McCarthy Asset Management, Inc.

PART 2A ITEM 1: COVER SHEET McCarthy Asset Management, Inc. 3 Lagoon Drive, Suite 155 Redwood Shores, CA 94065 (650) 610-9540 steve@mamportfolios.com www.mamportfolios.com January 19, 2026 This brochure provides information about the qualifications and business practices of McCarthy Asset Management, Inc. If you have any questions about the contents of this brochure, please contact us at the telephone number and/or e-mail address above. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or any state securities authority. Our e-mail for regulatory compliance is Compliance@mamportfolios.com. McCarthy Asset Management, Inc. is a registered investment advisor. Registration of an investment advisor does not imply any level of skill or training. The verbal and written communications of an investment adviser provide you with information you need to determine whether to hire or retain the advisor. Additional information about McCarthy Asset Management, Inc. is also available on the SEC’s website at www.adviserinfo.sec.gov.  PART 2A ITEM 2: MATERIAL CHANGES McCarthy Asset Management, Inc. Our previous annual update was dated January 10, 2025. Following is a summary of the material changes made to Part 2 since that amendment. Item 4: As of December 31, 2025, we manage assets of $422.4 million on a discretionary basis. Item 5: Updated our Financial Planning fees to $330 per hour. Item 13: Updated Portfolio Management reporting to reflect that monthly and quarterly reports are posted to clients’ portals. These may be sent via mail or email upon request from the client. Item 17: Updated our proxy voting disclosure to state that we do not provide guidance to clients about how a proxy should be voted. Please contact us at (650) 610-9540 if you would like a copy of our updated Part 2. Additional information about us is also available on the SEC’s website at www.adviserinfo.sec.gov.  ITEM 3 TABLE OF CONTENTS Item 1: Cover Sheet Item 2: Material Changes Item 3: Table of Contents Item 4: Advisory Business ........................................................................................................................... 1 Who we are ............................................................................................................................................... 1 Services we offer....................................................................................................................................... 1 Assets under management......................................................................................................................... 1 Item 5: Fees and Compensation ................................................................................................................... 1 Investment Management Services............................................................................................................. 1 Financial Planning..................................................................................................................................... 2 Item 6: Performance-Based Fees and Side-By-Side Management .............................................................. 3 Item 7: Types of Clients............................................................................................................................... 3 Item 8: Methods of Analysis, Investment Strategies and Risk of Loss........................................................ 3 Item 9: Disciplinary Information ................................................................................................................. 3 Item 10: Other Financial Industry Activities and Affiliations ..................................................................... 4 Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................ 4 Code of Ethics........................................................................................................................................... 4 Personal Trading for Associated Persons.................................................................................................. 4 Item 12: Brokerage Practices ....................................................................................................................... 5 The Custodian and Brokers We Use ......................................................................................................... 5 How We Select Brokers/Custodians ......................................................................................................... 5 Your Brokerage and Custody Costs.......................................................................................................... 6 Products and Services Available to Us From Schwab .............................................................................. 6 Our Interest in Schwab's Services............................................................................................................. 7 Aggregation of Orders .............................................................................................................................. 7 Soft Dollars ............................................................................................................................................... 