9AT: CARMEL CAPITAL MANAGEMENT L.L.C.

CARMEL CAPITAL MANAGEMENT L.L.C.

CARMEL CAPITAL MANAGEMENT L.L.C.

Adviser Profile

As of Date	02/27/2026
Registration	SEC, Approved, 06/03/2002
ADV Location	CARMEL, CA, United States
Contact Info	831 xxxxxxx
Websites

AUM^*	391,993,000 59%
of that, discretionary	391,993,000 59%
Number of Employees	6
of those in investment advisory functions	6
Private Fund GAV^*	0
Avg Account Size	3,596,266 45%
% High Net Worth	95.33% 0%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Pension and profit sharing plans
- Charitable organizations

Advisory Activities

- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses
- Selection of other advisers

Compensation Arrangments

- A percentage of assets under your management

Reported AUM

392M 336M 280M 224M 168M 112M 56M

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Brochure Summary

Overview

Carmel Capital Management L.L.C. (“CCM” or the “Firm”) is an investment adviser registered with the Securities and Exchange Commission. CCM has been in business since 1999. Its Principal and sole owner is West D. Whittaker. As of December 31, 2022, CCM had $195.0 million in assets under management. All assets are managed on a discretionary basis. CCM is an independent investment advisory firm that provides wealth and portfolio management through separately managed accounts for trusts, retirement accounts, primarily high net-worth individuals, family offices, corporations, pensions and profit-sharing plans, endowments and foundations. The Firm typically tailors its services to the individual needs of each client. CCM generally manages all client accounts on a discretionary basis. CCM’s initial minimum account size is $4.5 million for new clients. CCM will consider waivers to the minimum account size;

however, CCM, in its sole discretion, may charge accounts below the usual minimum higher investment advisory fees. CCM advisory services are tailored to its clients’ needs as determined by the information provided by each client, such as investment objectives and experience, financial condition, family circumstances, retirement goals, and other relevant information. When CCM provides investment advice to you regarding your investment accounts, including your retirement plan account or individual retirement account, we are fiduciaries within the meaning of certain state and federal laws such as the Employee Retirement Income Security Act and/or the Internal Revenue Code and the regulations of the U.S. Securities and Exchange Commission, as applicable. These regulations require us to act in your best interest and not put our interests ahead of yours. CCM does not participate in wrap fee programs.