shares will be allocated in good faith. All clients participating in each aggregated order shall receive the average price and subject to minimum ticket charges and pay a pro-rata portion of the commissions. Capital Square will always put the client first in any block trading situation. 17 | P a g e  Item 13: Review ofAccounts Reviews Suzanne Burrell, Stacy Eaton, Sandy Maddox, Mark Massey, Jeff Shelton, Sam Simpson, Clint Martin, Kendell Adler, Jake Wallace and Lincoln Bowman are Portfolio Managers. Each portfolio manager has the responsibility to manage client portfolios in accordance with the clients’ investment objectives and constraints. This management process includes on-going oversight of the portfolio’s investments, buying and selling securities and communication with clients. Investment management accounts are generally reviewed and monitored formally each quarter. Reviews could also occur at the time of new deposits, material changes in the client’s financial information, changes in economic cycles, at Capital Square’s discretion, or as often as the client may direct. Reviews entail analyzing securities sensitivity to overall markets, economic changes, investment results, and asset allocation, etc., to ensure the investment strategy and expectations are structured to continue to meet client’s objectives, goals, objectives or financial situation as such changes may require a review of the portfolio and make recommendations for changes. Reports Clients receive detailed monthly, quarterly, and annual summary statements of account activity, holdings, and values, as well as confirmations of purchases and sales from qualified, independent custodians. Capital Square recommends that clients review their statements carefully and at a minimum quarterly. 18 | P a g e  Item 14: Client Referrals and Other Compensation Other Compensation Capital Square does not receive from any person, company, broker/dealer, open-ended investment company or any other entity referral fees for directing clients or directed brokerage accounts or directed trades. Compensation – Client Referrals – Solicitation Arrangement Currently Capital Square has no solicitor agreements. If we did, under such agreements, Capital Square enters into a written arrangement to pay a percentage of the advisory fee as referral fees to individuals who recommend clients to Capital Square. There is a written agreement between Capital Square and each solicitor which clearly defines the duties and responsibilities of the solicitor under this arrangement. In addition, each solicitor would be required to provide a written disclosure document, which explains to the prospective client the terms under which the solicitor is working with us and the fact that the solicitor is being compensated for the referral activities. The solicitor would also be required to furnish a copy of Capital Square’s written disclosure document (this document) to the prospective client and obtain a written acknowledgment from the client that both the solicitor’s and Capital Square’s disclosure documents have been received. Fees charged to clients that would be the product of a referral from a solicitor are the same as those not referred from a solicitor. 19 | P a g e  Item 15: Custody Custody – Fee Debiting Clients may authorize Capital Square (in the client agreement) to debit fees directly from the client’s account at the broker/dealer, bank or other qualified custodians. Client investment assets will be held with a custodian agreed upon by the client and Capital Square. The custodian sends a statement to the client, at least quarterly, indicating all amounts disbursed from the account including the amount of the advisory fees paid directly to Capital Square. While Capital Square will assist clients in establishing and maintaining accounts at the custodian, Capital Square shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the custodian. Custody – Trusteeship/Executor It is the policy of Capital Square and its related persons not to act as trustee or executor for any clients, other than immediate family. Custody – Check Signing It is the policy of Capital Square and its related persons not to have check-writing ability on any account of any client. Custody – Account Statements As described above, clients should receive at least quarterly statements from the broker/dealer, bank or other qualified custodians that holds and maintains the client’s investment assets. Clients are urged to carefully review their statements. 20 | P a g e  Item 16: Investment Discretion Discretionary Authority for Trading and Limited Power of Attorney Through the investment management agreement, Capital Square may accept limited power of attorney to act on a discretionary basis on behalf of clients. A limited power of attorney allows Capital Square to execute trades on behalf of its clients. When such limited powers exist between Capital Square and the client, Capital Square has the authority to determine, without obtaining specific client consent, both the amount and type of security to be bought to satisfy client account objectives. Additionally, Capital Square may accept any reasonable limitation or restriction to such authority on the account placed by the client. All limitations and restrictions placed on accounts must be given to Capital Square in writing. Non-Discretionary Authority Capital Square consults with the client before each trade to obtain concurrence if a blanket trading authorization has not been given. 