PANTELES ADVISORS

Item 1: Cover Page PART 2A OF FORM ADV: FIRM BROCHURE FIRM BROCHURE March 31, 2026 Panteles Advisors, LLC Investment Advisory Firm CRD# 322676 Panteles Advisors, LLC 415 US 377, Suite 110 Argyle, TX 76226 (940) 239-8042 (CCO), Mr. Aaron B. This brochure provides information about the business practices and qualifications of Panteles Advisors, LLC. Any inquiries regarding the contents of this brochure should contact Panteles Advisors’ Chief Compliance Officer Junk by phone at (940) 239-8042 or by email at: info@pantelesadvisors.com . The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Panteles Advisors, LLC is also available on the SEC’s website located at www.adviserinfo.sec.gov Registration does not imply a certain level of skill or training. 1  Item 2: Material Changes • Panteles Advisors LLC has increased its assets under management in excess of $100 million and has filed for registration with the Securities and Exchange.. 2  Item 3: Table of Contents Contents Item 1: Cover Page.............................................................................................................................................. 1 Item 2: Material Changes .................................................................................................................................... 2 Item 3: Table of Contents .................................................................................................................................... 3 Item 4: Advisory Business ................................................................................................................................... 4 Item 5: Fees and Compensation .......................................................................................................................... 5 Item 6: Performance-Based Fees and Side-By-Side Management ......................................................................... 6 Item 7: Types of Clients ....................................................................................................................................... 6 Item 8: Methods of Analysis, Investment Strategies and Risk of Loss .................................................................... 6 Item 9: Disciplinary Information ........................................................................................................................ 12 Item 10: Other Financial Industry Activities and Affiliations ................................................................................ 12 Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ............................. 13 Item 12: Brokerage Practices ............................................................................................................................ 13 Item 13: Review of Accounts ............................................................................................................................. 17 Item 14: Client Referrals and Other Compensation ............................................................................................ 17 Item 15: Custody .............................................................................................................................................. 17 Item 16: Investment Discretion ......................................................................................................................... 18 Item 17: Voting Client Securities ....................................................................................................................... 18 Item 18: Financial Information .......................................................................................................................... 19 Part 2B of Form ADV: Brochure Supplements .................................................................................................... 20 3  Item 4: Advisory Business Panteles Advisors, LLC is a state registered investment advisory firm headquartered in the State of Texas. Panteles Advisors, LLC (Panteles Advisors) specializes in offering investment advisory services in the form of discretionary investment management, financial planning and consulting services to individuals, high net worth individuals, families, trusts, estates, businesses and charities. Panteles Advisors, LLC’s principal owners are Dutch Haven, LLC and Janda Legacy Investments, LP. As of December 31, 2025 the firm has $108,183,493.27 in assets under management (aum), and the total amount of assets under advisory (aua) is $112,316,883.00. Financial Planning As part of our investment management services, Panteles Advisors provides financial planning and consulting services as part of Panteles Advisors’ investment management services. At Panteles Advisors we listen and learn about each and every client’s past and current financial situation, as well as their goals and dreams for the future. We do this to help both the client and Panteles Advisors to get a better understanding of where the client is currently positioned and where they would like to be positioned in the future. Panteles Advisors will review each client’s current assets, income, and expenses as well as future income needs and expenses as necessary. The information uncovered in the discovery process, such as risk tolerance, past financial behaviors and decisions, helps us to determine a target asset mix that is appropriate for the client’s goals, time horizon and risk tolerance. Investment Management Services Panteles Advisors assists clients with the management of their investments on a discretionary basis. Account investment structure and supervision is guided by the client’s investment experience, investment objectives, time horizon, liquidity needs, risk tolerance, tax circumstances, and other related factors. Panteles Advisors’ investment recommendations and decisions are not limited to any specific security or industry and may include investment advice regarding the following types on investment vehicles: • Mutual Funds • Exchange Traded Funds (ETFs) • Domestic Equities • Foreign Equities • Corporate Bonds • Certificates of Deposit • Municipal Bonds • U.S. Treasuries • Preferred Stocks • Unit Investment Trusts (UITs) • Real Estate Investments • Alternative Investments • Private Placements • 3rd Party Money Managers • Options 4  Because investments involve varying degrees of risk, they will only be utilized or recommended when consistent with a client's stated investment goals, risk tolerance, liquidity needs, and tax circumstances. Clients may impose restrictions on certain investments and/or types of investments. As part of Panteles Advisors’ investment management services, and depending on a client’s individual needs, Panteles Advisors has the ability and will create customized portfolios for its clients using the investments vehicles listed above. Because of the breadth of investments, there is the possibility that a conflict of interest may arise. In these cases Panteles Advisors will acknowledge the conflict of interest by signing a conflict of interest form along with the client that describes the conflict of interest. Once Panteles Advisors constructs an investment portfolio for a client, Panteles Advisors will monitor each client’s investment strategy and performance on an ongoing basis and will rebalance the portfolio as needed. Clients are required to notify Panteles Advisors immediately if their financial circumstances and/or investment objectives change from what has already been disclosed to Panteles Advisors. Item 5: Fees and Compensation Panteles Advisors offers investment advisory services, please review the fee and compensation information below. Investment Management Fee Structure Our investment management fees are negotiated and unless negotiated otherwise, are charged quarterly, in arrears, and are based on the market value of the assets being managed (aum) and/or the assets under advisory (aua) at the end of the quarter, and will not exceed 1.00% of the assets under management (aum) and/or assets under advisory (aua). For qualified-investor clients, the advisor may instead agree to (i) a negotiated flat fee in lieu of a market- value-based fee, and/or (ii) a performance-based fee or similar incentive structure calculated on returns exceeding a mutually negotiated preferred return, in each case as permitted under applicable regulations and fully described in the client’s advisory agreement. The Panteles Advisors investment advisory contract can be terminated by the client without penalty within five (5) business days of the signing of the investment advisory contract and the client will not be responsible for advisory fees incurred during that time. Either party, upon thirty (30) days written notice to the other, may