RIVER CRESCENT ADVISORS, LLC

River Crescent Advisors, LLC Form ADV Part 2A – Disclosure Brochure Effective: December 26, 2025 This Form ADV Part 2A (“Disclosure Brochure”) provides information about the qualifications and business practices of River Crescent Advisors, LLC (“RCA” or the “Advisor”). If you have any questions about the content of this Disclosure Brochure, please contact the Advisor at (757) 651-9305. RCA is a registered investment advisor with the U.S. Securities and Exchange Commission. The information in this Disclosure Brochure has not been approved or verified by the U.S. Securities and Exchange Commission (“SEC”) or by any state securities authority. Registration of an investment advisor does not imply any specific level of skill or training. This Disclosure Brochure provides information about RCA to assist you in determining whether to retain the Advisor. information about RCA and its Advisory Persons is available on the SEC’s website at Additional www.adviserinfo.sec.gov by searching with the Advisor’s firm name or CRD# 334629. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com  Item 2 – Material Changes Form ADV 2 is divided into two parts: Part 2A (the "Disclosure Brochure") and Part 2B (the "Brochure Supplement"). The Disclosure Brochure provides information about a variety of topics relating to an Advisor’s business practices and conflicts of interest. The Brochure Supplement provides information about the Advisory Persons of RCA. For convenience, the Advisor has combined these documents into a single disclosure document. RCA believes that communication and transparency are the foundation of its relationship with clients and will continually strive to provide you with complete and accurate information at all times. RCA encourages all current and prospective clients to read this Disclosure Brochure and discuss any questions you may have with the Advisor. Material Changes There have been no material changes to this disclosure brochure since its last filing and distribution to clients in July 2025. Future Changes From time to time, the Advisor may amend this Disclosure Brochure to reflect changes in business practices, changes in regulations or routine annual updates as required by the securities regulators. This complete Disclosure Brochure or a Summary of Material Changes shall be provided to you annually and if a material change occurs. At any time, you may view the current Disclosure Brochure on-line at the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with the Advisor’s firm name or CRD# 334629. You may also request a copy of this Disclosure Brochure at any time by contacting the Advisor at (757) 651-9305. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 2  Item 3 – Table of Contents Item 1 – Cover Page ................................................................................................................................................. 1 Item 2 – Material Changes....................................................................................................................................... 2 Item 3 – Table of Contents ...................................................................................................................................... 3 Item 4 – Advisory Services ..................................................................................................................................... 4 A. Firm Information .............................................................................................................................................................. 4 B. Advisory Services Offered ............................................................................................................................................... 4 C. Client Account Management ........................................................................................................................................... 5 D. Wrap Fee Programs ........................................................................................................................................................ 5 E. Assets Under Management ............................................................................................................................................. 6 Item 5 – Fees and Compensation ........................................................................................................................... 6 A. Fees for Advisory Services.............................................................................................................................................. 6 B. Fee Billing........................................................................................................................................................................ 6 C. Other Fees and Expenses .............................................................................................................................................. 6 D. Advance Payment of Fees and Termination ................................................................................................................... 7 E. Compensation for Sales of Securities ............................................................................................................................. 7 Item 6 – Performance-Based Fees and Side-By-Side Management ................................................................... 7 Item 7 – Types of Clients......................................................................................................................................... 8 Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss ........................................................... 8 A. Methods of Analysis ........................................................................................................................................................ 8 B. Risk of Loss ..................................................................................................................................................................... 8 Item 9 – Disciplinary Information ........................................................................................................................... 9 Item 10 – Other Financial Industry Activities and Affiliations ............................................................................ 9 Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ............... 10 A. Code of Ethics ............................................................................................................................................................... 10 B. Personal Trading with Material Interest ......................................................................................................................... 10 C. Personal Trading in Same Securities as Clients ........................................................................................................... 10 D. Personal Trading at Same Time as Client .................................................................................................................... 10 Item 12 – Brokerage Practices ............................................................................................................................. 10 A. Recommendation of Custodian[s] ................................................................................................................................. 10 B. Aggregating and Allocating Trades ............................................................................................................................... 11 Item 13 – Review of Accounts .............................................................................................................................. 11 A. Frequency of Reviews ................................................................................................................................................... 11 B. Causes for Reviews ...................................................................................................................................................... 11 C. Review Reports ............................................................................................................................................................. 12 Item 14 – Client Referrals and Other Compensation ......................................................................................... 12 A. Compensation Received by RCA .................................................................................................................................. 12 B. Compensation for Client Referrals ................................................................................................................................ 12 Item 15 – Custody .................................................................................................................................................. 13 Item 16 – Investment Discretion ........................................................................................................................... 13 Item 17 – Voting Client Securities ........................................................................................................................ 13 Item 18 – Financial Information ............................................................................................................................ 13 Form ADV Part 2A – Appendix 1 .......................................................................................................................... 14 (“Wrap Fee Program Brochure”) .......................................................................................................................... 14 Form ADV Part 2B – Brochure Supplement ........................................................................................................ 21 Privacy Policy......................................................................................................................................................... 