21 | P a g e  Item 17: Voting Client Securities Capital Square does not have any authority to and does not vote proxies on behalf of its clients. Capital Square also does not render advice to or take any actions on behalf of clients with respect to any legal proceedings, including bankruptcies and shareholder litigation. Clients may contact Sandy Maddox, Managing Member and Chief Compliance Officer, at 423- 877-6708 for information about proxy voting. 22 | P a g e  Item 18: Financial Information Capital Square has no financial commitments that impair its ability to meet contractual and fiduciary commitments to clients and has not been the subject of bankruptcy. Capital Square is not required to provide a balance sheet. Capital Square does not require prepayment of fees of more than $1,200 per client and six months or more in advance. 23 | P a g e  This page is intentionally left blank. 24 | P a g e  Form ADV Part 2B – Investment Adviser Brochure Supplement Capital Square, LLC. FORM ADV PART 2B INVESTMENT ADVISER BROCHURE SUPPLEMENT Supervisor: Sandy Maddox Supervisor of: Kendell Adler Lincoln Bowman Suzanne Burrell Stacy Eaton Sandy Maddox Clint Martin Mark Massey Jeff Shelton Sam Simpson Jake Wallace F e b r u a r y 2025 This brochure supplement provides information about the Firm’s Supervised Persons that supplements Capital Square’s brochure. You should have received a copy of that brochure. Please contact Sandy Maddox, Managing Member and Chief Compliance Officer, if you did not receive Capital Square’s brochure or if you have any questions about the contents of this supplement. Additional information about the Firm’s Supervised Persons is also available on the SEC’s website at www.adviserinfo.sec.gov Capital Square, LLC. 1 West College St Suite 4 Athens, TN 37303 423-877-6708 sandymaddox@capitalsquare.biz www.capitalsquare.biz 25 | P a g e  Educational Background and Business Experience Education and Business Background Capital Square requires a college degree and/or extensive experience in providing advisory services as a minimum standard for professionals. In addition, individuals must be properly licensed and registered, unless exempted, in states in which such individuals are conducting investment advisory business. Supervised Persons Kendell Adler — Born 1974 Business Background: Capital Square, LLC .............................................................................................. 04/2020-Present Investment Advisor Representative Retirement Services……………………..……………………..04/2009-11/2019 Standard Senior Director Inc.……………………………………………..……..04/2009-11/2019 StanCorp Equities, Advisor Representative Investment Advisors………………………………………...….05/2009-11/2019 StanCorp Advisor Representative Formal Education After High School: Baylor University .................................................................. B.B.A. in Business Administration Exams/Professional Designations: Series 65 — Uniform Investment Adviser Law Examination Series 63 — Uniform Securities Agent State Law Examination Certified Financial Planner™ Lincoln Robert Bowman — Born 1998 Business Background: Capital Square, LLC ............................................................................................ 11/2022 – present Investment Advisor Representative Formal Education after High School: T e n n e s s e e W e s l e y a n University………………………………B.S.Business Administration Exams/Professional Designations: Series 65 – Uniform Combined State Law Examination 26 | P a g e  Suzanne Johnson Burrell — Born 1960 Business Background: Capital Square, LLC ............................................................................................ 01/2017 – present Investment Advisor Representative Bellwether Investment Group, LLC………………………………..……..09/2015-01/2017 Investment Advisor Representative Guardian Wealth Management, Inc………...……………………………..05/2012-08/2015 Financial Advisor HHM Wealth Advisors, LLC……………………………………..………04/2010-04/2012 Financial Advisor Edward Jones……………………………………………………………..07/2007-03/2010 Financial Advisor Formal Education after High School: Carson Newman University ...................................................................................... B.A.English Exams/Professional Designations: Certified Financial Planner™ — Terry School of Business Executive Program for CFP® Certification. Series 66 – Uniform Combined State Law Examination Stacy Womble Eaton — Born 1968 Business Background: Capital Square, LLC ............................................................................................ 