terminate the investment management services agreement in accordance with the terms of the agreement for services. Investment management fees, charged in arrears prior to the end of the billing period, will be prorated for the billing period in which the termination notice is given and any unearned fees will be refunded to the client, if applicable. Lower fees for comparable services may be available from other sources. Investment Advisory Fee Billing Panteles Advisors instructs the qualified custodian to deduct advisory fees from the client’s advisory account(s) at the end of each quarter. Panteles Advisors may also send an invoice directly to the client for payment of advisory fees. The qualified custodian provides clients with account statements, at least quarterly, reflecting the 5  deduction of advisory fees and all other account activity. Clients are encouraged to review the custodian’s statements to verify the accuracy of fee deductions. Panteles Advisors instructs the qualified custodian to deduct advisory fees from the client’s advisory account(s) at the end of each quarter. Panteles Advisors may also send an invoice directly to the client for payment of advisory fees. The qualified custodian provides clients with account statements, at least quarterly, reflecting the deduction of advisory fees and all other account activity. Clients are encouraged to review the custodian’s statements to verify the accuracy of fee deductions. Other Fees and Expenses Panteles Advisors does not charge additional fees other than the fees listed above and/or negotiated. Panteles Advisors does not receive or share any additional fees or expenses incurred by advisory clients. Panteles Advisors clients will incur brokerage and other transaction costs by the custodian. Panteles Advisors does not receive these fees nor does it share in these fees; see Item 12 for additional information. Lower fees for comparable services may be available from other sources. Item 6: Performance-Based Fees and Side-By-Side Management Panteles Advisors may enter into advisory agreements with certain clients that include a negotiated flat fee in lieu of an asset-based fee and/or a performance-based fee or similar incentive structure based on returns exceeding a negotiated preferred return or hurdle rate. These fee arrangements are offered exclusively to “Qualified Purchasers,” as defined in Section 2(a)(51) of the Investment Company Act of 1940, all of whom are deemed “qualified clients” for purposes of Rule 205-3 under the Investment Advisers Act of 1940. Performance- based compensation creates a conflict of interest because Panteles Advisors may have an incentive to recommend or select investments that are riskier or more volatile in an effort to increase performance-based compensation. Panteles Advisors also manages accounts that do not pay performance-based fees, which creates a side-by-side management conflict. Panteles Advisors seeks to address these conflicts by applying its investment opportunities fairly, and supervising account investment process consistently, allocating management to ensure equitable treatment across client accounts. Item 7: Types of Clients Panteles Advisors clients can include: individuals, high net worth individuals, business entities, trusts, estates, and charitable organizations. Panteles Advisors does not require an annual minimum fee or asset level for investment advisory or investment planning services. Item 8: Methods of Analysis, Investment Strategies and Risk of Loss For Qualified Purchaser clients who enter into negotiated flat-fee or performance-based fee arrangements, Panteles Advisors has a financial incentive to generate higher returns, which may encourage the selection of investments or strategies that involve greater risk or volatility. Performance-based fees are to be calculated on realized, may include a preferred return or hurdle rate, and may vary among Qualified Purchasers based on account size, structure, or negotiated terms. Only Qualified Purchasers are eligible to enter into these fee arrangements with Panteles Advisors. Qualified 6  Purchasers are institutional-level or high-net-worth investors who satisfy the investment standards defined under the Investment Company Act of 1940. These clients should carefully review the terms of any performance-based fee arrangement, including preferred return or hurdle provisions, before entering into an advisory relationship with Panteles Advisors. When appropriate, Panteles Advisors may use the following methods of analysis when providing investment advice to clients: Methods of Analysis Macroeconomic Analysis - Macroeconomics is the study of the behavior of the economy as a whole and uses various economic indicators that tell us about the overall health of the economy. Macroeconomic analysis can help consumers, firms, and governments make better decisions: Consumers want to know how easy it will be to find work, how much it will cost to buy goods and services in the market, or how much it may cost to borrow money. Businesses use macroeconomic analysis to determine whether expanding production will be welcomed by the market. Governments and central banks turn to macroeconomics when determining budgets, creating taxes, deciding on interest rates, and making policy decisions. Within an investment portfolio, understanding how different asset classes respond to changes in the macroeconomic environment can help investment decision makers make more informed decisions with the goal of improving the overall effectiveness of the portfolio. Macroeconomic material risk factors include inflation, unemployment, interest rates, exchange rates, and commodity prices. Some macro risks will have a greater impact on a particular sector than on others. Fundamental Analysis - Fundamental analysis involves analyzing individual companies and their industry groups, such as a company's financial statements, details regarding the company's product line, the experience and skill of the company's management, and the outlook for the company's industry. The resulting data is used to measure the true value of the company's equity and debt issuance compared to current market prices. The risk of fundamental analysis is that information obtained or conclusions drawn are incorrect and the analysis will not provide an accurate estimate of the company’s performance and outlook which in turn, can affect the value of the company’s stock and their creditworthiness, or ability to repay its debt. If securities prices adjust rapidly to new information, utilizing fundamental analysis may not result in favorable performance. Quantitative Analysis - Quantitative analysis is a technique that seeks to understand asset price behavior by using mathematical and statistical modeling, measurement, and research. Quantitative analysis aims to represent a given reality in terms of a numerical value. Quantitative analysis is employed for several reasons, including measurement, performance evaluation or valuation of a financial instrument, and predicting real- world events, such as changes in a country's gross domestic product (GDP). Quantitative analysis uses statistical techniques to examine and analyze past, current, and anticipated future events. Any subject involving numbers can be quantified; thus there are many fields in which quantitative analysis is used and can be beneficial. The main material risk as it relates to Quantitative Analysis is based on the accuracy of the specific data that is being analyzed. in different Qualitative Analysis - Qualitative analysis is a form of analysis that uses subjective judgment based on information that is difficult to quantify, such as management expertise, industry cycles, strength of research and development, and labor relations. Qualitative analysis contrasts with quantitative analysis and often the two investment techniques are used together to provide multiple perspectives investment opportunities. The main material risk as it relates to Qualitative Analysis is based on a person's perception or judgment the specific data that is being analyzed. 