9AT: ANNANDALE CAPITAL, LLC

ANNANDALE CAPITAL, LLC

ANNANDALE CAPITAL, LLC

Adviser Profile

As of Date	03/31/2026
Registration	SEC, Approved, 10/11/2005
ADV Location	DALLAS, TX, United States
Contact Info	214 xxxxxxx
Websites

AUM^*	1,550,202,000 19%
of that, discretionary	1,464,364,000 27%
Number of Employees	5
of those in investment advisory functions	3
Private Fund GAV^*	0
Avg Account Size	7,046,373 11%
% High Net Worth	75.00% 1%
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
- Insurance companies
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses
- Pension consulting services
- Selection of other advisers

Compensation Arrangments

- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

Reported AUM

1B 1B 1B 837M 628M 418M 209M

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

Discretionary

Non-discretionary

Private Funds

GAV Count

Employees

Top Holdings

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker25434V625	Stock NameDIMENSIONAL ETF TRUST	$ Position$41,297	% Position6.00%	$ Change31.00%	# Change15.00%
Stck Ticker25434V203	Stock NameDIMENSIONAL ETF TRUST	$ Position$41,568	% Position6.00%	$ Change16.00%	# Change10.00%
Stck Ticker921937827	Stock NameVANGUARD BD INDEX FDS	$ Position$43,384	% Position6.00%	$ Change1.00%	# Change2.00%
Stck Ticker78462F103	Stock NameSPDR S&P 500 ETF TR (PUT)	$ Position$38,933	% Position5.00%	$ Change-52.00%	# Change-54.00%
Stck Ticker25434V872	Stock NameDIMENSIONAL ETF TRUST	$ Position$37,327	% Position5.00%	$ Change1.00%	# Change1.00%
Stck Ticker46432F339	Stock NameISHARES TR	$ Position$34,156	% Position5.00%	$ Change21.00%	# Change5.00%
Stck Ticker25434V302	Stock NameDIMENSIONAL ETF TRUST	$ Position$28,038	% Position4.00%	$ Change15.00%	# Change-3.00%
Stck Ticker921946406	Stock NameVANGUARD WHITEHALL FDS	$ Position$26,074	% Position4.00%	$ Change7.00%	# Change1.00%
Stck Ticker78462F103	Stock NameSPDR S&P 500 ETF TR	$ Position$22,530	% Position3.00%	$ Change13.00%	# Change-1.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$23,567	% Position3.00%	$ Change36.00%	# Change35.00%

Brochure Summary

Overview

Annandale provides investment counsel to clients and selects investments and investment managers for clients to meet each client’s investment objectives and financial needs. Annandale focuses on advancing each client’s distinct investment objectives through asset allocation, manager selection, research, portfolio customization, and reporting. Owner. George E. Seay, III founded Annandale Capital, LLC in 2005. He serves as executive chairman of Annandale and focuses on the strategic asset allocation process, manager selection process, and new business development. He is also the trustee and beneficiary of the W.P. Clements, Jr. Trust No. 1 For George E. Seay, III. The trust is the primary owner of Annandale and is the only owner of more than 25% of the firm. Types of Advisory Services. Annandale helps clients achieve their investment goals by allocating client investments across various asset classes, selecting underlying fund managers, analyzing risk to protect the portfolio against disproportionate losses, and offering overall advice regarding which investment solutions work best for the client given their need to convert their assets to cash (“liquidity”). In some cases, individual stocks and bonds are used instead of or along with managers. As part of providing investment management services, Annandale also provides performance reporting to clients. Ancillary services are outsourced to firms that specialize

in each particular service so Annandale can focus on providing investment advice. Annandale does not limit its investment advice to particular investment types; instead, it broadly advises clients regarding equities, fixed income, hedge funds, private equity, commodities, real estate, and other asset classes. Tailored Services. Because Annandale focuses its services on one area, investment management, it does not provide a large variety of services to each client. At the same time, Annandale does tailor its services to individual client needs by asking a series of questions that focus, among other things, on client goals, investment objectives, risk tolerances, time horizons, cash needs, and tax situations. Through this dialogue with clients, Annandale can then tailor its investment approach to meet clients’ individual needs. Additionally, some clients occasionally express desires for or against particular types of assets, while other clients hire Annandale to invest in only certain asset classes. In these cases, Annandale adjusts the recommended asset allocation to include client-specific preferences within the investment mandate. Participation in Wrap Fee Program. Annandale does not participate in wrap fee programs. Amount of Client Assets. As of 12/31/2023, Annandale managed $1,155,598,000 on a discretionary basis, and $142,407,000 on a non-discretionary basis, for a total of $ 1,298,005,000.