A. The firm and its principal owner(s); identifying information Mentor Capital Management Inc. is a fee-only financial planning and investment advisory firm that was established in 1992. It is a corporation governed by the laws of the State of Illinois. Its owner is Daniel B. Carey, CFP, of Chicago, Ill. Fee-only means that neither the firm nor its associates receives compensation – including commissions – from any source other than clients. This arrangement is designed to remove conflicts of interest and foster objectivity in the recommendations made to help clients meet their financial goals. This brochure gives you information about the costs and benefits of fee-only financial planning with Mentor Capital Management Inc. In addition, it provides general information about the education and business qualifications of those associated with the firm. Finally, it provides you with a concise, informative question-and-answer summary of our relationship with you. Mentor Capital Management Inc. is registered with the United States Securities and Exchange Commission (SEC) as an investment advisory firm. It also has submitted a Notice Filing with the Texas State Securities Board requesting exemption from registration requirements because it does not have a place of business in Texas and has had no more than 5 clients during the preceding 12- months who are Texas residents. This brochure and any current supplement (brochure) contain information from Part 2 of Form ADV as required by the SEC, pursuant to the Investment Advisers Act, and by certain states. This brochure is part of the agreement between the client and Mentor Capital Management Inc. Mentor Capital Management Inc.’s SEC CRD Number is 123176; its IRS Employer Identification Number is 36-3854239. B. Services offered Mentor Capital Management Inc. Wealth Management Services Mentor Capital Management Inc. Wealth Management Services include the following:
• Benefits of Mentor Capital Management Inc.’s ongoing research and analysis with regard to taxation of investments, review of specific investment products, and other matters affecting clients’ investments and financial planning in general;
• Development and implementation of an Investment Plan. This Investment Plan includes an Investment Policy Statement, which may thereafter be amended from time to time if and when the clients’ circumstances change;
• Consolidated quarterly reports from Mentor Capital Management Inc. of clients’ investment portfolio;
• Monthly or quarterly statements from account custodians sent to the client directly from the corresponding brokers, banks, mutual funds, partnership sponsors, and/or insurance companies that hold clients’ investments;
• Newsletters and other materials published by Mentor Capital Management Inc., if any;
• Invitation to attend Mentor Capital Management Inc.’s educational seminars, if any; Mentor Capital Management Inc. – December 31, 2023 Page 7
• Portfolio reviews and rebalancing of the portfolio, for the assets held under advisement, on a periodic basis. Portfolios are reviewed at least quarterly;
• Assessment and management of risks for long-term care, disability, life, home, liability, and property and casualty insurance.
• Income tax planning;
• Education planning;
• Estate planning review and facilitation of implementation of wills, trusts, powers of attorney, advance directives for healthcare, charitable trusts, donor advised funds.
• Advice is offered to clients on matters not involving securities only as part of a total wealth management process.
Mentor Capital Management Inc. Project Services Project Services are designed for consumers who have one or two issues to discuss with a CFP certified professional including investment, tax, risk

management or estate planning issues. Project Services are provided for a flat or hourly fee and include wealth management concepts that the client can implement on his or her own. Project Services are not intended to provide a comprehensive financial plan, but are appropriate for advice on a limited set of issues.
Mentor Capital Management Inc. Hourly Services Mentor Capital Management Inc. may provide general financial planning services, such as providing a written financial plan, on an hourly basis. This service excludes Investment Management and specific investment recommendations.
Mentor Capital Management Inc. receives approximately 79% of its fees from investment supervisory services; approximately 17% of its fees from management of investment advisory accounts not involving investment supervisory services; and approximately 4% of its fees from furnishing advice to clients on matters not involving securities, on more than an occasional basis. C. Tailoring to specific needs of clients Services offered by Mentor Capital Management Inc. in every case are tailored to the specific needs of the client. Associates of Mentor Capital believe it is essential to know the situation as well as the goals and objectives of the client before offering recommendations. To this end, advisers of Mentor Capital Management Inc. gather details about the client’s situation, including assets, liabilities, income and expense, before recommending any particular course of action. Upon request, Mentor Capital Management Inc. will follow client restrictions on investing in or not investing in certain securities or types of securities.
D. Wrap-fee programs As a matter of policy and practice, Mentor Capital Management Inc. does not sponsor any wrap fee program. A wrap fee program is defined as any advisory program under which a specified fee or fees not based directly upon transactions in a client’s account is charged for investment advisory services (which may include portfolio management or advice concerning the selection of other investment advisers) and the execution of client transactions. Mentor Capital Management Inc. – December 31, 2023 Page 8 E. Assets under advisement As of December 31, 2023, Mentor Capital Management Inc. was providing advice on $178,224,150.66 of investment assets in 1,091 accounts. These include all financial assets of clients who engage Mentor Capital Management Inc. for ongoing advice on their investment portfolios, whether continuous or periodic in nature. Of these assets under advisement, $31,751,939.98 was managed in 305 accounts on a non-discretionary basis, and $146,472,210.68 was managed in 786 accounts on a discretionary basis. Among clients to whom Mentor Capital Management Inc. was providing advice, as of December 31, 2023, 220 were individuals (other than high net worth individuals) with $139,643,538.12 of assets; 5 were high net worth individuals with $38,047,883.23 of assets; and 3 were corporations and other entities with $532,729.31 of assets. F. Types of investments As of December 31, 2023, Mentor Capital Management Inc. was providing advice on investments in the following categories: Asset type Percent Exchange-Traded Equity Securities 5 Non Exchange-Traded Equity Securities 0 U.S. Government/Agency Bonds 2 U.S. State and Local Bonds 2 Sovereign Bonds 0 Investment Grade Corporate Bonds 0 Non-Investment Grade Corporate Bonds 0 Derivatives 0 Securities Issued by Registered Investment Companies or Business Development Companies 70 Securities Issued by Pooled Investment Vehicles (other than Registered Investment Companies or Business Development Companies) 0 Cash and Cash Equivalents 16 Other (variable annuity sub-accounts, fixed annuities, Real estate partnership interests, collective funds) 5