7  Technical Analysis -Technical Analysis involves studying past price patterns and trends in the financial markets to predict the direction of both the overall market and specific investment securities. The risk of market timing based on technical analysis is that charts will not accurately predict future price movements. Current prices of securities often reflect all information known about that security and day to day changes in market prices of securities will follow random patterns and, in these cases, may not be predictable with any reliable degree of accuracy. Cyclical Analysis - Cyclical analysis is a type of technical analysis that involves evaluating recurring price patterns and trends based upon business cycles. The lengths of economic cycles are difficult to predict with accuracy and therefore the risk of cyclical analysis is the difficulty in predicting economic trends and consequently the changing value of securities that would be affected by these changing trends. Investment Strategies Panteles Advisors believes that allocating capital across a diverse range of asset classes is critical to a Client’s long-term investment success. Client portfolios are customized to align with a client’s specific investment objective and risk tolerance. Each portfolio is constructed using a strategic asset allocation methodology with prevailing long-term trends in mind. Short-term trends and trading strategies are not employed unless necessary in accordance with Client mandates. Panteles Advisors believes that Clients will benefit from having a portfolio of holdings invested in a variety of assets classes that respond differently to major market drivers, such as economic growth and inflation. To the extent that these asset classes are diversifying to each other, the overall goal is for the portfolio to experience lower volatility than the volatility of those asset classes individually. Panteles Advisors will not pursue strategies that are highly speculative in nature and the underlying investments within the investment vehicles being utilized may include the following investments and the 3 most common associated risks: Domestic Equities - Market risk, Company risk, Liquidity risk. Domestic Equities are typically traded on an exchange. They may be subject to brokerage trading costs, cost efficiency, the market price of a domestic equity may fluctuate throughout the day. Foreign Equities - Currency risk, Foreign Market risk, Company risk. Foreign Equities are typically traded on an exchange. They may be subject to brokerage trading costs, cost efficiency, the market price of a foreign equity may fluctuate throughout the day and overnight, depending on the exchange in which it is traded. Preferred Stocks - Interest Rate risk, Issuer risk, Liquidity risk. Preferred stocks are typically traded on an exchange. They may be subject to brokerage trading costs, cost efficiency, the market price of a preferred stock may fluctuate by the interest rate environment, and credit rating of the issuer. Corporate Bonds - Interest Rate risk, Issuer risk, Liquidity risk. Corporate bonds are not traded on an exchange. They may be subject to brokerage trading costs, cost efficiency, the market price of a Corporate bond may fluctuate by the interest rate environment, and credit rating of the issuer. Commercial Paper - Credit risk, Fixed Income risk, Interest Rate risk. 8  Commercial paper is not traded on an exchange. They may be subject to brokerage trading costs, cost efficiency, the market price of a Commercial paper may fluctuate by the lending/overnight rate environment, and credit rating of the issuer. Certificates of Deposit - Fixed Income risk, Interest Rate risk, Liquidity risk. Certificates of deposit are not traded on an exchange. They may be subject to brokerage trading costs, cost efficiency, the market price of a certificate of deposit may fluctuate by the interest rate environment, the issuing bank and liquidity risk if sold on the secondary market. Municipal Bonds - Fixed Income risk, Interest Rate risk, Credit risk. Municipal bonds are not traded on an exchange. They may be subject to brokerage trading costs, cost efficiency, the market price of a municipal bonds may fluctuate by the interest rate environment, the issuing municipality credit rating and taxing authority. U.S. Treasuries - Fixed Income risk, Interest Rate risk, Credit risk. U.S. Treasuries are not traded on an exchange as they are issued by the U.S. Government and may be subject to brokerage trading costs, cost efficiency, the market price of a U.S. Treasuries may fluctuate by the interest rate environment, and U.S. currency strength/weakness. Options - Derivative risk, Issuer risk, Liquidity risk. Options are traded on an exchange. They may be subject to brokerage trading costs, cost efficiency, the market price of an option is driven by the black shoals model with the biggest pricing factors being the underlying securities strength and the expiration date. Commodities - Commodity risk, Interest Rate risk, Liquidity risk. Factors that can influence commodity prices include politics, seasons, weather conditions, technology, and market conditions. Alternative Investments - Commodity risk, Interest Rate risk, Liquidity risk. Alternative investments involve a high degree of risk and can be illiquid as well as the lack of the issue being traded on a secondary market. They can be highly leveraged, speculative and volatile, and an investor could lose all or a substantial amount of an investment. Alternative investments may lack transparency as to share price, valuation, portfolio holdings, and other unforeseen situations. Risk of Loss Investing in securities involves risks, including the loss of capital. Securities will and do fluctuate in value. Clients should understand and be prepared for these fluctuations in value as well as for the potential of loss. Panteles Advisors assists clients in determining an appropriate asset allocation strategy based primarily on their risk tolerance and time horizon. Even with these methods in place, there is no guarantee that a client will meet or exceed their investment goals. Panteles Advisors will continually review a client's investment goals, financial situation, time horizon, tolerance for risk and other factors at least annually to determine if the current asset allocation is still appropriate for that client. A client’s participation and understanding of the process, including full and accurate disclosure of any and all relevant information, is an essential piece to the client understanding the risks involved. Panteles Advisors relies heavily on the information provided by the client in determining the appropriateness of any investment portfolio. Therefore, the responsibility lies with the client to relay accurate and up to date information to Panteles Advisors. This information should include any material changes in the 9  client’s financial condition, goals or other factors that may affect this analysis. The risks associated with a particular strategy are provided to each client in advance of investing the client’s assets. Margin use may be suitable for those clients that have an immediate need for cash and, in consultation with Panteles Advisors, it is determined that accessing capital via the temporary use of margin is a more advantageous course of action than the typical alternative of selling securities. For example, if a client has a personal payment due, does not have sufficient capital on hand to make that payment nor the ability to wait for security sales to settle and capital to become available, then the use of margin to make that payment and interest charges associated with doing so may be more advantageous than paying fees associated with a late payment. Margin would only be used under exceptional circumstances and would typically not exceed 10% of the total net assets of a client’s account. With the client’s approval Panteles Advisors may use margin as a tool in managing the liquidity during the rebalancing of client accounts, if needed. Panteles Advisors, with a client’s approval and the appropriate options agreement on file will employ options strategies to hedge or gain additional exposure to a particular asset class or sector. Following are some of the risks associated with an Panteles Advisors client’s portfolio. All investments involve risks including possible loss of principal. The following are some of the basic risks associated with the asset classes mentioned in Item 4 of this ADV Part 2. Each investment has its own specific risks and those risks will vary by investment. Market Risk - All securities are subject to market, economic, liquidity other risks. The market price of a security may fluctuate throughout the day and may vary by exchange. The success of a particular investment depends upon the accurate assessment of the future path of price movements of individual securities. While performance of individual securities is assessed, individual security performance should also be viewed within the context of the overall portfolio. There can be no assurance that Panteles Advisors will be able to predict price movements accurately. Capital risk — Investment markets are subject to economic, regulatory, market sentiment, and other risks. All investors should consider the risks that may impact their capital, before investing. The value of your investment