26 River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 3  Item 4 – Advisory Services A. Firm Information River Crescent Advisors, LLC (“RCA” or the “Advisor”) is a registered investment advisor with the U.S. Securities and Exchange Commission. The Advisor is organized as a Limited Liability Company (LLC) under the laws of the Commonwealth of Virginia. RCA was founded in November 2024 and is owned and operated by Roy A. Runyon (President and Chief Compliance Officer). This Disclosure Brochure provides information regarding the qualifications, business practices, and the advisory services provided by RCA. B. Advisory Services Offered RCA offers investment advisory services to individuals, high net worth individuals, trusts, estates, businesses, and retirement plans (each referred to as a “Client”). The Advisor serves as a fiduciary to Clients, as defined under the applicable laws and regulations. As a fiduciary, the Advisor upholds a duty of loyalty, fairness and good faith towards each Client and seeks to mitigate potential conflicts of interest. RCA's fiduciary commitment is further described in the Advisor’s Code of Ethics. For more information regarding the Code of Ethics, please see Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading. Wealth Management Services RCA provides customized wealth management services for its Clients. This is achieved through continuous personal Client contact and interaction while providing discretionary investment management services and a broad range of comprehensive financial planning. These services are listed below. Investment Management Services – RCA provides discretionary investment management services. RCA works closely with each Client to identify their investment goals, objectives, risk tolerance and financial situation in order to create an overall portfolio strategy. RCA will then construct a model portfolio to achieve the Client’s investment goals. The model portfolios primarily consist of exchange-traded funds (“ETFs”), individual stocks, mutual funds, bonds, and option contracts. The Advisor may retain other types of investments from a Client’s legacy portfolio due to fit with the overall portfolio strategy, tax-related reasons, or other reasons as identified between the Advisor and the Client. RCA’s investment strategies are primarily long-term focused, but the Advisor may buy, sell or re-allocate positions that have been held for less than one year to meet the objectives of the Client or due to market conditions. RCA will construct, implement and monitor the portfolio to ensure it meets the goals, objectives, circumstances, and risk tolerance agreed to by the Client. Each Client will have the opportunity to place reasonable restrictions on the types of investments to be held in their respective portfolio, subject to acceptance by the Advisor. RCA evaluates and selects investments for inclusion in Client portfolios only after applying its internal due diligence process. RCA may recommend, on occasion, redistributing investment allocations to diversify the portfolio. RCA may recommend specific positions to increase sector or asset class weightings. The Advisor may recommend employing cash positions as a possible hedge against market movement. RCA may recommend selling positions for reasons that include, but are not limited to, harvesting capital gains or losses, business or sector risk exposure to a specific security or class of securities, overvaluation or overweighting of the position[s] in the portfolio, change in risk tolerance of the Client, generating cash to meet Client needs, or any risk deemed unacceptable for the Client’s risk tolerance. At no time will RCA accept or maintain custody of a Client’s funds or securities, except for the limited authority as outlined in Item 15 – Custody. All Client assets will be managed within the designated account[s] at the Custodian, pursuant to the terms of the advisory agreement. Please see Item 12 – Brokerage Practices. Retirement Accounts – When the Advisor provides investment advice to Clients regarding ERISA retirement accounts or individual retirement accounts (“IRAs”), the Advisor is a fiduciary within the meaning of Title I of the Employee Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code (“IRC”), as applicable, which are laws River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 4  governing retirement accounts. When deemed to be in the Client’s best interest, the Advisor will provide investment advice to a Client regarding a distribution from an ERISA retirement account or to roll over the assets to an IRA, or recommend a similar transaction including rollovers from one ERISA sponsored Plan to another, one IRA to another IRA, or from one type of account to another account (e.g. commission-based account to fee-based account). Such a recommendation creates a conflict of interest if the Advisor will earn a new (or increase its current) advisory fee as a result of the transaction. No client is under any obligation to roll over a retirement account to an account managed by the Advisor. Financial Planning Services – RCA will provide a variety of financial planning and consulting services to Clients as part of its wealth management services. RCA also provides standalone financial planning services as per the terms of the financial planning agreement. Financial planning services are offered in several areas of a Client’s financial situation, depending on their goals and objectives. Generally, such financial planning services involve preparing a formal financial plan or rendering a specific financial consultation based on the Client’s financial goals and objectives. This planning or consulting may encompass one or more areas of need, including but not limited to, investment planning, retirement planning, personal savings, education savings, insurance needs and other areas of a Client’s financial situation. A financial plan developed for, or financial consultation rendered to the Client will usually include general recommendations for a course of activity or specific actions to be taken by the Client. For example, recommendations may be made that the Client start or revise their investment programs, commence or alter retirement savings, establish education savings and/or charitable giving programs. RCA may also refer Clients to an accountant, attorney or other specialists, as appropriate for their unique situation. Financial planning and consulting recommendations pose a conflict between the interests of the Advisor and the interests of the Client. For example, the Advisor has an incentive to recommend that Clients engage the Advisor for investment management services or to increase the level of investment assets with the Advisor, as it would increase the amount of advisory fees paid to the Advisor. Clients are not obligated to implement any recommendations made by the Advisor or maintain an ongoing relationship with the Advisor. If the Client elects to act on any of the recommendations made by the Advisor, the Client is under no obligation to implement the transaction through the Advisor. C. Client Account Management Prior to engaging RCA to provide investment advisory services, each Client is required to enter into one or more agreements with the Advisor that define the terms, conditions, authority and responsibilities of the Advisor and the Client. These services may include: • Establishing an Investment Strategy – RCA, in connection with the Client, will develop a strategy that seeks to achieve the Client’s goals and objectives. • Asset Allocation – RCA will develop a strategic asset allocation that is targeted to meet the investment objectives, time horizon, financial situation and tolerance for risk for each Client. • Portfolio Construction – RCA will develop a portfolio for the Client that is intended to meet the stated goals and objectives of the Client. • Investment Management and Supervision – RCA will provide investment management and ongoing oversight of the Client’s investment portfolio. D. Wrap Fee Programs RCA includes securities transaction costs and other securities transaction service fees (herein “Covered Costs) together with its wealth management fees. Including these fees into a single asset-based fee is considered a “Wrap Fee Program”. The Advisor customizes its wealth management services for its Clients. The Advisor sponsors the RCA Wrap Fee Program solely as a supplemental disclosure regarding the combination of fees. Depending on the level of trading required for the Client’s account[s] in a particular year, the Client may pay more or less in total fees than if the Client paid its own transaction fees. Please see Appendix 1 – Wrap Fee Program Brochure, which is included as a supplement to this Disclosure Brochure. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 5  E. Assets Under Management As of June 29, 2025, RCA manages $122,675,074 in Client assets, all of which are managed on a discretionary basis. Clients may request more information at any time by contacting the Advisor. Item 5 – Fees and Compensation The following paragraphs detail the fee structure and compensation methodology for services provided by the Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into one a written agreement with the Advisor. A. Fees for Advisory Services Wealth Management Services Wealth management fees are paid quarterly in advance pursuant to the terms of the wealth management agreement. Wealth management fees are based on the market value of assets under management at the end of the prior quarter. Wealth management fees range up to 1.50% annually based on several factors, including: the scope and complexity of the services to be provided; the level of assets to be managed; and the overall relationship with the Advisor. Relationships with multiple objectives, specific reporting requirements, portfolio restrictions and other complexities may be charged a higher fee. The wealth management fee in the first quarter of service is prorated from the inception date of the account[s] to the end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take into consideration the aggregate assets under management with the Advisor. All securities held in accounts managed by RCA will be independently valued by the Custodian. The Advisor will conduct periodic reviews of the Custodian’s valuation to ensure accurate billing. The Advisor’s fee includes securities transaction costs, custody fees, and other related costs and expenses described in Item 5.C below. However, the Advisor shall not receive any portion of these commissions, fees, and costs. Financial Planning Services RCA offers financial planning services as part of its wealth management fees. RCA also offers standalone financial planning services at an hourly rate of $300 or fixed engagement fee ranging up to $2,000. Fees may be negotiable based on the nature and complexity of the services to be provided and the overall relationship with the Advisor. An estimate for total hours and overall costs will be provided to the Client prior to engaging for these services. B. Fee Billing Wealth Management Services Wealth management fees are calculated by the Advisor and deducted from the Client’s account[s] at the Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted from the Client’s account[s] at the beginning of the respective quarter. The amount due is calculated by applying the quarterly rate (annual rate divided by 4) to the total assets under management with RCA at the end of the prior quarter. Clients will be provided with a statement, at least quarterly, from the Custodian reflecting deduction of the wealth management fee. Clients are urged to also review and compare the statement provided by the Advisor to the brokerage statement from the Custodian, as the Custodian does not perform a verification of fees. Clients provide written authorization permitting advisory fees to be deducted by RCA to be paid directly from their account[s] held by the Custodian as part of the wealth management agreement and separate account forms provided by the Custodian. Financial Planning Services Financial planning fees for standalone services may be invoiced up to fifty percent (50%) of the expected total fee upon execution of the financial planning agreement. The balance shall be invoiced upon completion of the agreed upon deliverable[s]. Standalone financial planning fees are paid via check. C. Other Fees and Expenses Clients may incur certain fees or charges imposed by third parties in connection with investments made on behalf of the Client’s account[s]. RCA includes Covered Costs as part of its