8 Item 13: Review of Accounts....................................................................................................................... 8 Portfolio Management............................................................................................................................... 8 Financial Planning..................................................................................................................................... 8 Item 14: Client Referrals and Other Compensation..................................................................................... 8 Item 15: Custody.......................................................................................................................................... 8 Item 16: Investment Discretion.................................................................................................................... 9 Item 17: Voting Client Securities................................................................................................................. 9 Item 18: Financial Information .................................................................................................................... 9  ITEM 4: ADVISORY BUSINESS Who we are McCarthy Asset Management, Inc. (referred to as “we,” “our,” “us,” or “MAM”) has been registered as an investment advisor since November 2004. Our principal and sole owner is Stephen P. McCarthy. From August 1999 until November 2004, Mr. McCarthy was a sole proprietor entity registered as an investment advisor. Services we offer We provide portfolio management and financial planning services. The primary financial planning service we provide is the creation and annual update of a client's Net Worth Analysis (NWA). The NWA is an Excel-based spreadsheet designed by us to track the accumulation of Invested Assets for pre-retirees and the retention of Invested Assets for retirees. In addition, we provide a Retirement Analysis utilizing MoneyGuide Pro software to determine the financial viability of a client’s retirement. We create and manage customized investment portfolios based on each client’s investment objectives, investment timeframe, and risk tolerance. Portfolios are primarily made up of no-load mutual funds and exchange traded funds (ETFs). All portfolios are reviewed and adjusted at least twice per year to reflect any changes in MAM’s investment strategy and the stock market environment. Clients may impose restrictions on the types of securities in which we invest. Assets under management As of December 31, 2025, we manage assets of $422.4 million on a discretionary basis. We do not manage assets on a non-discretionary basis. ITEM 5: FEES AND COMPENSATION Investment Management Services Advisory Fees & Billing Practices Fees for investment management services are calculated as a percentage of assets under management. These fees are billed quarterly in arrears, based on the assets under management as of the last day of the calendar quarter. Our fee schedule is: Assets under Management Annual Fee On the first $500,000 On the next $2,000,000 On the next $2,000,000 On values over $4,500,000 1.00% 0.75% 0.50% 0.25% We do not negotiate lower fees with clients. Page 1  You may provide authorization for us to deduct our fees directly from your investment account. Important information about the deduction of management fees:  You must provide authorization for us to deduct fees in the appropriate section of our Investment Advisory Agreement.  You will receive a detailed invoice each quarter which outlines our fees and how they are calculated at the same time we request payment from the custodian. MAM verifies the accuracy of the fee billing before requesting payment.  You will receive a statement from your custodian which shows all transactions in your account, including the deduction of our fee.  You are responsible for reviewing the accuracy of the fees being billed, as the custodian will not do so. You may elect to pay by check rather than having payment deducted directly from your account. If you would like to end our advisory relationship, you may do so by providing 30 days written notice. We will prorate the advisory fees received through the termination date and send you an invoice for the advisory fees due. Other Costs Involved In addition to our advisory fee shown above, you are responsible for paying fees associated with investing for your account. These fees include:  operating expenses for ETFs and mutual funds. These expenses include management fees for ETFs and both management fees and 12b-1 fees for mutual funds. These are fees charged by the managers of the ETF or mutual fund and are a portion of the expenses of the ETF or mutual fund. MAM does not receive any portion of these expenses.  brokerage costs and transaction fees for any securities or fixed income trades. These are generally charged by your custodian and/or executing broker.  