may become worth more or less than at the time of the original investment Commodity risk — Commodities markets can be more volatile than traditional investments such as equity or fixed income securities. Commodities may be affected by changes in overall market movements, interest rate changes, and/or events affecting a specific commodity and/or industry. Counterparty risk — risk that one party to a transaction might default on its contractual obligation. Counterparty risk can increase for those transactions not executed on a regulated exchange. Default risk — is the risk that a company or an individual security will be unable to make the required payments on their debt obligation. Lenders and investors are exposed to default risk in virtually all forms of credit extensions. Company risk — Common stocks of individual companies are subject to many risk factors including, but not limited to, economic conditions, government regulations, market risk, and industry risk. Equity security prices may decline as a result of adverse changes in these and other factors. Some equities are more volatile than others and may present higher risk of loss. Credit risk — The value of fixed income securities may decline, and/or the issuer or guarantor of that security may fail to pay interest or principal when the payments are due. As a general rule, lower rated securities carry a greater degree of credit risk, and therefore have a greater risk of loss, than higher-rated securities. 10  Currency risk — Investments that are held or exposed to foreign currency, are exposed to fluctuations in a foreign exchange rate or rates in addition to the risks associated with the specific underlying investment. Derivative risk — Derivatives involve various degrees of risk. The value of derivative investments can be affected by market movements, the underlying companies, changes in interest rates, and/or factors affecting the underlying security. Derivatives can also involve liquidity risk and expiration/time risk. Equity market risk — Equity markets are subject to many risk factors, including economic conditions, government regulations, market sentiment, local and international political events, and environmental and technological issues. Exchange-Traded Fund and Exchange -Traded Note risk – Exchange-Traded Funds and Exchange-Traded Notes contain a range of risks. Those risks include, but are not limited to, price fluctuation of the underlying securities, liquidity risk which may cause difficulty transacting in these securities at a fair market price, and passive investing risk which limits the ability of the underlying investment manager to deviate market exposures from the underlying index. Exchange-Traded Funds and Exchange-Traded Notes prices will fluctuate throughout the trading day; commissions may be charged when trading Exchange-Traded Funds and Exchange- Traded Notes. Fixed Income risk — risks associated with fixed income securities may include, but are not limited to, economic conditions, government regulations, credit worthiness, and fluctuations in interest rates. The secondary market value of fixed income securities will fluctuate with changes in interest rates, liquidity, and the creditworthiness of the specific issuer. Foreign Market risk — Foreign investments present risks that include changes in currency exchange rates, liquidity, economic, and political uncertainty. These risks may be greater in emerging markets. Interest Rate risk —Changes in interest rates will affect investment values. This volatility will typically be greater for long term fixed income securities than for short term fixed income securities. Changes in interest rates may also affect the value of other financial assets. Issuer risk — A security issued by a particular issuer may be impacted by factors that are unique to that issuer and thus may cause that security’s return to differ from that of the market. Liquidity risk — Investments with low liquidity can have significant changes in market value, and there is no guarantee that these securities can be sold at fair market value. Management risk — Investment strategies implemented by a management team of a specific investment fund that doesn’t perform as expected may underperform or suffer significant losses. Management also risk includes personnel turnover of specific individuals hired to manage a fund. Tracking risk — The volatility in the performance of an investment relative to its index/benchmark because of various factors which may include, but are not limited to, active management decisions associated with the underlying investments and fees. While Panteles Advisors has provided a comprehensive list of risks associated with various investment vehicles, financial markets are complex and there may be additional risks that have not been listed above or that may be unknown at this time. Clients should consult with their Panteles Advisors representative about any additional risks with which they may be concerned about. 11  Item 9: Disciplinary Information Panteles Advisors, LLC has not been the subject of any disciplinary action(s) and does not have any legal or disciplinary information to disclose. Any disciplinary information regarding Panteles Advisors Investment Advisor Representatives (IARs) would be disclosed here as well as additional information being disclosed on the Panteles Advisors IAR’s ADV Part 2B. Criminal or Civil Actions Panteles Advisors owners Mr. Aaron B. Junk and Mr. Stephen R. Shannon have not been subject to any criminal and/or civil actions. Administrative Proceedings There are no administrative proceedings to report. Self-regulatory Organization (SRO) Proceedings There are no self-regulatory organization proceedings to report. Item 10: Other Financial Industry Activities and Affiliations Panteles Advisors and its representatives are not registered or have an application pending to register, as a broker-dealer or a registered representative of a broker-dealer. Neither Panteles Advisors, nor its representatives, are registered or have an application pending to register, as a futures commission merchant, commodity pool operator, a commodity trading advisor, or a representative of the foregoing. Panteles Advisors has indirect affiliations with Real Estate, Alternative, and Private Placement Investments. If Panteles Advisors offers any investments to clients where this is a direct and/or indirect relationship to the investment, this would be considered a conflict of interest. Therefore, Panteles Advisors will identify the conflict of interest and have both the Advisor and Client acknowledge the relationship by signing the “Panteles Advisors’ Conflict of Interest Form”. Here is a list of the current investments in which Panteles has an affiliation with: -DCM Galaxy, LLC -DCM PAG, LLC -CDI Wildflower, LLC -700 Club, LLC -CDI Montage, LLC -DCM Red Ride, LLC -MCD GV, LLC -DCM Enchanted, LLC -CDI McKinney, LLC -Boll Weevil Ventures, LLC -210 Hickory, LLC -CDI Emery, LLC -CDI Texas Building, LLC -CDI Gateway, LLC -CDI Hickory, LLC -CDI Pelayo, LLC -3220 Teasley Partners, LLC -CDI HMS Partners, LLC -CDI Cedar, LLC -CDI Mulberry, LLC -CDI Sycamore, LLC -CDI 8141 Gateway, LLC -CDI 8291 Gateway, LLC -DCM Panda, LLC -CDI 8135 Gateway, LLC -CDI Old Justin, LLC -CDI Evans, LLC -RLV22, LLC -DCM Moo, LLC -DCM Ventures 23, LLC -DCM Capital Alignment, LLC -DCM Oak Street, LLC -DCM Bridgepoint, LLC -DCM National Fitness, LLC -DCM GoVision, LLC -DCM Montego, LLC -DCM Partners 23, LLC -DCM PCF, LLC -DCM CHI, LLC -DCM Hanover, LLC -DCM LD, LLC -CDI 8131 Gateway, LLC -CDI 8125 Gateway, LLC -DCM Endurance, LLC -DCM Al24, LLC -DCM Equipment Share, LLC 12  Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Panteles Advisors and its employees are committed to a Code of Ethics that is available for review and will be provided to clients and prospective clients upon request. Panteles Advisors strives to comply with all applicable laws and regulations governing its practices. Therefore, Panteles Advisors has set forth guidelines for professional standards of conduct for its associated persons, the goal of which is to protect our client interests at all times and to demonstrate its commitment to its fiduciary duties of honesty, good faith, and fair dealing with clients. All associated persons are expected to adhere strictly to these guidelines. Associated persons are also required to report any violations of the Firm's Code of Ethics. Additionally, Panteles Advisors maintains and enforces written policies reasonably designed to prevent the misuse or dissemination of material, non-public information about clients or their account holdings by Panteles Advisors or any associated person. At the client’s or prospective client’s request