01/2017 – present Investment Advisor Representative Bellwether Investment Group, LLC…………………………...………….02/2011-01/2017 Financial Advisor Morgan Stanley Smith Barney……………………………………………03/2009-02/2011 Financial Advisor 27 | P a g e  Formal Education after High School: University of Georgia ...................................................... BBA, Risk Management & Insurance Exams/Professional Designations: Certified Financial Planner™ Series 63 — Uniform Securities Agent State Law Examination Notley Sidney (Sandy) Maddox — Born 1960 Business Background: Capital Square, LLC .............................................................................................. 01/2017-Present Chief Compliance Officer, Investment Advisor Representative Tennessee Wesleyan University .......................................................................... 08/2017-Present Assistant Professor Tennessee Wesleyan University…………………………………...…..….05/2006-05/2017 Adjunct Professor Bellwether Investment Group, LLC………………………………………08/2008-01/2017 Managing Member Formal Education after High School: University of Tennessee ......................................................................................................... MBA University of Tennessee ............................................................... B.S. Business Administration Exams/Professional Designations: Series 65 — Uniform Investment Adviser Law Examination Clinton David Martin— Born 1977 Business Background: Capital Square, LLC .............................................................................................. 04/2018-Present Investment Advisor Representative Great Lakes and Atlantic……………………………………...…………..10/2017-04/2018 Investment Advisor Representative Raymond James Financial Services, Inc………………………………….12/2010-10/2017 Associate, Registered Representative Edward Jones…………………………………………………….………..09/2007-12/2010 Associate, Registered Representative Formal Education After High School: Huntington College…………………………………………………B.S. Psychology, 2010 28 | P a g e  Exams/Professional Designations: Series 66 — Uniform Combined State Law Examination Certified Financial Planner™ Accredited Investment Fiduciary® Accredited Asset Management Specialist® Mark Parmer Massey— Born 1962 Business Background: Capital Square, LLC .............................................................................................. 01/2017-Present Investment Advisor Representative Bellwether Investment Group, LLC………………………………………09/2014-01/2017 Investment Advisory Representative UBS……………………………………………………………………….11/2010-09/2014 Financial Advisor Zaven Kish Oriental Rugs…………………………………….……………..1991-10/2010 Owner and President Formal Education After High School: University of Arkansas ................................................. B.S. Business Administration, Finance University of Memphis ............................................................................................... MBA, 1989 University of Memphis .......................... Juris Doctor — Cecil C Humphreys School of Law Exams/Professional Designations: Series 66 — Uniform Combined State Law Examination Jeffrey Guy Shelton — Born 1973 Business Background: Capital Square, LLC .............................................................................................. 01/2017-Present Investment Advisor Representative Bellwether Investment Group, LLC…………………………………..…..04/2015-01/2017 Investment Advisor Representative Gibson, Gaither Wealth Management……………………………….……05/2007-03/2015 Registered Representative Formal Education After High School: Northeast Louisiana University Louisiana Tech University 29 | P a g e  Exams/Professional Designations: Series 65 — Uniform Investment Adviser Law Examination Series 63 — Uniform Securities Agent State Law Examination Samuel Douglas Simpson — Born 1951 Business Background: Capital Square, LLC .............................................................................................. 01/2017-Present Investment Advisor Representative Bellwether Investment Group, LLC…………………………..…………..08/2015-01/2017 Investment Advisor Representative EFHutton and Successor Firms…………………………………….……..05/1981-08/2015 Financial Advisor Formal Education After High School: Baylor University ................................................................................. B.A. Oral Communication Exams/Professional Designations: Certified Financial Planner™ Series 65 — Uniform Investment Adviser Law Examination Series 63 — Uniform Securities Agent State Law Examination John Frederick Wallace IV — Born 1984 Business Background: Capital Square, LLC .............................................................................................. 09/2024-Present Investment Advisor Representative Morgan Stanley ....................................................................................................... 09/2018-08/2024 Investment Advisor Representative Stira Capital Markets Group, LLC .......................................................................... 