Certain mutual funds charge a “short-term redemption fee” if the fund is sold before the redemption period has lapsed. Typically the redemption period is one to three months from the date of purchase. Additional information about brokerage costs and services is provided in “Item 12: Brokerage Practices.” Financial Planning Financial planning services are provided for an hourly fee of $330. You will receive an invoice upon completion of the financial plan that is payable upon receipt. You may pay for financial planning services by check or cash. You may cancel our financial planning agreement at any time by providing written notice. Upon cancellation, we will present you with an invoice for time spent. This invoice is payable upon receipt. Page 2  We have a conflict of interest when you implement the financial plan through us. In these cases, we receive the customary fees as disclosed in the above section. You are not required to employ us to implement the financial plan, or implement the plan, or any portion of it, at all. We believe the fees mentioned above are competitive; however you may be able to obtain similar services from other sources at a lower price. ITEM 6: PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT We do not receive performance fees for managing accounts. ITEM 7: TYPES OF CLIENTS Our clients are diverse, located across the country, and have a broad range of backgrounds, ages and objectives. These clients include individuals, trusts, small businesses and pension plans. Our current minimum for new clients is $1,000,000 of assets under management. However, we may waive that minimum at our sole discretion. ITEM 8: METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS Our philosophy is to invest portfolios over a broad range of asset classes (large, mid & small cap U.S. equities, foreign equities, bonds and alternative assets). Based on the economic and investment outlook for these various asset classes (as gauged by the reading of numerous investment publications by Steve McCarthy), at least twice per year portfolio adjustments are made to the investments in the various asset classes. Portfolios are well diversified among various asset classes. Generally portfolios are incrementally adjusted over time, rather than dramatic changes being made in a short period of time. We are not "market timers" who move in and out of the investments. It is our belief that many market timing investors are emotionally driven in their decision making, which can be detrimental to portfolio performance. We invest for the long-term and ignore the vagaries of short-term stock market fluctuations. The risk to our portfolios is tied to the risk and volatility of the stock market. Our belief is that this volatility lessens the longer portfolios stay invested. We primarily invest in mutual funds and exchange traded funds. Generally these investments are no more risky than the overall stock market. All investments involve different degrees of risk. You should be aware of your risk tolerance level and financial situations at all times. We cannot guarantee the successful performance of an investment and we are expressly prohibited from guaranteeing accounts against losses arising from market conditions. ITEM 9: DISCIPLINARY INFORMATION Registered investment advisors are required to disclose any material facts regarding any legal or disciplinary actions that would be material to your evaluation of the investment advisor and each Page 3  investment advisor representative providing investment advice to you. We have no information of this type to report. ITEM 10: OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS Mr. Stephen McCarthy, President of MAM, is also a sole practitioner CPA. Mr. Ryan McCarthy, Financial Advisor, also provides accounting services through Mr. McCarthy's CPA firm. In that capacity they provide tax planning and preparation services to individuals and business entities. MAM clients are also clients of Mr. McCarthy’s CPA practice. Messrs. McCarthy each expect to spend approximately 15% of their time working on tax matters with clients. You are under no obligation to use the services of Mr. McCarthy's CPA firm for any accounting or tax work recommended by us. Because of custody rules governing investment advisors, we cannot accept you as an advisory client if you have provided Mr. McCarthy with the authority to sign checks, pay bills, or transfer funds on your behalf. ITEM 11: CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING Code of Ethics We have adopted a set of enforceable guidelines (Code of Ethics), which describes unacceptable conduct by MAM and our associated persons. Summarized, this Code of Ethics prohibits us from: placing our interests before yours,  using non public information gathered when providing services to you for our own gains, or   engaging in any act, practice or course of business that is, or might be considered, fraudulent, deceptive, manipulative, or in violation of any applicable law, rule or regulation of a governmental agency. Please contact us if you would like to receive a full copy of this Code of Ethics. Personal Trading for Associated Persons We may buy or sell some of the same securities for you that we already hold in our personal account. We may also buy for our personal account some of the same securities that you already hold in your account. It is our policy not to permit our associated persons (or their immediate relatives) to trade in a way that takes advantage of price movements caused by your transactions. We may restrict trading for a particular security for our accounts or those of our associated persons if there is a pending trade in that security in a client