overall wealth management fee through the RCA River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 6  Wrap Fee Program. Securities transaction fees for Client-directed trades may be charged back to the Client. The Client will be responsible for certain costs through the custodian including margin interest, cashiering fees (ie. Electronic funds and wire transfer fees), custody fees for non-publicly traded securities, and administrative fees (ie. Transfer taxes, odd-lot differentials, certificate delivery fees, reorganization fees). Please see Item 4.D. above as well as Appendix 1 – Wrap Fee Program Brochure. In addition, all fees paid to RCA for investment advisory services are separate and distinct from the expenses charged by mutual funds and ETFs to their shareholders, if applicable. These fees and expenses are described in each fund’s prospectus. These fees and expenses will generally be used to pay management fees for the funds, other fund expenses, account administration (e.g., custody, brokerage and account reporting), and a possible distribution fee. A Client may be able to invest in these products directly, without the services of RCA, but would not receive the services provided by RCA which are designed, among other things, to assist the Client in determining which products or services are most appropriate for each Client’s financial situation and objectives. Accordingly, the Client should review both the fees charged by the fund[s] and the fees charged by RCA to fully understand the total fees to be paid. Please refer to Item 12 – Brokerage Practices for additional information. D. Advance Payment of Fees and Termination Wealth Management Services RCA is compensated for its wealth management services in advance of the quarter in which services are rendered. Either party may terminate the investment advisory agreement, at any time, by providing advance written notice to the other party. The Client may also terminate the wealth management agreement within five (5) business days of signing the Advisor’s agreement at no cost to the Client. After the five-day period, the Client will incur charges for bona fide advisory services rendered to the point of termination and such fees will be due and payable by the Client. Upon termination, the Advisor will refund any unearned, prepaid wealth management fees from the effective date of termination to the end of the quarter. The Client’s wealth management agreement with the Advisor is non-transferable without the Client’s prior consent. Financial Planning Services RCA requires an advance deposit as described above for its standalone financial planning services. Either party may terminate the financial planning agreement, at any time, by providing advance written notice to the other party. The Client may also terminate the financial planning agreement within five (5) business days of signing the Advisor’s agreement at no cost to the Client. After the five-day period, the Client will incur charges for bona fide advisory services rendered to the point of termination and such fees will be due and payable by the Client. Upon termination, the Client shall be billed for actual hours logged on the planning project times the contractual hourly rate or in the case of a fixed fee engagement, the percentage of the engagement scope completed by the Advisor. The Advisor will refund any unearned, prepaid planning fees from the effective date of termination. The Client’s financial planning agreement with the Advisor is non-transferable without the Client’s prior consent. E. Compensation for Sales of Securities RCA does not buy or sell securities to earn commissions and does not receive any compensation for securities transactions in any Client account, other than the wealth management fees noted above. Item 6 – Performance-Based Fees and Side-By-Side Management RCA does not charge performance-based fees for its investment advisory services. The fees charged by RCA are as described in Item 5 above and are not based upon the capital appreciation of the funds or securities held by any Client. RCA does not manage any proprietary investment funds or limited partnerships (for example, a mutual fund or a hedge fund) and has no financial incentive to recommend any particular investment options to its Clients. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 7  Item 7 – Types of Clients RCA offers investment advisory services to individuals, high net worth individuals, trusts, estates, businesses, and retirement plans. RCA generally does not impose a minimum relationship size. Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss A. Methods of Analysis RCA primarily employs a fundamental analysis method in developing investment strategies for its Clients. Research and analysis from RCA are derived from numerous sources, including financial media companies, third-party research materials, Internet sources, and review of company activities, including annual reports, prospectuses, press releases and research prepared by others. Fundamental analysis utilizes economic and business indicators as investment selection criteria. This criteria consists generally of ratios and trends that may indicate the overall strength and financial viability of the entity being analyzed. Assets are deemed suitable if they meet certain criteria to indicate that they are a strong investment with a value discounted by the market. While this type of analysis helps the Advisor in evaluating a potential investment, it does not guarantee that the investment will increase in value. Assets meeting the investment criteria utilized in the fundamental analysis may lose value and may have negative investment performance. The Advisor monitors these economic indicators to determine if adjustments to strategic allocations are appropriate. More details on the Advisor’s review process are included below in Item 13 – Review of Accounts. As noted above, RCA generally employs a long-term investment strategy for its Clients, as consistent with their financial goals. RCA will typically hold all or a portion of a security for more than a year, but may hold for shorter periods for the purpose of rebalancing a portfolio or meeting the cash needs of Clients. At times, RCA may also buy and sell positions that are more short-term in nature, depending on the goals of the Client and/or the fundamentals of the security, sector or asset class. B. Risk of Loss Investing in securities involves certain investment risks. Securities may fluctuate in value or lose value. Clients should be prepared to bear the potential risk of loss. RCA will assist Clients in determining an appropriate strategy based on their tolerance for risk and other factors noted above. However, there is no guarantee that a Client will meet their investment goals. While the methods of analysis help the Advisor in evaluating a potential investment, it does not guarantee that the investment will increase in value. Assets meeting the investment criteria utilized in these methods of analysis may lose value and may have negative investment performance. The Advisor monitors these economic indicators to determine if adjustments to strategic allocations are appropriate. More details on the Advisor’s review process are included below in Item 13 – Review of Accounts. Each Client engagement will entail a review of the Client's investment goals, financial situation, time horizon, tolerance for risk and other factors to develop an appropriate strategy for managing a Client's account. Client participation in this process, including full and accurate disclosure of requested information, is essential for the analysis of a Client's account[s]. The Advisor shall rely on the financial and other information provided by the Client or their designees without the duty or obligation to validate the accuracy and completeness of the provided information. It is the responsibility of the Client to inform the Advisor of any changes in 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 Client accounts. The Advisor will work with each Client to determine their tolerance for risk as part of the portfolio construction process. Following are some of the risks associated with the Advisor’s investment strategies: River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 8  Market Risks The value of a Client’s holdings may fluctuate in response to events specific to companies or markets, as well as economic, political, or social events in the U.S. and abroad. This risk is linked to the performance of the overall financial markets. ETF Risks The performance of ETFs is subject to market risk, including the possible loss of principal. The price of the ETFs will fluctuate with the price of the underlying securities that make up the funds. In addition, ETFs have a trading risk based on the loss of cost efficiency if the ETFs are traded actively and a liquidity risk if the ETFs has a large bid-ask spread and low trading volume. The price of an ETF fluctuates based upon the market movements and may dissociate from the index being tracked by the ETF or the price of the underlying investments. An ETF purchased or sold at one point in the day may have a different price than the same ETF purchased or sold a short time later. Bond Risks Bonds are subject to specific risks, including the following: (1) interest rate risks, i.e. the risk that bond prices will fall if interest rates rise, and vice versa, the risk depends on two things, the bond's time to maturity, and the coupon rate of the bond. (2) reinvestment risk, i.e. the risk that any profit gained must be reinvested at a lower rate than was previously being earned, (3) inflation risk, i.e. the risk that the cost of living and inflation increase at a rate that exceeds the income investment thereby decreasing the investor’s rate of return, (4) credit default risk, i.e. the risk associated with purchasing a debt instrument which includes the possibility of the company defaulting on its repayment obligation, (5) rating downgrades, i.e. the risk associated with a rating agency’s downgrade of the company’s rating which impacts the investor’s confidence in the company’s ability to repay its debt and (6) Liquidity Risks, i.e. the risk that a bond may not be sold as quickly as there is no readily available market for the bond. Mutual Fund Risks The performance of mutual funds is subject to market risk, including the possible loss of principal. The price of the mutual funds will fluctuate with the value of the underlying securities that make up the funds. The price of a mutual fund is typically set daily therefore a mutual fund purchased at one point in the day will typically have the same price as a mutual fund purchased later that same day. Options Contracts Investments in options contracts have the risk of losing value in a relatively short period of time. Option contracts are leveraged instruments that allow the holder of a single contract to control many shares of an underlying stock. This leverage can compound gains or losses. Past performance is not a guarantee of future returns. Investing in securities and other investments involve a risk of loss that each Client should understand and be willing to bear. Clients are reminded to discuss these risks with the Advisor. Item 9 – Disciplinary Information There are no legal, regulatory or disciplinary events involving RCA or Mr. Runyon. RCA values the trust Clients place in the Advisor. The Advisor encourages Clients to perform the requisite due diligence on any advisor or service provider that the Client engages. The backgrounds of the Advisor or Advisory Persons are available on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with the Advisor’s firm name or CRD# 334629. Item 10 – Other Financial Industry Activities and Affiliations The sole business of RCA and Mr. Runyon is to provide investment advisory services to its Clients. Neither RCA nor its Advisory Persons are involved in other business endeavors. RCA does not maintain any affiliations with other firms, other than contracted service providers to assist with the servicing of its Client’s accounts. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 9  Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading A. Code of Ethics RCA has implemented a Code of Ethics (the “Code”) that defines the Advisor’s fiduciary commitment to each Client. This Code applies to all persons associated with RCA (“Supervised Persons”). The Code was developed to provide general ethical guidelines and specific instructions regarding the Advisor’s duties to each Client. RCA and its Supervised Persons owe a duty of loyalty, fairness and good faith towards each Client. It is the obligation of RCA’s Supervised Persons to adhere not only to the specific provisions of the Code, but also to the general principles that guide the Code. The Code covers a range of topics that address employee ethics and conflicts of interest. To request a copy of the Code, please contact the Advisor at (757) 651-9305. B. Personal Trading with Material Interest RCA allows Supervised Persons to purchase or sell the same securities that may be recommended to and purchased on behalf of Clients. RCA does not act as principal in any transactions. In addition, the Advisor does not act as the general partner of a fund, or advise an investment company. RCA does not have a material interest in any securities traded in Client accounts. C. Personal Trading in Same Securities as Clients RCA allows Supervised Persons to purchase or sell the same securities that may be recommended to and purchased on behalf of Clients. Owning the same securities that are recommended (purchase or sell) to Clients presents a conflict of interest that, as fiduciaries, must be disclosed to Clients and mitigated through policies and procedures. As noted above, the Advisor has adopted the Code to address insider trading (material non-public information controls); gifts and entertainment; outside business activities and personal securities reporting. When trading for personal accounts, Supervised Persons have a conflict of interest if trading in the same securities. The fiduciary duty to act in the best interest of its Clients can be violated if personal trades are made with more advantageous terms than Client trades, or by trading based on material non-public information. This risk is mitigated by RCA requiring reporting of personal securities trades by its Supervised Persons for review by the Chief Compliance Officer (“CCO”) or delegate. The Advisor has also adopted written policies and procedures to detect the misuse of material, non- public information. D. Personal Trading at Same Time as Client While RCA allows Supervised Persons to purchase or sell the same securities that may be recommended to and purchased on behalf of Clients, such trades are typically aggregated with Client orders or traded afterwards. At no time will RCA, or any Supervised Person of RCA, transact in any security to the detriment of any Client. Item 12 – Brokerage Practices A. Recommendation of Custodian[s] RCA does not have discretionary authority to select the broker-dealer/custodian for custody and execution services. The Client will engage the broker-dealer/custodian (herein the "Custodian") to safeguard Client assets and authorize RCA to direct trades to the Custodian as agreed upon in the investment advisory agreement. Further, RCA does not have the discretionary authority to negotiate commissions on behalf of Clients on a trade-by-trade basis. Where RCA does not exercise discretion over the selection of the Custodian, it may recommend the Custodian to Clients for custody and execution services. Clients are not obligated to use the Custodian recommended by the Advisor and will not incur any extra fee or cost associated with using a custodian not recommended by RCA. However, the Advisor may be limited in the services it can provide if the recommended Custodian is not engaged. RCA may recommend the Custodian based on criteria such as, but not limited to, reasonableness of commissions charged to the Client, services made available to the Client, and its reputation and/or the location of the Custodian’s offices. RCA will generally recommend that Clients establish their account[s] at Charles Schwab & Co., Inc. (“Schwab”), a FINRA-registered broker-dealer and member SIPC. Schwab will serve as the Client’s “qualified custodian”. RCA maintains an institutional relationship with Schwab, whereby the Advisor receives economic benefits from Schwab. Please see Item 14 below. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 10  Trade-Away Arrangements – RCA may obtain limited one-time ability to execute trades through other broker- dealers when placing securities transactions on behalf of Clients with assets custodied at Schwab. In such instances where RCA trades away from Schwab, the account will often incur a trade-away fee from Schwab for each transaction that is executed on a trade-away basis. The fee is separate from the commission/transaction fee or mark-up/mark- down imposed by the broker-dealer through which the trade was executed. Trading away may be advantageous for the Client because: the broker-dealer may have expertise in a particular security or market; the broker-dealer makes a market in a particular security; a particular security is thinly traded; or the broker-dealer can identify a counter-party for a trade. A Client may pay higher net execution costs than would have paid if the transaction were placed through the Custodian holding his or her assets. RCA will periodically review its arrangements with the Custodian against other possible arrangements in the marketplace as it strives to achieve best execution on behalf of its Clients. Following are additional details regarding the brokerage practices of the Advisor: 1. Soft Dollars - Soft dollars are revenue programs offered by broker-dealers/custodians whereby an advisor enters into an agreement to place security trades with a broker-dealer/custodian in exchange for research and other services. RCA does not participate in soft dollar programs sponsored or offered by any broker- dealer/custodian. However, the Advisor receives certain economic benefits from the Custodian. Please see Item 14 below. 2. Brokerage Referrals - RCA does not receive any compensation from any third party in connection with the recommendation for establishing an account. 3. Directed Brokerage - All Clients are serviced on a “directed brokerage basis”, where RCA will place trades within the established account[s] at the Custodian designated by the Client. Further, all Client accounts are traded within their respective account[s]. The Advisor will not engage in any principal transactions (i.e., trade of any security from or to the Advisor’s own account) or cross transactions with other Client accounts (i.e., purchase of a security into one Client account from another Client’s account[s]). RCA will not be obligated to select competitive bids on securities transactions and does not have an obligation to seek the lowest available transaction costs. These costs are determined by the Custodian. B. Aggregating and Allocating Trades The primary objective in placing orders for the purchase and sale of securities for Client accounts is to obtain the most favorable net results taking into account such factors as 1) price, 2) size of the order, 3) difficulty of execution, 4) confidentiality and 5) skill required of the Custodian. RCA will execute its transactions through the Custodian as authorized by the Client. RCA may aggregate orders in a block trade or trades when securities are purchased or sold through the Custodian for multiple (discretionary) accounts in the same trading day. If a block trade cannot be executed in full at the same price or time, the securities actually purchased or sold by the close of each business day must be allocated in a manner that is consistent with the initial pre-allocation or other written statement. This must be done in a way that does not consistently advantage or disadvantage any particular Clients’ accounts. Item 13 – Review of Accounts A. Frequency of Reviews Securities in Client accounts are monitored on a regular and continuous basis by the Chief Compliance Officer of RCA. Formal reviews are generally conducted at least annually or more frequently depending on the needs of the Client. B. Causes for Reviews In addition to the investment monitoring noted in Item 13.A., each Client account shall be reviewed at least annually. Reviews may be conducted more frequently at the Client’s request. Accounts may be reviewed as a result of major changes in economic conditions, known changes in the Client’s financial situation, and/or large deposits or withdrawals in the Client’s account[s]. The Client is encouraged to notify RCA if changes occur in the Client’s personal River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 11  financial situation that might adversely affect the Client’s investment plan. Additional reviews may be triggered by material market, economic or political events. C. Review Reports The Client will receive brokerage statements no less than quarterly from the Custodian. These brokerage statements are sent directly from the Custodian to the Client. The Client may also establish electronic access to the Custodian’s website so that the Client may view these reports and their account activity. Client brokerage statements will include all positions, transactions and fees relating to the Client’s account[s]. The Advisor may also provide Clients with periodic reports regarding their holdings, allocations, and performance. Item 14 – Client Referrals and Other Compensation A. Compensation Received by RCA RCA is a fee-based advisory firm, that is compensated solely by its Clients and not from any investment product. RCA does not receive commissions or other compensation from product sponsors, broker-dealers or any un-related third party. RCA may refer Clients to various unaffiliated, non-advisory professionals (e.g. attorneys, accountants, estate planners) to provide certain financial services necessary to meet the goals of its Clients. Likewise, RCA may receive non-compensated referrals of new Clients from various third-parties. Participation in Institutional Advisor Platform RCA has established an institutional relationship with Schwab through its “Schwab Advisor Services” unit, a division of Schwab dedicated to serving independent advisory firms like RCA. As a registered investment advisor participating on the Schwab Advisor Services platform, RCA receives access to software and related support without cost because the Advisor