11/2013-06/2018 Investment Advisor Representative Formal Education After High School: Spring Hill College, B.S. Economics & Finance 2007 Exams/Professional Designations: Series 65 — Uniform Investment Adviser Law Examination Series 63 — Uniform Securities Agent State Law Examination CFP® - Certified Financial Planner™ CEPA®-Certified Exit Planning Advisor 30 | P a g e  Certain Capital Square supervised persons maintain professional designations, which have the following minimum requirements: CEPA®- Certified Exit Planning Advisor The Certified Exit Planning Advisor (CEPA®) credential is for professional advisors who want to effectively engage more business owners. Through the process of Exit Planning (the Value Acceleration Methodology™), owners can build more valuable companies, have stronger personal financial plans, and align their personal goals. Earning CEPA doesn't change your expertise, it enhances your ability to engage business owners and have value- added conversations around growth and exit. Candidates must meet all the following requirements: • have five years of full-time or equivalent experience working directly with business owners as a financial advisor, attorney, CPA, business broker, investment banker, commercial lender, estate planner, insurance professional, business consultant or in a related capacity; • have an undergraduate degree from a qualifying institution or additional professional work experience (two years of relevant professional experience may be substituted for each year of required undergraduate studies); and be an Exit Planning Institute member in good standing. • CFP® - Certified Financial Planner™ Issued by: Certified Financial Planner™ Board of Standards, Inc. Prerequisites/Experience Required: Candidate must meet the following requirements: • A bachelor’s degree (or higher) from an accredited college or university, and • 3 years of full-time personal financial planning experience Educational Requirements: Candidate must complete a CFP®-board registered program, or hold one of the following: • CPA • ChFC 31 | P a g e  • Chartered Life Underwriter (CLU) • CFA • Ph.D. in Business or Economics • Doctor of Business Administration • Attorney's License Examination Type: CFP® Certification Examination Continuing Education/Experience Requirements: 30 hours every 2 years Accredited Investment Fiduciary® - AIF® Accredited Investment Fiduciary® (AIF®) The AIF Designation certifies that the recipient has specialized knowledge of fiduciary standards of care and their application to the investment management process. To receive the AIF Designation, the individual must meet prerequisite criteria based on a combination of education, relevant industry experience, and/or ongoing professional development, complete a training program, successfully pass a comprehensive, closed-book final examination under the supervision of a proctor and agree to abide by the Code of Ethics and Conduct Standards. In order to maintain the AIF Designation, the individual must annually attest to the Code of Ethics and Conduct Standards and accrue and report a minimum of six hours of continuing education. The Designation is administered by the Center for Fiduciary Studies, the standards-setting body of fi360. Accredited Asset Management Specialist℠ Individuals who hold the AAMS® designation have completed a course of study encompassing investments, insurance, tax, retirement, and estate planning issues. Additionally, individuals must pass an end- of-course examination that tests their ability to synthesize complex concepts and apply theoretical concepts to real-life situation. All designees have agreed to adhere to Standards of Professional Conduct and are subject to disciplinary process. Designees renew their designation every two-years by completing 16 hours of continuing education, reaffirming adherence to the Standards of Professional Conduct and complying with self-disclosure requirements. Certified Plan Fiduciary Advisory (CPFA) The Certified Plan Fiduciary Advisor (CPFA) credential – developed by some of the nation’s leading advisors and retirement plan experts – demonstrates your knowledge, expertise, and commitment to working with retirement plans. Plan advisors who earn their CPFA demonstrate the expertise required to act as a plan fiduciary or help plan fiduciaries manage their roles and responsibilities. Chartered Financial Consultant – ChFC® A Chartered Financial Consultant® (ChFC®) is a financial professional who meets the requirements established by The American College. These include completing a specified program of study and meeting minimum experience requirements and specific ethical standards. In order to obtain the ChFC® designation, a number of requirements must be met. An applicant must: (1) take nine college-level courses and pass an exam for each course; (2) have at least three years of qualifying full-time work experience in financial planning or a related field; and (3) pass a professional fitness standards and background check. Once appointed, a