account. Trades for our accounts (and those of our associated persons) will be placed as part of a block trade with client trades, or individually after client trades have been completed. Additional information about block trades is provided in the Aggregation of Orders section of “Item 12: Brokerage Practices.” When our trades are placed after our client trades, we may receive a better or worse price than that received by the client. Page 4  All persons associated with us are required to report all personal securities transactions to us quarterly. ITEM 12: BROKERAGE PRACTICES The Custodian and Brokers We Use We do not maintain custody of your assets that we manage, although we may be deemed to have custody of your assets if you give us authority to withdraw assets from your account (see “Item 15: Custody”). Your assets must be maintained in an account at a “qualified custodian,” generally a broker/dealer or bank. We recommend that our clients use Charles Schwab & Co., Inc. (“Schwab”), a registered broker- dealer, member SIPC as the qualified custodian. We are independently owned and operated and are not affiliated with Schwab. Schwab will hold your assets in a brokerage account and buy and sell securities when we instruct them to. While we recommend that you use Schwab as custodian/broker, you will decide whether to do so and will open your account with Schwab by entering into an account agreement directly with them. Conflicts of interest associated with this arrangement are described below as well as in "Item 14: Client Referrals and Other Compensation". You should consider these conflicts of interest when selecting your custodian. If a new account is needed, we will assist you in setting one up. If you do not wish to place your assets with Schwab, then we cannot manage your account. Not all advisors require their clients to use a particular broker-dealer or other custodian selected by the advisor. How We Select Brokers/Custodians We seek to use a custodian/broker who will hold your assets and execute transactions on terms that are, overall, most advantageous when compared to other available providers and their services. We consider a wide range of factors, including, among others:  Combination of transaction execution services and asset custody services (generally without a separate fee for custody)  Capability to execute, clear, and settle trades (buy and sell securities for your account)  Capability to facilitate transfers and payments to and from accounts (wire transfers, check requests, bill payment, etc.)  Breadth of available investment products (stocks, bonds, mutual funds, exchange-traded funds (ETFs), etc.)  Availability of investment research and tools that assist us in making investment decisions  Quality of services  Competitiveness of the price of those services (commission rates, margin interest rates, other fees, etc.) and willingness to negotiate the prices  Reputation, financial strength, and stability Prior service to us and our other clients   Availability of other products and services that benefit us, as discussed below (see “Products and Services Available to Us From Schwab”) Page 5  Your Brokerage and Custody Costs For our clients’ accounts that Schwab maintains, Schwab generally does not charge you separately for custody services but is compensated by charging you commissions or other fees on trades that it executes or that settle into your Schwab account. Certain trades (for example, many mutual funds and ETFs) may not incur Schwab commissions or transaction fees. Schwab is also compensated by earning interest on the uninvested cash in your account in Schwab’s Cash Features Program. These fees are in addition to the commissions or other compensation you pay the executing broker-dealer. Because of this, in order to minimize your trading costs, we have Schwab execute most trades for your account. We are not required to select the broker or dealer that charges the lowest transaction cost, even if that broker provides execution quality comparable to other brokers or dealers. Although we are not required to execute all trades through Schwab, we have determined that having Schwab execute most trades is consistent with our duty to seek "best execution" of your trades. Best execution means the most favorable terms for a transaction based on all relevant factors, including those listed above (see "How we Select Brokers/Custodians"). By using another broker or dealer you may pay lower transaction costs. Products and Services Available to Us From Schwab Schwab Advisor Services™ is Schwab’s business serving independent investment advisory firms like us. They provide us and our clients with access to their institutional brokerage services (trading, custody, reporting, and related services), many of which are not typically available to Schwab retail customers. However, certain retail investors may be able to get institutional brokerage services from Schwab without going through us. Schwab also makes available various support services. Some of those services help us manage or administer our clients’ accounts, while others help us manage and grow our business. Schwab’s support services are generally available on an unsolicited basis (we don’t have to request them) and at no charge to us. Following is a more detailed