we will provide a copy of our Code of Ethics. Participation or Interest in Client Transactions Panteles Advisors nor any of our associated persons has any material financial interest in client transactions beyond the provision of investment advisory services for assets under management (aum) as disclosed in this Brochure. However, as it relates to assets under advisory (aua) Panteles Advisors associated persons may have a material financial interest in client transactions. In these cases Panteles Advisors will identify and acknowledge the conflict of interest in writing and both the Panteles Advisor representative and the client will agree to the specific investment before moving forward. Personal Trading Panteles Advisors’ employees and associated persons expect to transact in and hold securities that are also held in client accounts. Panteles Advisors employees and associated persons’ accounts can and will participate in block trading alongside other client accounts whenever possible. In the event it is not possible for Panteles Advisors employees and associated persons’ accounts to participate in block trading, clients’ accounts will be prioritized, over Panteles Advisors’ employees and associated persons, in the trading process. This process has been implemented to mitigate any conflict of interests by not allowing Panteles Advisors’ employees and associated persons to trade ahead of clients and potentially receive more favorable prices. It is Panteles Advisors’ policy to review the employee trade blotter and associated persons accounts quarterly to make sure that related persons are following the code of ethics as it relates to Participation or Interest in Client Transactions and Personal Trading. If a perceived conflict does arise, an internal investigation would begin to determine the context of the activity. It is Panteles Advisors’ policy to identify conflicts of interests and address them accordingly, to include making the client whole if applicable. Item 12: Brokerage Practices Selecting Brokerage Firms Panteles Advisors can and has the ability to work with multiple custodians, but uses Charles Schwab as its preferred custodian. Therefore, Panteles Advisors will recommend that its clients work with Charles Schwab. 13  Panteles Advisors does not receive fees or commissions from this or any arrangement. Panteles Advisors recommends and prefers Charles Schwab as the custodian based on the proven integrity and financial responsibility of the firm and the best execution of orders at reasonable commission rates. The custodian and brokers we use Panteles Advisors does not maintain custody of your assets that we manage/on which we advise, although we are deemed to have custody of your assets if you give us authority to withdraw assets from your account (see Item 15—Custody, below). Your assets must be maintained in an account at a “qualified custodian.” (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. We do not open the account for you, although we can assist you in doing so. Even though your account is maintained at Schwab, we can still use other brokers to execute trades for your account as described below (see “Your brokerage and custody costs”). How we select brokers/custodians We seek to select and use a custodian/broker that will hold your assets and execute transactions on terms that are, overall, attractive when compared with other available providers and their services. We consider a wide range of factors, including: • Combination of transaction execution services and asset custody services (without separate fees 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, 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, security and stability • Prior service to us and our clients • Availability of other products and services that benefit us, as discussed below (see “Products and services available to us from Schwab”) Best Execution We believe in using custodians that provide premium services at competitive rates. The reasonableness of commission rates is based on several factors, including the broker's ability to provide professional services, execution, the broker's reputation, experience and financial stability of the broker or dealer, and the quality of service rendered by the broker or dealer in transactions. Best execution is not measured solely by reference to commission rates. Paying a broker a higher commission rate than another broker might charge is permissible if the difference in cost is reasonably justified by the quality of the brokerage services offered. The above 14  mentioned custodian, Charles Schwab, has a history of best execution performance that is well documented in various publications and testing results. Your brokerage and custody costs For our clients’ accounts that Schwab maintains, Schwab 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 specific ETFs) do not incur Schwab commissions or transaction fees. Schwab is also compensated by earning interest on the residual cash in your account in Schwab’s Cash Features Program. This commitment benefits you because the overall commission rates you pay could be lower than they would be otherwise. In addition to commissions and asset-based fees, Schwab charges you a flat dollar amount as a “prime broker” or “trade away” fee for each trade that is executed by a different broker-dealer but where the securities bought or the funds from the securities sold are deposited (settled) into your Schwab account. These fees are in addition to the commissions or other compensation 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 have determined that having Schwab execute most trades is consistent with our duty to seek “best execution” of your trades. Best execution means achieving favorable terms for a transaction based on all relevant factors, including those listed above (see “How we select brokers/custodians”). Products and services available to us from Schwab Schwab Advisor Services™ is Schwab’s business serving independent investment advisory firms like Panteles Advisors. 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. 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 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 benefit you and your account. Services that do not directly benefit a client. Schwab also makes available to us, other products and services that benefit us but may not directly benefit you or your account. These products and services assist us in managing and administering our clients’ accounts. They include investment research, both Schwab’s own and that of third parties. We use this research to service all or a substantial number of our clients’ accounts, including accounts not maintained at Schwab. In addition to investment research, Schwab also makes available software and other technology that: • Provide access to client account data (such as duplicate trade confirmations and account statements) • Facilitate trade execution and allocate aggregated trade orders for multiple client accounts • Provide pricing and other market data • Facilitate payment of our fees from our clients’ accounts • Assist with back-office functions, recordkeeping, and client reporting 15  Services that benefit Panteles Advisors 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, compliance, legal, and business 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 can also discount or waive its fees for some of these services or pay all or a part of a third party’s fees. Schwab can also provide us with other benefits, such as occasional business entertainment of our personnel. 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. This creates an incentive to recommend that you maintain your account with Schwab, based on our interest in receiving Schwab’s services that benefit our business and Schwab’s payment for services for which we would otherwise have to pay rather than based on your interest in receiving the best value in custody services and the most favorable execution of your transactions. This is a potential conflict of interest. We believe, however, that our selection of Schwab as custodian and broker is in the best interests of our clients. Our selection is primarily supported by the scope, quality, and price of Schwab’s services (see “How we select brokers/ custodians”) and not Schwab’s services that benefit only us. Order Aggregation It is Panteles Advisors’ practice to aggregate transactions across multiple client accounts if and when appropriate and possible. Directed Brokerage In limited circumstances, and at our discretion, clients can instruct Panteles Advisors to use one or more particular brokers for the transactions in their accounts. If clients choose to direct our firm to use a particular broker, clients should understand that this might prevent us from effectively negotiating brokerage commissions on a client’s behalf. This practice can prevent Panteles Advisors from obtaining a favorable price and execution. Thus, when directing brokerage business, clients should consider whether the commission expenses, execution, clearance, and settlement capabilities that clients will obtain through a particular broker are adequately favorable in comparison to those that we would otherwise obtain for clients. Trade Errors If a trade error occurs when entering a trade on behalf of a client, Panteles Advisors’ policy is to restore a client’s account to the position it should have been in had the trade error not occurred. Depending on the circumstances, corrective actions can include canceling/busting said trade, adjusting the client account to reflect the appropriate asset allocation and/or the reimbursement of any fees to the client account. 