ChFC® must meet continuing education requirements in order to maintain the certification. The programs of study required of a ChFC® include such topics as: Financial Planning, Insurance Planning, Income Taxation, Planning for Retirement Needs, Investments, Estate Planning, and Executive Compensation. Please refer to the following website for more information:http://www.theamericancollege.edu/ 32 | P a g e  Chartered Life Underwriter - CLU® Chartered Life Underwriter (CLU) is a professional designation for individuals who wish to specialize in life insurance and estate planning. Individuals must complete five core courses and three elective courses, and successfully pass all eight two-hour, 100-question examinations in order to receive the designation. The required courses include: (1) Fundamentals of Insurance Planning, (2) Life Insurance Law, (3) Individual Life Insurance, (4) Estate Planning, and (5) Planning for Business Owners. The three elective courses can be chosen from such subjects as the following: (1) Financial Planning, (2) Health Insurance, (3) Income Taxation, (4) Group Benefits, (5) Retirement Planning, and (6) Investment Planning. Please refer to the following website for more information: http://www.theamericancollege.eduChartered Retirement Planning Counselor - CRPC® Individuals who hold the CRPC® designation have completed a course of study encompassing pre-and post- retirement needs, asset management, estate planning and the entire retirement planning process using models and techniques from real client situations. The program is designed for approximately 120-150 hours of self- study. The program is self-paced and must be completed within one year from enrollment. Chartered Retirement Plans Specialist - CRPS® Individuals who hold the CRPS® designation have completed a course of study encompassing design, installation, maintenance, and administration of retirement plans. The program is designed for approximately 120-150 hours of self-study. The program is self-paced and must be completed within one year from enrollment. Certification for Long Term Care - CLTC® The CLTC® (Certification in Long-Term Care) program was created in 1999. It focuses on the discipline of extended care planning. It provides professionals the critical tools necessary to discuss the subject of longevity and its consequences on their client's family and finances. Students learn how to mitigate these consequences by developing a plan to protect their clients and their families. The designation has been recognized and supported by The American College, CFP® Board, NAIFA, NAHU and major insurance carriers. Master Planner Advanced Studies - MPAS® Individuals who hold the MPAS® designation have completed the Master of Science degree program with the College majoring in personal financial planning or financial analysis. The program consists of 30 semester credits and delves deeply into personal financial planning content using research-based coursework and real- world case studies. Graduates of the program are required to demonstrate critical thinking skills and complex problem-solving techniques. 33 | P a g e  Disciplinary Information Neither Capital Square nor any management persons have been involved in any activities resulting in a disciplinary disclosure. 34 | P a g e  Other Business Activities Disclosure on Outside Business Activities is provided in Form ADV Part 2A Item 10 – Other Financial Industry Activities and Affiliations. These Outside Business Activities do not create a material conflict of interest with clients. Investment Adviser Representatives (IARs) of Capital Square may be appointed with several insurance companies and may be able to receive separate compensation for transactions implemented through various insurance companies. Clients are not obligated to use any company for insurance products purchased and may work with any insurance agent they choose. Insurance compensation will be separate and distinct from financial fees charged by Capital Square; IARs typically spend less than 10% of their time on insurance sales. 35 | P a g e  Additional Compensation No supervised person receives any economic benefit outside of regular salaries related to amount of sales, client referrals or new accounts. 36 | P a g e  Supervision Sandy Maddox, Managing Partner and Chief Compliance Officer supervises all persons named in this Form ADV Part 2 Investment Advisor Brochure Supplement. He can be reached at 423-877- 6708. Supervision is accomplished through several different methods. Capital Square holds regular investment and ad hoc meetings. Compliance and supervision are discussed and evaluated during these meetings and what each person can do to create and maintain a culture of compliance. The Chief Compliance Officer has access to all client reports and files, client and personal trading records, statements, emails and other electronic records kept by the custodian. Investment advice given to clients must meet the stated investment objectives of the client. 37 | P a g e