description of Schwab’s support services: Services that benefit you. Schwab’s institutional brokerage services include access to a broad range of investment products, execution of securities transactions, and custody of client assets. The investment products available through Schwab include some to which we might not otherwise have access or that would require a significantly higher minimum initial investment by our clients. Schwab’s services described in this paragraph generally benefit you and your account. Services that do not directly benefit you. Schwab also makes available to us other products and services that benefit us but do not directly benefit you or your account. These products and services assist us in managing and administering our clients’ accounts and operating our firm. They include investment research, both Schwab’s own and that of third parties. We may use this research to service all or a substantial number of our clients’ accounts, including accounts not maintained at Schwab. In addition to investment research, Schwab also makes available software and other technology that:  Provide access to client account data (such as duplicate trade confirmations and account statements) Facilitate trade execution and allocate aggregated trade orders for multiple client accounts  Provide pricing and other market data  Facilitate payment of our fees from our clients’ accounts   Assist with back-office functions, recordkeeping, and client reporting Page 6  Services that generally benefit only us. Schwab also offers other services intended to help us manage and further develop our business enterprise. These services include:  Educational conferences and events  Consulting on technology and business needs  Consulting on legal and related compliance needs Publications and conferences on practice management and business succession   Access to employee benefits providers, human capital consultants, and insurance providers  marketing consulting and support Schwab provides some of these services itself. In other cases, it will arrange for third-party vendors to provide the services to us. Schwab also discounts or waives its fees for some of these services or pays all or a part of the third party's fees. Schwab also provides us with other benefits, such as occasional business entertainment of our personnel. If you did not maintain your account with Schwab we would be required to pay for these services from our own resources. Our Interest in Schwab's Services The availability of these services from Schwab benefits us because we do not have to produce or purchase them. We don’t have to pay for Schwab’s services. These services are not contingent upon us committing any specific amount of business to Schwab in trading commissions or assets in custody. The fact that we receive these benefits from Schwab is an incentive for us to recommend the use of Schwab rather than making such a decision based exclusively on your interest in receiving the best value in custody services and the most favorable execution of your transactions. This is a conflict of interest. We believe, however, that taken in the aggregate, our recommendation of Schwab as custodian and broker is in the best interests of our clients. Our selection is primarily supported by the scope, quality, and price of Schwab’s services (see “How We Select Brokers/Custodians”) and not Schwab’s services that benefit only us. Aggregation of Orders There are occasions on which portfolio transactions will be executed as part of concurrent authorizations to purchase or sell the same security for another client or one or more of our associated persons. We may choose to block (aggregate) trades for your account with those of other client accounts and personal accounts of persons associated with MAM. This is done only if a mutual fund that we are purchasing for multiple clients has a high minimum and aggregating would allow clients to meet that minimum. When we place a block trade, all participants included in the block receive the same price per share on the trade. The price is calculated by averaging the price of all of the shares traded. Due to the averaging of price over all of the participating accounts, aggregated trades could be either advantageous or disadvantageous. Commission costs are not averaged. You will pay the same commission whether your trade is placed as part of a block or on an individual basis. Other than this limited circumstance, we do not aggregate client orders. Trading is typically done as a result of a contribution to the account by the client, or adjustments made upon MAM’s review of the account. Page 7  Soft Dollars The receipt of goods and/or services from the required custodian in connection with providing advice to clients is seen by the regulators as “soft dollars.” The additional services we receive from Schwab, as disclosed in the section entitled “Products and Services Available to Us From Schwab” above, would fall under this description of soft dollars. ITEM 13: REVIEW OF ACCOUNTS Portfolio Management Steve McCarthy, President, reviews accounts on a semi-annual basis. More frequent reviews may be triggered by market conditions or changes in a client’s financial situation. Mr. McCarthy reviews the account performance and asset allocation. We provide reports