16  Item 13: Review of Accounts Periodic Reviews Client portfolios are reviewed at least annually by Panteles Advisors on a periodic basis as deemed necessary by Panteles Advisors and\or the client. Portfolio and financial plan reviews are typically scheduled in advance with Panteles Advisors clients. Reviews can also be prompted by the client and/or Panteles Advisors at any given time, and for any given reason. Review Triggers Other conditions triggering a review are changes in the portfolio allocation, new information affecting the specific client’s situation, and changes in a client's own situation. Regular Reports Panteles Advisors clients receive monthly, quarterly and/or semi-annual portfolio performance statements from the custodian holding client assets under managment. In addition, clients also receive transaction confirmations from the account custodian being used. Item 14: Client Referrals and Other Compensation Panteles Advisors receives 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. In addition, Schwab has also agreed to pay for certain products and services for which we would otherwise have to pay once the value of our clients’ assets in accounts at Schwab reaches a certain amount. These products and services, how they benefit us, and the related conflicts of interest are described above (see Item 12—Brokerage Practices). Item 15: Custody Panteles Advisors does not accept or maintain custody of any client accounts. All clients must place their assets with a qualified custodian. Clients can choose a qualified custodian of their own preference. If a client has no preference of a qualified custodian, Panteles Advisors will recommend a qualified custodian to clients based on their needs (i.e. Charles Schwab). Qualified custodians often allow for direct debit of advisory fees. Therefore, if a custodian allows for direct debiting and the client chooses to have advisory fees direct debited from their accounts, Panteles Advisors directly debits client account(s) for the payment of our advisory fees, unless a client directs us not to and chooses a different method of payment. Clients, through the advisory agreement, give written authorization to have their advisory fees deducted directly from their account(s) at the applicable custodian; Panteles Advisors is deemed to have custody of a client's assets during this fee deduction process and, therefore, must have written authorization from the client to do so. Clients will receive all account statements and billing invoices from the custodian that are required in each jurisdiction, and they should carefully review all statements for important information and accuracy. Under government regulations, we are deemed to have custody of your assets if, for example, you authorize us to instruct Schwab to deduct our advisory fees directly from your account or if you grant us authority to move your money to another person’s account. Schwab maintains actual custody of your assets. You will receive account statements directly from Schwab at least quarterly. They will be sent to the email or postal mailing 17  address you provided to Schwab. You should carefully review those statements promptly when you receive them. I. II. III. Panteles Advisors possesses written authorization from the client to deduct advisory fees from an account held by a qualified custodian; Panteles Advisors sends the qualified custodian written notice of the amount of the fee to be deducted from the client’s account and Panteles Advisors sends the client a written invoice itemizing the fee, including any formulae used to calculate the fee, the time period covered by the fee and the amount of assets under management upon which the fee is based. Item 16: Investment Discretion Panteles Advisors provides discretionary investment management services to its clients. Custody options will be discussed and approved by both parties prior to the opening of the initial account. The client must approve of the custodian that will be used and the commission rates paid to the custodian by the client. Panteles Advisors does not receive any portion of the transaction fees and/or commissions paid by the client to the custodian on any given trade and/or transaction. Discretionary Authority Panteles Advisors manages individual clients’ investments in a discretionary fashion. A signed investment management agreement/contract between the client and Panteles Advisors establishes the discretionary authority for trading in a client’s account. Where investment discretion has been granted by the client, Panteles Advisors will manage the client’s account and has the ability to make investment decisions without consulting with the client as to what securities are to be bought and/or sold, when the securities are to be bought and/or sold, the amount of securities to be bought and/or sold, and/or the price at which the transaction is being executed. In some instances, Panteles Advisors’ discretionary authority will be limited; as a client can impose certain conditions and/or instructions that Panteles Advisors must adhere to. Item 17: Voting Client Securities Proxy Votes Panteles Advisors can and will assist clients with voting proxies if the client chooses. If a client owns investments they are direct shareholders and can exercise their right as a shareholder to vote on proxies. In most cases, clients will receive proxy materials directly from the account custodian. However, in the event we were to receive any written or electronic proxy materials, the materials would be forwarded directly to clients by mail, unless clients have authorized the firm to contact clients by electronic mail, in which case we would forward any electronic solicitation to vote proxies. Clients that would like assistance from Panteles Advisors in understanding the material within the proxy and/or would like assistance with the voting process can contact Panteles Advisors by phone or by email using the contact information on the front of this Brochure. Class Action Lawsuits Panteles Advisors is not responsible for determining if securities held by clients are the subject of a class action lawsuit or whether clients are eligible to participate in a class action settlement or litigation nor does Panteles Advisors initiate or participate in litigation to recover damages on a client’s behalf as a result of class actions, 18  misconduct, or negligence of any party that is the subject of a class action suit. Any and all inquiries regarding class action suits should be initially directed to the custodian in which the assets are/were held. Item 18: Financial Information Financial Condition Panteles Advisors does not have any financial conditions that will prohibit it from meeting its contractual obligations to clients. Panteles Advisors does not require the prepayment of fees of more than $500 per client and for six months or more in advance. 