renders investment management services to Clients that maintain assets at Schwab. Services provided by Schwab Advisor Services benefit the Advisor and many, but not all services provided by Schwab will benefit Clients. In fulfilling its duties to its Clients, the Advisor endeavors at all times to put the interests of its Clients first. Clients should be aware, however, that the receipt of economic benefits from a custodian creates a potential conflict of interest since these benefits may influence the Advisor's recommendation of this custodian over one that does not furnish similar software, systems support, or services. Services that Benefit the Client – Schwab’s institutional brokerage services include access to a broad range of investment products, execution of securities transactions, and custody of Client’s funds and securities. Through Schwab, the Advisor may be able to access certain investments and asset classes that the Client would not be able to obtain directly or through other sources. Further, the Advisor may be able to invest in certain mutual funds and other investments without having to adhere to investment minimums that might be required if the Client were to directly access the investments. Services that May Indirectly Benefit the Client – Schwab provides participating advisors with access to technology, research, discounts and other services. In addition, the Advisor receives duplicate statements for Client accounts, the ability to deduct advisory fees, trading tools, and back-office support services as part of its relationship with Schwab. These services are intended to assist the Advisor in effectively managing accounts for its Clients, but may not directly benefit all Clients. Services that May Only Benefit the Advisor – Schwab also offers other services and financial support to RCA that may not benefit the Client, including: educational conferences and events, financial start-up support, consulting services and discounts for various service providers. Access to these services creates a financial incentive for the Advisor to recommend Schwab, which results in a potential conflict of interest. RCA believes, however, that the selection of Schwab as Custodian is in the best interests of its Clients. B. Compensation for Client Referrals River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 12  The Advisor does not compensate, either directly or indirectly, any persons who are not supervised persons, for Client referrals. Item 15 – Custody RCA does not accept or maintain custody of any Client accounts, except for the authorized deduction of the Advisor’s fees. All Clients must place their assets with a “qualified custodian”. Clients are required to engage the Custodian to retain their funds and securities and direct RCA to utilize that Custodian for the Client’s security transactions. Clients should review statements provided by the Custodian and compare to any reports provided by RCA to ensure accuracy, as the Custodian does not perform this review. For more information about custodians and brokerage practices, see Item 12 – Brokerage Practices. If the Client gives the Advisor authority to move money from one account to another account, the Advisor may have custody of those assets. In order to avoid additional regulatory requirements, the Custodian and the Advisor have adopted safeguards to ensure that the money movements are completed in accordance with the Client’s instructions. Item 16 – Investment Discretion RCA generally has discretion over the selection and amount of securities to be bought or sold in Client accounts without obtaining prior consent or approval from the Client. However, these purchases or sales may be subject to specified investment objectives, guidelines, or limitations previously set forth by the Client and agreed to by RCA. Discretionary authority will only be authorized upon full disclosure to the Client. The granting of such authority will be evidenced by the Client's execution of a wealth management agreement containing all applicable limitations to such authority. All discretionary trades made by RCA will be in accordance with each Client's investment objectives and goals. Item 17 – Voting Client Securities RCA does not accept proxy-voting responsibility for any Client. Clients will receive proxy statements directly from the Custodian. The Advisor will assist in answering questions relating to proxies, however, the Client retains the sole responsibility for proxy decisions and voting. Item 18 – Financial Information Neither RCA, nor its management, have any adverse financial situations that would reasonably impair the ability of RCA to meet all obligations to its Clients. Neither RCA, nor any of its Advisory Persons, have been subject to a bankruptcy or financial compromise. RCA is not required to deliver a balance sheet along with this Disclosure Brochure as the Advisor does not collect advance fees of $1,200 or more for services to be performed six months or more in the future. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 13  River Crescent Advisors, LLC Form ADV Part 2A – Appendix 1 (“Wrap Fee Program Brochure”) Effective: December 26, 2025 This Form ADV2A - Appendix 1 (“Wrap Fee Program Brochure”) provides information about the qualifications and business practices for River Crescent Advisors, LLC (“RCA” or the “Advisor”) services when offering services pursuant to a wrap program. This Wrap Fee Program Brochure shall always be accompanied by the RCA Disclosure Brochure, which provides complete details on the business practices of the Advisor. If you did not receive the complete RCA Disclosure Brochure or you have any questions about the contents of this Wrap Fee Program Brochure or the RCA Disclosure Brochure, please contact the Advisor at (757) 651-9305. RCA is a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). The information in this Wrap Fee Program Brochure has not been approved or verified by the SEC or by any state securities authority. Registration of an investment advisor does not imply any specific level of skill or training. This Wrap Fee Program Brochure provides information about RCA to assist you in determining whether to retain the Advisor. information about RCA and its advisory persons are available on the SEC’s website at Additional www.adviserinfo.sec.gov by searching the Advisor’s firm name or CRD# 334629. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 14  Item 2 – Material Changes Form ADV 2A - Appendix 1 provides information about a variety of topics relating to an Advisor’s business practices and conflicts of interest. In particular, this Wrap Fee Program Brochure discusses the Wrap Fee Program offered by the Advisor. Material Changes RCA is a newly formed registered investment advisor. This is the initial filing of the Disclosure Brochure. Future Changes From time to time, the Advisor may amend this Wrap Fee Program Brochure to reflect changes in business practices, changes in regulations or routine annual updates as required by the securities regulators. This complete Wrap Fee Program Brochure (along with the complete RCA Disclosure Brochure) or a Summary of Material Changes shall be provided to you annually and if a material change occurs in the business practices of RCA. At any time, you may view this Wrap Fee Program Brochure and the current Disclosure Brochure on-line at the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching for the Advisor’s firm name or CRD# 334629. You may also request a copy of this Disclosure Brochure at any time, by contacting the Advisor at (757) 651-9305. Item 3 – Table of Contents Item 2 – Material Changes..................................................................................................................................... 15 Item 3 – Table of Contents .................................................................................................................................... 15 Item 4 – Services Fees and Compensation ......................................................................................................... 16 Item 5 – Account Requirements and Types of Clients ...................................................................................... 17 Item 6 – Portfolio Manager Selection and Evaluation ........................................................................................ 17 Item 7 – Client Information Provided to Portfolio Managers ............................................................................. 19 Item 8 – Client Contact with Portfolio Managers ................................................................................................ 19 Item 9 – Additional Information ............................................................................................................................ 19 River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 15  Item 4 – Services Fees and Compensation A. Services RCA provides customized investment advisory services for its Clients. This Wrap Fee Program Brochure is provided as a supplement to the RCA Disclosure Brochure (Form ADV 2A). This Wrap Fee Program Brochure is provided along with the complete Disclosure Brochure to provide full details of the business practices and fees when selecting RCA as your investment advisor. As part of the wealth management fees noted in Item 5 of the Disclosure Brochure, RCA includes securities transaction costs and other securities transaction service fees (herein “Covered Costs”) as part of the overall wealth management fee. Securities regulations often refer to this combined fee structure as a “Wrap Fee Program”. The Advisor’s recommended Custodian does not charge securities transaction fees for exchange-traded fund (“ETF”) and equity trades in Client accounts, but typically charges for certain mutual funds and other types of investments. The Advisor sponsors the RCA Wrap Fee Program. The sole purpose of this Wrap Fee Program Brochure is to provide additional disclosure relating the combination of Covered Costs into a single “bundled” investment advisory fee. This Wrap Fee Program Brochure references back to the RCA Disclosure Brochure in which this Wrap Fee Program Brochure serves as an Appendix. Please see Item 4 – Advisory Services of the Disclosure Brochure for details on RCA’s investment philosophy and related services. B. Program Costs Advisory services provided by RCA are offered in a wrap fee structure whereby Covered Costs are included in the overall wealth management fee paid to RCA. As the level of trading activity in a Client’s account[s] may vary from year to year, the annual cost to the Client may be more or less than engaging for advisory services where the Covered Costs are borne separately by the Client. The cost of the Wrap Fee Program varies depending on services to be provided to each Client, however, the Client is not charged more if there is higher trading activity or other Covered Costs. A Wrap Fee structure presents a conflict of interest as the Advisor is incentivized to limit the number of trades placed in the Client’s account[s] or to utilize securities that do not have transaction fees. As noted above, the Advisor’s recommended Custodian does not charge securities transaction fees for ETF and equity trades in Client accounts, but typically charges for mutual