which show current positions and values in addition to year-to-date and cumulative performance. These reports are posted on a monthly basis to our clients’ portals. Quarterly reports are also posted on clients’ portals. For those that prefer it, we also either mail or email the quarterly report to them. Financial Planning Ryan McCarthy, Financial Planner, updates the Net Worth Analysis (NWA) on an annual basis. A questionnaire is sent to the client 12 months after we created or last updated their NWA. The NWA analysis is updated only for those clients who complete and return the questionnaire. In addition, for those clients who are interested and have filled out a “workbook,” Ryan prepares a Retirement Analysis. You may request that MAM review your financial plan at any time. All financial plan reviews are performed by Steve McCarthy, President. ITEM 14: CLIENT REFERRALS AND OTHER COMPENSATION We receive an economic benefit from Schwab in the form of the support products and services it makes available to us and other independent investment advisors whose clients maintain their accounts at Schwab. You do not pay more for assets maintained at Schwab as a result of these arrangements. However, we benefit from the referral arrangement because the cost of these services would otherwise be borne directly by us. You should consider these conflicts of interest when selecting a custodian. These products and services, how they benefit us, and the related conflicts of interest are described above (see Item 12: Brokerage Practices”). We do not compensate outside parties for client referrals. ITEM 15: CUSTODY If you give us authority to deduct our fees directly from your separately managed account, we have custody of those assets. In order to avoid additional regulatory requirements in these cases, we follow the procedures outlined in “Item 5: Fees and Compensation.” You will receive account statements directly Page 8  from your custodian at least quarterly. They will be sent to the email or postal mailing address you provided. You should carefully review those statements promptly when you receive them. ITEM 16: INVESTMENT DISCRETION You may provide discretionary authority for us to manage your assets. Discretionary authority means that you are giving us a limited power of attorney to place trades on your behalf. This limited power of attorney does not allow us to withdraw money from your account, other than advisory fees if you agree to give us that authority. You grant us discretionary authority by completing the following items:  Sign a contract with us that provides a limited power of attorney for us to place trades on your behalf. Any limitations to the trading authorization will be added to this agreement.  Provide us with discretionary authority on the new account forms that are submitted to the broker/dealer acting as custodian for your account(s). You may request that we notify you in advance of any portfolio adjustments we are planning. You may also request that we not invest in a specific mutual fund or industry/sector. ITEM 17: VOTING CLIENT SECURITIES We do not vote proxies on behalf of clients, nor do we provide guidance about how a proxy should be voted. You will receive proxy materials directly from Schwab. ITEM 18: FINANCIAL INFORMATION We do not charge or solicit pre-payment of more than $1,200 in fees per client six months or more in advance. We have never filed for bankruptcy and are not aware of any financial conditions that are reasonably likely to impair our ability to meet our contractual obligations to clients. Page 9  BROCHURE SUPPLEMENT ITEM 1: COVER SHEET Stephen P. McCarthy McCarthy Asset Management, Inc. 3 Lagoon Drive, Suite 155 Redwood Shores, CA 94065 (650) 610-9540 January 19, 2026 This Brochure Supplement provides information about Stephen P. McCarthy that supplements the McCarthy Asset Management, Inc. Brochure. You should have received a copy of that Brochure. Please contact Stephen P. McCarthy, President at (650) 610-9540 or steve@mamportfolios.com if you did not receive McCarthy Asset Management, Inc.’s Brochure or if you have any questions about the content of this supplement. Additional information about Stephen P. McCarthy is available on the SEC’s website at www.adviserinfo.sec.gov. ITEM 2: EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE Stephen P. McCarthy was born in 1957. Educational Background School Name University of California, Davis University of California, Berkeley Degree BS MBA Year 1979 1986 Major(s) Agricultural Economics Business Golden Gate University MS 1990 Taxation Employment Background Employment Dates: Firm Name: Type of Business: Job Title: 11/2004 - Present McCarthy Asset Management, Inc. Investment Advisor President.  