19  Part 2B of Form ADV: Brochure Supplements This brochure supplement provides information about the above listed supervised employees that supplements the Panteles Advisors LLC brochure. You should have received a copy of that brochure. Please contact Mr. Aaron B. Junk at (940) 239-8042 if you have not received this brochure or if you have any questions about the contents of this supplement. For more information about Mr. Aaron B. Junk, please visit FINRA’s Broker Check at www.finra.org/brokercheck and/or the SEC’s Investment Advisor Search at www.adviserinfo.sec.gov Supplement 1: Mr. Aaron B. Junk (CRD# 3001168) Supplement 2: Mr. Stephen R. Shannon (CRD# 3274987) Supplement 3: Mr. Collins G. Knight (CRD# 6967821) Supplement 4: Mr. Alec M. Calvillo (CRD# 8040639) Brochure Supplements Supplement 1: Mr. Aaron B. Junk (CRD# 3001168) Item 1: Cover Page Mr. Aaron B. Junk Panteles Advisors, LLC 415 US 377, Suite 110 Argyle, TX 76226 March 2026 Name: Mr. Aaron B. Junk Born: 1976 Item 2: Education, Experience, Certifications, & Industry Exams Passed: Maryville University | B.S. in Business Management | 2008 East Central College | Associates in Liberal Arts | 2004 Financial Services Background for the Preceding Ten Years: Panteles Advisors, LLC | CCO & Investment Adviser Representative | Denton, TX | 12/2022 – Present Colo Development Partners, LLC | Analyst | Denton, TX | 01/2026 - Present Hartford Funds | Advisor Consultant | Deerfield, IL | 05/2018 – 12/2022 JPMorgan Distribution Services | Client Advisor | Columbus, OH | 05/2009 - 04/2018 Rydex Advisory Services, LLC | Regional Vice President | Rockville, MD | 09/2005 - 01/2009 Rydex Distributors, Inc. | Regional Vice President | Rockville, MD | 09/2001 - 01/2009 PFS Investments Inc. | Financial Advisor | Duluth, GA | 03/1998 - 03/2001 20  Industry Exams Passed Series 65 | Uniformed Combined State Securities Law Examination | 06/2022 SIE | Securities Industry Essentials Examination | 10/2018 Series 7 | General Securities Representative Examination | 09/2005 Series 63 | Uniform Securities Agent State Law Examination | 02/1998 Series 6 | Investment Company Products/Variable Contracts Representative Examination | 02/1998 Item 3: Disciplinary Information As an Investment Advisor Representative, you are required to disclose all material fact regarding any legal or disciplinary events that would be material in your evaluation. Currently, Mr. Aaron B. Junk has no industry related information applicable to this requirement. For more information about Mr. Aaron B. Junk, please visit FINRA’s Broker Check at www.finra.org/brokercheckand/or the SEC’s Investment Advisor Search at www.adviserinfo.sec.gov. Item 4: Other Business Activities Mr. Aaron B. Junk is not actively engaged in any other investment advisory - related business at this time, other than Panteles Advisors, LLC. Mr. Aaron B. Junk has the following business activities outside of Panteles Advisors, LLC - Dutch Haven, LLC | Manager | Holding company for personal non exchange traded investments - JY5 LLC| Manager | Admin for Dutch Haven, LLC Mr. Aaron B. Junk is the DCA Baseball Coach. Item 5: Additional Compensation Mr. Aaron B. Junk does not receive any economic benefit from any broker/dealer and/or investment advisory firm outside of Panteles Advisors, LLC . Mr. Aaron B. Junk may receive income from his investments held in Dutch Haven, LLC and JY5 LLC. Mr. Aaron B. Junk receives compensation for his work as a baseball coach at DCA. Item 6: Supervision Mr. Aaron B. Junk is Chief Compliance Officer of Panteles Advisors, LLC. Mr. Aaron B. Junk’s contact information is on the cover page of this disclosure document. Mr. Aaron B. Junk adheres to all required regulations regarding the activities of an Investment Adviser Representative and follows all policies and procedures outlined in the firm’s policies and procedures manual, the firm’s compliance manual, including the code of ethics, and appropriate securities regulatory requirements. For more information about Mr. Aaron B. Junk, please visit FINRA’s Broker Check at www.finra.org/brokercheck and/or the SEC’s Investment Advisor Search at www.adviserinfo.sec.gov Supplement 2: Mr. Stephen R. Shannon (CRD# 3274987) Item 1: Cover Page Mr. Stephen R. Shannon Panteles Advisors, LLC 415 US 377, Suite 110 Argyle, TX 76226 March 2026 21  Name: Mr. Sean McEvilly Born: 1977 Item 2: Education, Experience, Certifications, & Industry Exams Passed: Southern Methodist University | Bachelors in Business Administration | 2000 Financial Services Background for the Preceding Ten Years: Panteles Advisors, LLC | Principal & Investment Adviser Representative | Denton, TX | 12/2022 – Present Colo Development Partners, LLC | Manager | Denton, TX | 07/2016 – Present Denmiss, LLC | Executive Officer | Bartonville, TX | 03/2009 – 12/2015 Industry Exams Passed Series 65 | Uniformed Combined State Securities Law Examination | 06/2022 Item 3: Disciplinary Information As an Investment Advisor Representative you are required to disclose all material fact regarding any legal or disciplinary events that would be material in your evaluation. Currently, Mr. Stephen R. Shannon has no industry related information applicable to this requirement. For more information about Mr. Stephen R. Shannon, please visit FINRA’s Broker Check at www.finra.org/brokercheckand/or the SEC’s Investment Advisor Search at www.adviserinfo.sec.gov. Item 4: Other Business Activities Mr. Stephen R. Shannon is not actively engaged in any other investment advisory - related business or occupation at this time, other than Panteles Advisors, LLC . Mr. Stephen R. Shannon works as a Manager at Colo Development Partners, LLC. Mr. Stephen R. Shannon has his real estate license. Mr. Stephen R. Shannon has personal investments. Mr. Stephen R. Shannon is on the board of the North Texas Community Foundation, Inc. Mr. Stephen R. Shannon is involved in the following investments and business activities below, primarily as the manager of the entities. Colo Investment Manager, LLC ; 3220 Teasley Manager , LLC ; RLV Manager, LLC; DCM Manager, LLC; Colo Development Partners, LLC; CDI Gateway, LLC; CDI 8135 Gateway, LLC; CDI 8141 Gateway, LLC; CDI 8291 Gateway, LLC; CDI HMS Partners, LLC; CDI Mulberry, LLC; CDI Cedar, LLC; CDI Sycamore, LLC; CDI Oakwood, LL; CDI Hickory, LLC; CDITLE Denton, LLC; CDI Evans, LLC; CDI Old Justin, LLC; CDI Texas Building, LLC; CDI Pelayo, LLC; 3220 Teasley Partners, LLC; CSD Van Zandt, LLC; RLV22, LLC; DCM Panda, LLC; DCM Moo, LLC; DCM Ventures 23, LLC; DCM Capital Alignment, LLC; DCM Bridgepoint, LLC; DCM National Fitness, LLC; DCM Oak Street, LLC; DCM GoVision, LLC; DCM Montego, LLC; DCM Partners 23, LLC; DCM PCF, LLC; DCM CHI, LLC; DCM Hanover, LLC; DCM LD, LLC; CDI 8131 Gateway, LLC; CDI 8125 Gateway, LLC; DCM Endurance, LLC; DCM AI24, LLC; DCM Equipment Share, LLC; DCM Galaxy, LLC; CDI Montage, LLC; DCM Red Ride, LLC; MCD GV, LLC; CDI McKinney, LLC; Boll Weevil Ventures, LLC; 210 Hickory, LLC; CDI 60 Hawk, LLC; Item 5: Additional Compensation Mr. Stephen R. Shannon does not receive any economic benefit from any broker/dealer and/or investment advisory firm outside of Panteles Advisors, LLC . Mr. Stephen R. Shannon may receive income and investment returns from his personal investments. 22  Mr. Stephen R. Shannon may receive income from his various investments and business activities in which he is affiliated with and manages. Item 6: Supervision As the Chief Compliance Officer (CCO) and Principal of Panteles Advisors LLC, Mr. Aaron B. Junk is responsible for the supervision of all investment adviser representatives of Panteles Advisors LLC. His contact information is on the cover page of this disclosure document. Mr. Stephen R. Shannon adheres to all required regulations regarding the activities of an Investment Adviser Representative and follows all policies and procedures outlined in the firm’s policies and procedures manual, the firm’s compliance manual, including the code of ethics, and applicable securities regulatory requirements. For more information about Mr Stephen R. Shannon, please visit FINRA’s Broker Check at www.finra.org/brokercheck and/or the SEC’s Investment Advisor Search at www.adviserinfo.sec.gov Supplement 3: Mr. Collins Garrett Knight (CRD# 6967821) Item 1: Cover Page Mr. Collins Garrett Knight Panteles Advisors, LLC 415 US 377, Suite 110 Argyle, TX 76226 March 2026 Name: Mr. Collins Garrett Knight, CFP®, CPA Born: 1995 Item 2: Education, Experience, Certifications, & Industry Exams Passed: University of Arkansas | Bachelors in Accounting & Finance | 2017 University of Arkansas | Master of Accountancy | 2018 Certifications: Certified Public Accountant (CPA) | TX license #122350 | 2022 Certified Financial Planner® | CFP®| 2022 CERTIFIED FINANCIAL PLANNER, CFP® and federally registered CFP® (with flame design) marks (collectively, the "CFP® marks") are professional certification marks granted in the United States by Certified Financial Planner Board of Standards, Inc. ("CFP Board"). The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. Currently, more than 63,000 individuals have obtained CFP® certification in the United States. To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following requirements: • Education - Complete an advanced college-level course of study addressing the financial planning subject areas that CFP Board's studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a Bachelor's Degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board's financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning; 23  Experience - Complete at least three years of full-time financial planning-related experience (or the equivalent, measured as 2,000 hours Ethics - Agree to be bound by CFP Board's Standards of Professional Conduct, a set of documents outlining the ethical and practice standards Continuing Education - Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and • Examination - Pass the comprehensive CFP® Certification Examination. The examination, administered in 10 hours over a two-day period, includes case studies and client scenarios designed to test one's ability to correctly diagnose financial planning issues and apply one's knowledge of financial planning to real world circumstances; • per year); and • for CFP® professionals. Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks: • other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field; and • Ethics - Renew an agreement to be bound by the Standards of Professional Conduct. The Standards prominently require that CFP® professionals provide financial planning services at a fiduciary standard of care. This means CFP® professionals must provide financial planning services in the best interests of their clients. CFP® professionals who fail to comply with the above standards and requirements may be subject to CFP Board's enforcement process, which could result in suspension or permanent revocation of their CFP® certification. Financial Services Background for the Preceding Ten Years: Panteles Advisors, LLC | Investment Adviser Representative | Argyle, TX | 10/2025 – Present Colo Development Partners, LLC | Investment Analyst | Argyle, TX | 08/2024 – Present Ausdal Financial Partners, Inc. | Registered Representative | Argyle, TX | 08/2022 – 09/2025 CFO4LIFE Group, LLC | Financial Adviser | Coppell, TX | 08/2022 – 09/2025 Stephens Inc. | Financial Consultant | 06/2018 – 08/2022 Knight Law Firm | Assistant | 08/2013 – 05/2018 Industry Exams Passed Series 65 | Uniformed Combined State Securities Law Examination | 09/2023 Series 63 | Uniform Securities Agent State Law Examination | 01/2023 Series 7 | General Securities Representative | 09/2018 SIE | Securities Industry Essentials Examination | 10/2018 Series 66 | Uniformed Combined State Law Examination | 10/2018 Insurance (Lic# 2888312) | General Lines Agent: Life, Accident, Health, and HMO | 08/2022 Item 3: Disciplinary Information As an Investment Advisor Representative, you are required to disclose all material fact regarding any legal or disciplinary events that would be material in your evaluation. Currently, Mr. Collins Garrett Knight has no industry related information applicable to this requirement. For more information about Mr. Collins Garrett Knight, please visit FINRA’s Broker Check at www.finra.org/brokercheckand/or the SEC’s Investment Advisor Search at www.adviserinfo.sec.gov. Item 4: Other Business Activities Mr. Collins Garrett Knight is not actively engaged in any other investment advisory - related business or occupation at this time, other than Panteles Advisors LLC. Mr. Collins Garrett Knight is a licensed Certified Public Accountant in the state of Texas. Mr. Collins Garrett Knight is a licensed insurance agent. From time to time, he may offer clients advice or products from this activity. Clients should be aware that these services may pay a commission and involve a possible conflict of interest, as commissionable products can conflict with the fiduciary duties of a registered investment adviser. Panteles Advisors always acts in the best interest of the client; including in the sale of commissionable products to advisory clients. Clients are in no way required to implement the plan through any representative of Panteles Advisors in their capacity as a licensed insurance agent. Mr. Collins Garrett Knight works as an Investment Analyst at Colo Development Partners, LLC. Mr. Collins Garrett Knight owns Knight Capital Partners LLC, this is a LLC that acts as a passthrough for his compensation. 24  Item 5: Additional Compensation Mr. Collins Garrett Knight does not receive any economic benefit from any broker/dealer and/or investment advisory firm outside of Panteles Advisors, LLC. Mr. Collins Garrett Knight may receive compensation for his work as a CPA. Mr. Collins Garrett Knight maintains his insurance license and can present insurance products to clients. These products (Annuities, Life Insurance, Long Term Care Insurance, etc.…) may be commission based and/or pay a fee to the Broker/Agent. In these cases, where Mr. Collins Garrett Knight acts as a Broker/Agent, he may receive additional compensation from these transactions. This would create a conflict of interest and would be disclosed to the client prior to the purchase or sale of any product in which there is additional compensation. Client will always be made aware that such services may be available from other sources at lower costs. Mr. Collins Garrett Knight receives compensation for his work as an Investment Analyst at Colo Development Partners, LLC. Mr. Collins Garrett Knight receives compensation through his ownership of Knight Capital Partners LLC. Item 6: Supervision Mr. Aaron B. Junk is Chief Compliance Officer of Panteles Advisors, LLC. Mr. Aaron B. Junk’s contact information is on the cover page of this disclosure document. Mr. Collins Garrett Knight adheres to all required regulations regarding the activities of an Investment Adviser Representative and follows all policies and procedures outlined in the firm’s policies and procedures manual, the firms compliance manual, including the code of ethics, and appropriate securities regulatory requirements. For more information about Mr. William Seyfarth, please visit FINRA’s Broker Check at www.finra.org/brokercheck and/or the SEC’s Investment Advisor Search at www.adviserinfo.sec.gov Supplement 4: Mr. Alec M. Calvillo (CRD# 8040639) Item 1: Cover Page Mr. Alec Michael Calvillo Panteles Advisors, LLC 415 US 377, Suite 110 Argyle, TX 76226 March 2026 Name: Mr. Alec Michael Calvillo Born: 1996 Item 2: Education, Experience, Certifications, & Industry Exams Passed: Texas A&M University | Master of Financial Management | 2019 Texas A&M University | Bachelor in Business Administration, Accounting & Business Honors | 2019 Financial Services Background for the Preceding Ten Years: Panteles Advisors, LLC | CCO & Investment Adviser Representative | Denton, TX | 2/2025 – Present Colo Development Partners, LLC | Investment Analyst | Argyle, TX | 08/2024 – Present KHA, PLLC | Sr. Strategic Consultant | Flower Mound, TX | 10/2022 – May 05/2024 25  Dell Technologies | Corporate Finance | Austin, TX | 08/2019 – 09/2022 Industry Exams Passed Series 65 | Uniformed Combined State Securities Law Examination | 01/2025 the SEC’s Item 3: Disciplinary Information As an Investment Advisor Representative, you are required to disclose all material fact regarding any legal or disciplinary events that would be material in your evaluation. Currently, Mr. Alec Michael Calvillo has no industry related information applicable to this requirement. For more information about Mr. Aaron B. Junk, please visit FINRA’s Broker Check at www.finra.org/brokercheckand/or Investment Advisor Search at www.adviserinfo.sec.gov. Item 4: Other Business Activities Mr. Alec Michael Calvillo is not actively engaged in any other investment advisory - related business or occupation at this time, other than Panteles Advisors, LLC. Mr. Alec Michael Calvillo works as an Investment Analyst at Colo Development Partners, LLC. Mr. Alec M. Calvillo is engaged with a separate private equity firm – Denton Capital Management – focused on deal execution and financial modeling. Mr. Alec M. Calvillo is a licensed Certified Public Accountant in the state of Texas. Item 5: Additional Compensation Mr. Alec Michael Calvillo does not receive any economic benefit from any broker/dealer and/or investment advisory firm outside of Panteles Advisors, LLC. Mr. Alec Michael Calvillo receives compensation for his work as an Investment Analyst at Colo Development Partners, LLC. Mr. Alec M. Calvillo may receive income and investment returns from his personal investments. Item 6: Supervision Mr. Aaron B. Junk is Chief Compliance Officer of Panteles Advisors, LLC. Mr. Aaron B. Junk’s contact information is on the cover page of this disclosure document. Mr. Alec Michael Calvillo adheres to all required regulations regarding the activities of an Investment Adviser Representative and follows all policies and procedures outlined in the firm’s policies and procedures manual, the firm’s compliance manual, including the code of ethics, and appropriate securities regulatory requirements. For more information about Mr. Alec M. Calvillo, please visit FINRA’s Broker Check at www.finra.org/brokercheck and/or the SEC’s Investment Advisor Search at www.adviserinfo.sec.gov 26