funds and other types of investments. As such, the Advisor is incentivized to utilize ETFs and other equity securities to limit the overall cost to the Advisor. The Advisor will only place Client assets into a Wrap Fee Program when it is believed to be in the Client’s best interest. Please see Item 5 – Fees and Compensation of the Disclosure Brochure for complete details on fees. C. Fees Wealth Management Services Wealth management fees are paid quarterly in advance pursuant to the terms of the wealth management agreement. Wealth management fees are based on the market value of assets under management at the end of the prior quarter. Wealth management fees range up to 1.50% annually based on several factors, including: the scope and complexity of the services to be provided; the level of assets to be managed; and the overall relationship with the Advisor. Relationships with multiple objectives, specific reporting requirements, portfolio restrictions and other complexities may be charged a higher fee. The wealth management fee in the first quarter of service is prorated from the inception date of the account[s] to the end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take into consideration the aggregate assets under management with the Advisor. All securities held in accounts managed by RCA will be independently valued by the Custodian. The Advisor will conduct periodic reviews of the Custodian’s valuation to ensure accurate billing. The Advisor includes securities transaction costs and other securities transaction service fees (herein “Covered Costs) together with its wealth management fees. However, the Advisor shall not receive any portion of these commissions, fees, and costs. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 16  Wealth management fees are calculated by the Advisor and deducted from the Client’s account[s] at the Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted from the Client’s account[s] at the beginning of the respective quarter. The amount due is calculated by applying the quarterly rate (annual rate divided by 4) to the total assets under management with RCA at the end of the prior quarter. Clients will be provided with a statement, at least quarterly, from the Custodian reflecting deduction of the wealth management fee. Clients are urged to also review and compare the statement provided by the Advisor to the brokerage statement from the Custodian, as the Custodian does not perform a verification of fees. Clients provide written authorization permitting advisory fees to be deducted by RCA to be paid directly from their account[s] held by the Custodian as part of the wealth management agreement and separate account forms provided by the Custodian. As noted above, the Wrap Fee Program includes Covered Costs incurred in connection with the discretionary wealth management services provided by RCA, as part of its overall wealth management fee. In addition, all fees paid to RCA for wealth management services or part of the Wrap Fee Program are separate and distinct from the expenses charged by mutual funds and exchange-traded funds to their shareholders, if applicable. These fees and expenses are described in each fund’s prospectus. These fees and expenses will generally be used to pay management fees for the funds, other fund expenses, account administration (e.g., custody, brokerage and account reporting), and a possible distribution fee. Securities transaction fees for Client-directed trades will be charged back to the Client. In connection with the discretionary wealth management services provided by RCA, the Client will incur other costs assessed by the Custodian or other third parties, other than the Covered Costs noted above, such as margin interest, cashiering fees (ie. Electronic funds and wire transfer fees), custody fees for non- publicly traded securities, and administrative fees (ie. Transfer taxes, odd-lot differentials, certificate delivery fees, reorganization fees). The Advisor does not control nor share in these fees. The Client should review both the fees charged by the fund[s] and the fees charged by RCA to fully understand the total fees to be paid. Please see Item 5.C. – Other Fees and Expenses in the Disclosure Brochure (included with this Wrap Fee Program Brochure). D. Compensation RCA is the sponsor and portfolio manager of this Wrap Fee Program. RCA receives wealth management fees paid by Clients for participating in the Wrap Fee Program and pays the Covered Costs associated with the management of the Client’s account[s]. Item 5 – Account Requirements and Types of Clients RCA offers wealth management services to individuals, high net worth individuals, trusts, estates, businesses, and retirement plans. RCA generally does not impose a minimum relationship size. Please see Item 7 – Types of Clients in the Disclosure Brochure for additional information. Item 6 – Portfolio Manager Selection and Evaluation Portfolio Manager Selection RCA serves as sponsor and as portfolio manager for the services under this Wrap Fee Program. Related Persons RCA personnel serve as portfolio managers for this Wrap Fee Program. RCA does not serve as a portfolio manager for any third-party Wrap Fee Programs. Performance-Based Fees RCA does not charge performance-based fees for its wealth management services. The fees charged by RCA are as described in Item 5 above and are not based upon the capital appreciation of the funds or securities held by any Client. RCA does not manage any proprietary investment funds or limited partnerships (for example, a mutual fund or a hedge fund) and has no financial incentive to recommend any particular investment options to its Clients. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 17  Supervised Persons RCA Advisory Persons serve as portfolio managers for all accounts, including the services described in this Wrap Fee Program Brochure. Details of the advisory services provided are included in Item 4.A. of the Disclosure Brochure. Methods of Analysis Please see Item 8 of the Disclosure Brochure (included with this Wrap Fee Program Brochure) for details on the research and analysis methods employed by the Advisor. Risk of Loss Investing in securities involves certain investment risks. Securities may fluctuate in value or lose value. Clients should be prepared to bear the potential risk of loss. RCA will assist Clients in determining an appropriate strategy based on their tolerance for risk and other factors noted above. However, there is no guarantee that a Client will meet their investment goals. While the methods of analysis help the Advisor in evaluating a potential investment, it does not guarantee that the investment will increase in value. Assets meeting the investment criteria utilized in these methods of analysis may lose value and may have negative investment performance. The Advisor monitors these economic indicators to determine if adjustments to strategic allocations are appropriate. More details on the Advisor’s review process are included below in Item 13 – Review of Accounts. Each Client engagement will entail a review of the Client's investment goals, financial situation, time horizon, tolerance for risk and other factors to develop an appropriate strategy for managing a Client's account. Client participation in this process, including full and accurate disclosure of requested information, is essential for the analysis of a Client's account[s]. The Advisor shall rely on the financial and other information provided by the Client or their designees without the duty or obligation to validate the accuracy and completeness of the provided information. It is the responsibility of the Client to inform the Advisor of any changes in 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 Client accounts. The Advisor will work with each Client to determine their tolerance for risk as part of the portfolio construction process. Following are some of the risks associated with the Advisor’s investment strategies: Market Risks The value of a Client’s holdings may fluctuate in response to events specific to companies or markets, as well as economic, political, or social events in the U.S. and abroad. This risk is linked to the performance of the overall financial markets. ETF Risks The performance of ETFs is subject to market risk, including the possible loss of principal. The price of the ETFs will fluctuate with the price of the underlying securities that make up the funds. In addition, ETFs have a trading risk based on the loss of cost efficiency if the ETFs are traded actively and a liquidity risk if the ETFs has a large bid-ask spread and low trading volume. The price of an ETF fluctuates based upon the market movements and may dissociate from the index being tracked by the ETF or the price of the underlying investments. An ETF purchased or sold at one point in the day may have a different price than the same ETF purchased or sold a short time later. Bond Risks Bonds are subject to specific risks, including the following: (1) interest rate risks, i.e. the risk that bond prices will fall if interest rates rise, and vice versa, the risk depends on two things, the bond's time to maturity, and the coupon rate of the bond. (2) reinvestment risk, i.e. the risk that any profit gained must be reinvested at a lower rate than was previously being earned, (3) inflation risk, i.e. the risk that the cost of living and inflation increase at a rate that exceeds the income investment thereby decreasing the investor’s rate of return, (4) credit default risk, i.e. the risk associated with purchasing a debt instrument which includes the possibility of the company defaulting on its repayment obligation, (5) rating downgrades, i.e. the risk associated with a rating agency’s downgrade of the company’s rating which impacts the investor’s confidence in the company’s ability to repay its debt and (6) Liquidity Risks, i.e. the risk that a bond may not be sold as quickly as there is no readily available market for the bond. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 18  Mutual Fund Risks The performance of mutual funds is subject to market risk, including the possible loss of principal. The price of the mutual funds will fluctuate with the value of the underlying securities that make up the funds. The price of a mutual fund is typically set daily therefore a mutual fund purchased at one point in the day will typically have the same price as a mutual fund purchased later that same day. Options Contracts Investments in options contracts have the risk of losing value in a relatively short period of time. Option contracts are leveraged instruments that allow the holder of a single contract to control many shares of an underlying stock. This leverage can compound gains or losses. Past performance is not a guarantee of future returns. Investing in securities and other investments involve a risk of loss that each Client should understand and be willing to bear. Clients are reminded to discuss these risks with the Advisor. Please see Item 8.B. – Risk of Loss in the Disclosure Brochure for details on investment risks. Proxy Voting RCA does not accept proxy-voting responsibility for any Client. Clients will receive proxy statements directly from the Custodian. The Advisor will assist in answering questions relating to proxies, however, the Client retains the sole responsibility for proxy decisions and voting. Item 7 – Client Information Provided to Portfolio Managers RCA is the sponsor and sole portfolio manager for the Program. The Advisor does not share Client information with other portfolio managers because it is the sole portfolio manager for this Wrap Fee Program. Please also see the RCA Privacy Policy (included after this Wrap Fee Program Brochure). Item 8 – Client Contact with Portfolio Managers RCA is a full-service investment management advisory firm. Clients always have direct access to the Portfolio Managers at RCA. Item 9 – Additional Information A. Disciplinary Information and Other Financial Industry Activities and Affiliations There are no legal, regulatory or disciplinary events involving RCA or Mr. Runyon. RCA values the trust Clients place in the Advisor. The Advisor encourages Clients to perform the requisite due diligence on any advisor or service provider that the Client engages. The backgrounds of the Advisor or Advisory Persons are available on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with the Advisor’s firm name or CRD# 334629. Please see Item 9 of the RCA Disclosure Brochure as well as Item 3 of each Advisory Person’s Brochure Supplement (included with this Wrap Fee Program Brochure) for additional information on how to research the background of the Advisor and its Advisory Persons. Other Financial Activities and Affiliations Please see Item 10 – Other Financial Activities and Affiliation and Item 14 – Client Referrals and Other Compensation of the Form ADV Part 2A – Disclosure Brochure (included with this Wrap Fee Program Brochure). B. Code of Ethics, Review of Accounts, Client Referrals, and Financial Information RCA has implemented a Code of Ethics that defines the Advisor’s fiduciary commitment to each Client. This Code of Ethics applies to all persons subject to RCA’s compliance program (our “Supervised Persons”). Complete details on the RCA Code of Ethics can be found under Item 11 – Code of Ethics, Participation in Client Transactions and Personal Trading in the Disclosure Brochure (included with this Wrap Fee Program Brochure). River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 19  Investments in Review of Accounts Client accounts are monitored on a regular and continuous basis by Advisory Persons of RCA under the supervision of the Chief Compliance Officer (“CCO”). Details of the review policies and practices are provided in Item 13 of the Form ADV Part 2A – Disclosure Brochure. Other Compensation Participation in Institutional Advisor Platform - RCA has established an institutional relationship with Schwab through its “Schwab Advisor Services” unit, a division of Schwab dedicated to serving independent advisory firms like RCA. As a registered investment advisor participating on the Schwab Advisor Services platform, RCA receives access to software and related support without cost because the Advisor renders investment management services to Clients that maintain assets at Schwab. Services provided by Schwab Advisor Services benefit the Advisor and many, but not all services provided by Schwab will benefit Clients. In fulfilling its duties to its Clients, the Advisor endeavors at all times to put the interests of its Clients first. Clients should be aware, however, that the receipt of economic benefits from a custodian creates a potential conflict of interest since these benefits may influence the Advisor's recommendation of this custodian over one that does not furnish similar software, systems support, or services. Services that Benefit the Client – Schwab’s institutional brokerage services include access to a broad range of investment products, execution of securities transactions, and custody of Client’s funds and securities. Through Schwab, the Advisor may be able to access certain investments and asset classes that the Client would not be able to obtain directly or through other sources. Further, the Advisor may be able to invest in certain mutual funds and other investments without having to adhere to investment minimums that might be required if the Client were to directly access the investments. Services that May Indirectly Benefit the Client – Schwab provides participating advisors with access to technology, research, discounts and other services. In addition, the Advisor receives duplicate statements for Client accounts, the ability to deduct advisory fees, trading tools, and back-office support services as part of its relationship with Schwab. These services are intended to assist the Advisor in effectively managing accounts for its Clients, but may not directly benefit all Clients. Services that May Only Benefit the Advisor – Schwab also offers other services and financial support to RCA that may not benefit the Client, including: educational conferences and events, financial start-up support, consulting services and discounts for various service providers. Access to these services creates a financial incentive for the Advisor to recommend Schwab, which results in a potential conflict of interest. RCA believes, however, that the selection of Schwab as Custodian is in the best interests of its Clients. Please se Item 14 – Other Compensation in the Form ADV Part 2A – Disclosure Brochure (included with this Wrap Fee Program Brochure) for details on additional compensation that may be received by RCA or its Advisory Persons. Each Advisory Person’s Brochure Supplement (also included with this Wrap Fee Program Brochure) provides details on any outside business activities and the associated compensation. Client Referrals from Solicitors The Advisor does not compensate, either directly or indirectly, any persons who are not supervised persons, for Client referrals. Financial Information Neither RCA, nor its management, have any adverse financial situations that would reasonably impair the ability of RCA to meet all obligations to its Clients. Neither RCA, nor any of its Advisory Persons, have been subject to a bankruptcy or financial compromise. RCA is not required to deliver a balance sheet along with this Disclosure Brochure as the Advisor does not collect advance fees of $1,200 or more for services to be performed six months or more in the future. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 20  Form ADV Part 2B – Brochure Supplement for Roy A. Runyon President and Chief Compliance Officer Effective: December 26, 2025 This Form ADV 2B (“Brochure Supplement”) provides information about the background and qualifications of Roy A. Runyon (CRD# 7220243) in addition to the information contained in the River Crescent Advisors, LLC (“RCA” or the “Advisor”, CRD# 334629) Disclosure Brochure. If you have not received a copy of the Disclosure Brochure or if you have any questions about the contents of the RCA Disclosure Brochure or this Brochure Supplement, please contact us at (757) 651-9305. Additional information about Mr. Runyon is available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 7220243. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 21  Item 2 – Educational Background and Business Experience Roy A. Runyon, born in 1980, is dedicated to advising Clients of RCA as the President and Chief Compliance Officer. Mr. Runyon earned a Bachelor of Science in Business Management from Virginia Polytechnic Institute and State University (Virginia Tech) in 2002. Additional information regarding Mr. Runyon’s employment history is included below. Employment History: 03/2025 to Present 01/2020 to 03/2025 President and Chief Compliance Officer, River Crescent Advisors, LLC Managing Director and Senior Wealth Advisor, Beacon Harbor Wealth Advisors, Inc. Research Associate / Head of Trading, The Gartman Letter L.C. 05/2004 to 12/2019 Item 3 – Disciplinary Information There are no legal, civil or disciplinary events to disclose regarding Mr. Runyon. Mr. Runyon has never been involved in any regulatory, civil or criminal action. There have been no client complaints, lawsuits, arbitration claims or administrative proceedings against Mr. Runyon. Securities laws require an advisor to disclose any instances where the advisor or its advisory persons have been found liable in a legal, regulatory, civil or arbitration matter that alleges violation of securities and other statutes; fraud; false statements or omissions; theft, embezzlement or wrongful taking of property; bribery, forgery, counterfeiting, or extortion; and/or dishonest, unfair or unethical practices. As previously noted, there are no legal, civil or disciplinary events to disclose regarding Mr. Runyon. However, we do encourage you to independently view the background of Mr. Runyon on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 7220243. Item 4 – Other Business Activities River Crescent Holdings LLC Mr. Runyon also serves as the Owner of River Crescent Holdings LLC, a holding company with ownership in River Crescent Advisors, LLC. Mr. Runyon spends less than 5% of his time per month in this capacity. Nansemond-Suffolk Academy Board of Trustees Mr. Runyon serves as a Board Member for Nansemond-Suffolk Academy. Mr. Runyon spends less than 5% of his time per month in this capacity. Item 5 – Additional Compensation Mr. Runyon has additional business activities where compensation is received that are detailed in Item 4 above. Item 6 – Supervision Mr. Runyon serves as the President and Chief Compliance Officer of RCA. Mr. Runyon can be reached at (757) 651- 9305. RCA has implemented a Code of Ethics, an internal compliance document that guides each Supervised Person in meeting their fiduciary obligations to Clients of RCA. Further, RCA is subject to regulatory oversight by various agencies. These agencies require registration by RCA and its Supervised Persons. As a registered entity, RCA is subject to examinations by regulators, which may be announced or unannounced. RCA is required to periodically update the information provided to these agencies and to provide various reports regarding the business activities and assets of the Advisor. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 22  Form ADV Part 2B – Brochure Supplement for Tyler R. Dunn, MBA, CFP® Wealth Advisor Effective: December 26, 2025 This Form ADV 2B (“Brochure Supplement”) provides information about the background and qualifications of Tyler R. Dunn, MBA, CFP® (CRD# 7645146) in addition to the information contained in the River Crescent Advisors, LLC (“RCA” or the “Advisor”, CRD# 334629) Disclosure Brochure. If you have not received a copy of the Disclosure Brochure or if you have any questions about the contents of the RCA Disclosure Brochure or this Brochure Supplement, please contact us at (757) 651-9305. Additional information about Mr. Dunn is available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 7645146. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 23  Item 2 – Educational Background and Business Experience Tyler R. Dunn, MBA, CFP®, born in 1998, is dedicated to advising Clients of RCA as a Wealth Advisor. Mr. Dunn earned a Bachelor’s in Accounting and Economics with an International Emphasis from Randolph-Macon College in 2021. Mr. Dunn also earned a Masters of Business Administration from The Citadel, Military College of South Carolina in 2022. Additional information regarding Mr. Dunn’s employment history is included below. Employment History: Wealth Advisor, River Crescent Advisors, LLC Associate Wealth Advisor, PBMares Wealth Management Loan Verification Specialist, ACAP SME, LLC 04/2025 to Present 12/2022 to 03/2025 10/2020 to 04/2021 CERTIFIED FINANCIAL PLANNER® Professional I am certified for financial planning services in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”). Therefore, I may refer to myself as a CERTIFIED FINANCIAL PLANNER® Professional or a CFP® Professional, and I may use these and the other certification marks (the “CFP Board Certification Marks”) that Certified Financial Planner Board of Standards Center for Financial Planning, Inc. has licensed to CFP Board in the United States. The CFP® certification is voluntary. No federal or state law or regulation requires financial planners to hold the CFP® certification. You may find more information about the CFP® certification at www.cfp.net. CFP® Professionals have met CFP Board’s high standards for education, examination, experience, and ethics. To become a CFP® Professional, an individual must fulfill the following requirements: • Education – Earn a bachelor’s degree or higher from an accredited college or university and complete CFP Board-approved coursework at a college or university through a CFP Board Registered Program. The coursework covers the financial planning subject areas CFP Board has determined are necessary for the competent and professional delivery of financial planning services, as well as a comprehensive financial plan development capstone course. A candidate may satisfy some of the coursework requirement through other qualifying credentials. CFP Board implemented the bachelor’s degree or higher requirement in 2007 and the financial planning development capstone course requirement in March 2012. Therefore, a CFP® Professional who first became certified before those dates may not have earned a bachelor’s or higher degree or completed a financial planning development capstone course. • Examination – Pass the comprehensive CFP® Certification Examination. The examination is designed to assess an individual’s ability to integrate and apply a broad base of financial planning knowledge in the context of real-life financial planning situations. • Experience – Complete 6,000 hours of Professional experience related to the personal financial planning process, or 4,000 hours of apprenticeship experience that meets additional requirements. • Ethics – Satisfy the Fitness Standards for Candidates for CFP® Certification and Former CFP® Professionals Seeking Reinstatement and agree to be bound by CFP Board’s Code of Ethics and Standards of Conduct (“Code and Standards”), which sets forth the ethical and practice standards for CFP® Professionals. Individuals who become certified must complete the following ongoing education and ethics requirements to remain certified and maintain the right to continue to use the CFP Board. Certification Marks: • Ethics – Commit to complying with CFP Board’s Code and Standards. This includes a commitment to CFP Board, as part of the certification, to act as a fiduciary, and therefore, act in the best interests of the Client, at all times when providing financial advice and financial planning. CFP Board may sanction a CFP® Professional who does not abide by this commitment, but CFP Board does not guarantee a CFP® River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 24  Professional’s service. A Client who seeks a similar commitment should obtain a written engagement that includes a fiduciary obligation to the Client. • Continuing Education – Complete 30 hours of continuing education every two years to maintain competence, demonstrate specified levels of knowledge, skills, and abilities, and keep up with developments in financial planning. Two of the hours must address the Code and Standards. Item 3 – Disciplinary Information There are no legal, civil or disciplinary events to disclose regarding Mr. Dunn. Mr. Dunn has never been involved in any regulatory, civil or criminal action. There have been no client complaints, lawsuits, arbitration claims or administrative proceedings against Mr. Dunn. Securities laws require an advisor to disclose any instances where the advisor or its advisory persons have been found liable in a legal, regulatory, civil or arbitration matter that alleges violation of securities and other statutes; fraud; false statements or omissions; theft, embezzlement or wrongful taking of property; bribery, forgery, counterfeiting, or extortion; and/or dishonest, unfair or unethical practices. As previously noted, there are no legal, civil or disciplinary events to disclose regarding Mr. Dunn. However, we do encourage you to independently view the background of Mr. Dunn on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 7645146. Item 4 – Other Business Activities Randolph-Macon Baseball Mr. Dunn also serves as a Pitching Coach for Randolph-Macon College’s varsity baseball team. Mr. Dunn provides instruction and attends the team’s practices and games. Mr. Dunn is compensated and spends approximately 25% of his time per month in this capacity. Item 5 – Additional Compensation Mr. Dunn has additional business activities where compensation is received that are detailed in Item 4 above. Item 6 – Supervision Mr. Dunn serves as a Wealth Advisor of RCA and is supervised by Roy Runyon, the Chief Compliance Officer. Mr. Runyon can be reached at (757) 651-9305. RCA has implemented a Code of Ethics, an internal compliance document that guides each Supervised Person in meeting their fiduciary obligations to Clients of RCA. Further, RCA is subject to regulatory oversight by various agencies. These agencies require registration by RCA and its Supervised Persons. As a registered entity, RCA is subject to examinations by regulators, which may be announced or unannounced. RCA is required to periodically update the information provided to these agencies and to provide various reports regarding the business activities and assets of the Advisor. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 25  Privacy Policy Effective: December 26, 2025 Our Commitment to You River Crescent Advisors, LLC (“RCA” or the “Advisor”) is committed to safeguarding the use of personal information of our Clients (also referred to as “you” and “your”) that we obtain as your Investment Advisor, as described here in our Privacy Policy (“Policy”). Our relationship with you is our most important asset. We understand that you have entrusted us with your private information, and we do everything that we can to maintain that trust. RCA (also referred to as "we", "our" and "us”) protects the security and confidentiality of the personal information we have and implements controls to ensure that such information is used for proper business purposes in connection with the management or servicing of our relationship with you. RCA does not sell your non-public personal information to anyone. Nor do we provide such information to others except for discrete and reasonable business purposes in connection with the servicing and management of our relationship with you, as discussed below. Details of our approach to privacy and how your personal non-public information is collected and used are set forth in this Policy. Why you need to know? Registered Investment Advisors (“RIAs”) must share some of your personal information in the course of servicing your account. Federal and State laws give you the right to limit some of this sharing and require RIAs to disclose how we collect, share, and protect your personal information. What information do we collect from you? Driver’s license number Date of birth Social security or taxpayer identification number Assets and liabilities Name, address and phone number[s] Income and expenses E-mail address[es] Investment activity Account information (including other institutions) Investment experience and goals What Information do we collect from other sources? Custody, brokerage and advisory agreements questionnaires and suitability Other advisory agreements and legal documents Transactional information with us or others Account applications and forms Investment documents Other information needed to service account How do we protect your information? To safeguard your personal information from unauthorized access and use we maintain physical, procedural and electronic security measures. These include such safeguards as secure passwords, encrypted file storage and a secure office environment. Our technology vendors provide security and access control over personal information and have policies over the transmission of data. Our associates are trained on their responsibilities to protect Client’s personal information. We require third parties that assist in providing our services to you to protect the personal information they receive from us. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 26  How do we share your information? An RIA shares Client personal information to effectively implement its services. In the section below, we list some reasons we may share your personal information. Basis For Sharing Do we share? Can you limit? Yes No to: processing Servicing our Clients We may share non-public personal information with non-affiliated third parties (such as administrators, brokers, custodians, regulators, credit agencies, other financial institutions) as necessary for us to provide agreed upon services to you, consistent with applicable law, including but not limited transactions; general account maintenance; responding to regulators or legal investigations; and credit reporting. No Not Shared Yes Yes Marketing Purposes RCA does not disclose, and does not intend to disclose, personal information with non-affiliated third parties to offer you services. Certain laws may give us the right to share your personal information with financial institutions where you are a customer and where RCA or the client has a formal agreement with the financial institution. We will only share information for purposes of servicing your accounts, not for marketing purposes. Authorized Users Your non-public personal information may be disclosed to you and persons that we believe to be your authorized agent[s] or representative[s]. No Not Shared Information About Former Clients RCA does not disclose and does not intend to disclose, non-public personal information to non-affiliated third parties with respect to persons who are no longer our Clients. Changes to our Privacy Policy We will send you a copy of this Policy annually for as long as you maintain an ongoing relationship with us. Periodically we may revise this Policy and will provide you with a revised Policy if the changes materially alter the previous Privacy Policy. We will not, however, revise our Privacy Policy to permit the sharing of non-public personal information other than as described in this notice unless we first notify you and provide you with an opportunity to prevent the information sharing. Any Questions? You may ask questions or voice any concerns, as well as obtain a copy of our current Privacy Policy by contacting us at (757) 651-9305. River Crescent Advisors, LLC 800 W Riverview Drive, Suffolk, VA 23434 Phone: (757) 651-9305 | Website: www.rivercrescentadvisors.com Page 27