McCarthy Asset Management, Inc. Brochure Supplement Stephen P. McCarthy Employment Background (continued) Employment Dates: Firm Name: Type of Business: Job Title: 9/1986 - Present Stephen P. McCarthy, CPA CPA Firm Owner. Preparation of income tax returns and tax planning. Employment Dates: Firm Name: Type of Business: Job Title: 9/1999 – 12/2004 McCarthy Asset Management Investment Advisor Sole proprietor. Professional Designations Certified Financial Planner (CFP) – 1990 Certified Public Accountant (CPA) – 1981 The CFP designation is issued by the Certified Financial Planner Board of Standards, Inc. In order to receive a CFP designation, the candidate must have a bachelor’s degree or higher from an accredited college or university and have 3 years of full-time personal financial planning experience. In addition, the candidate must complete a CFP board-registered program or hold one of the following: CPA, ChFC, Chartered Life Underwriter(CLU), CFA, Ph.D. in business or economics, Doctor of Business Administration or attorney’s license. Once the designation is earned, the CFP must complete 30 hours of continuing education every 2 years. Certified Public Accountants (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. In order 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 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. The vast majority of state boards of accountancy have adopted the AICPA’s Code of Professional Conduct within their state accountancy laws or have created their own. Page 2  McCarthy Asset Management, Inc. Brochure Supplement Stephen P. McCarthy ITEM 3: DISCIPLINARY INFORMATION Registered investment advisors are required to disclose any material facts regarding any legal or disciplinary actions that would be material to your evaluation of each investment advisor representative providing investment advice to you. There is no information of this type to report. ITEM 4: OTHER BUSINESS ACTIVITIES Mr. McCarthy spends approximately 15% of his time providing tax preparation and tax planning services. ITEM 5: ADDITIONAL COMPENSATION Mr. McCarthy does not receive any economic benefit from any non-client for providing advisory services. ITEM 6: SUPERVISION Mr. McCarthy, President, is the sole owner and person responsible for the supervision of all investment personnel. His telephone number is (650) 610-9540. Page 3  BROCHURE SUPPLEMENT ITEM 1: COVER SHEET Ryan S. McCarthy McCarthy Asset Management, Inc. 3 Lagoon Drive, Suite 155 Redwood Shores, CA 94065 (650) 610-9540 January 19, 2026 This Brochure Supplement provides information about Ryan S. McCarthy that supplements the McCarthy Asset Management, Inc. Brochure. You should have received a copy of that Brochure. Please contact Stephen P. McCarthy, President at (650) 610-9540 or steve@mamportfolios.com if you did not receive McCarthy Asset Management, Inc.’s Brochure or if you have any questions about the content of this supplement. Additional information about Ryan S. McCarthy is available on the SEC’s website at www.adviserinfo.sec.gov. ITEM 2: EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE Ryan S. McCarthy was born in 1993. He received a BA in Business Administration from University of Southern California in 2016. Employment Background Employment Dates: Firm Name: Type of Business: Job Title: 5/2020 - Present McCarthy Asset Management, Inc. Investment Advisor Financial Advisor. Employment Dates: Firm Name: Type of Business: Job Title: 1/2017 - 4/2020 Pricewaterhouse Coopers, LP Accounting Tax Senior Associate.  McCarthy Asset Management, Inc. Brochure Supplement Ryan S. McCarthy Employment Background (continued) Employment Dates: Firm Name: Type of Business: Job Title: 6/2016 - 1/2017 University of Southern California University Student Employment Dates: Firm Name: Type of Business: Job Title: 9/2015 - 6/2016 McCarthy Asset Management, Inc. Investment Advisor Article Editor Professional Designations Certified Financial Planner (CFP) – 2020 Certified Public Accountant (CPA) – 2019 The CFP designation is issued by the Certified Financial Planner Board of Standards, Inc. In order to receive a CFP designation, the candidate must have a bachelor’s degree or higher from an accredited college or university and have 3 years of full-time personal financial planning experience. In addition, the candidate must complete a CFP board-registered program or hold one of the following: CPA, ChFC, Chartered Life Underwriter (CLU), CFA, Ph.D. in business or economics, Doctor of Business Administration or attorney’s license. Once the designation is earned, the CFP must complete 30 hours of continuing education every 2 years. Certified Public Accountants (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. In order 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 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. The vast majority of state boards of accountancy have adopted the AICPA’s Code of Professional Conduct within their state accountancy laws or have created their own. Page 2  McCarthy Asset Management, Inc. Brochure Supplement Ryan S. McCarthy ITEM 3: DISCIPLINARY INFORMATION Registered investment advisors are required to disclose any material facts regarding any legal or disciplinary actions that would be material to your evaluation of each investment advisor representative providing investment advice to you. There is no information of this type to report. ITEM 4: OTHER BUSINESS ACTIVITIES Mr. McCarthy spends approximately 15% of his time providing tax preparation and tax planning services. ITEM 5: ADDITIONAL COMPENSATION Mr. McCarthy does not receive any economic benefit from any non-client for providing advisory services. ITEM 6: SUPERVISION Mr. Stephen McCarthy, President, is person responsible for the supervision of all investment personnel. His telephone number is (650) 610-9540. Page 3