9AT: CALLAHAN ADVISORS, LLC

Adviser Profile

As of Date	03/30/2026
Registration	SEC, Approved, 04/25/2003
Other registrations (2)	Texas, Terminated, 08/23/2010 Louisiana, Terminated, 03/17/2004
ADV Location	HOUSTON, TX, United States
Contact Info	713 xxxxxxx
Websites

AUM^*	1,327,579,088 42%
of that, discretionary	1,327,579,088 42%
Number of Employees	11 10%
of those in investment advisory functions	6
Private Fund GAV^*	0
Avg Account Size	978,319 29%
% High Net Worth	54.36% 3%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Charitable organizations

Advisory Activities

- Portfolio management for individuals and/or small businesses

Compensation Arrangments

- A percentage of assets under your management

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser TRELLIS ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM429.7m	#Funds-
Adviser ADVOCATES WEALTH PLANNING	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM448.1m	#Funds-
Adviser CONSILIUM WEALTH ADVISORY, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM466.0m	#Funds-
Adviser HARBOR ADVISORY CORPORATION	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM480.9m	#Funds-
Adviser GOLDEN BELL FINANCIAL PLANNING, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM208.6m	#Funds-
Adviser ROYAL CAPITAL WEALTH MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM204.2m	#Funds-
Adviser STEWART & PATTEN CO LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.0b	#Funds-
Adviser CAPSTONE FINANCIAL ADVISORS INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.9b	#Funds-
Adviser CONWAY PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM166.3m	#Funds-
Adviser HARRELL INVESTMENT PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM662.4m	#Funds-

Brochure Summary

Overview

Callahan Advisors, LLC (“We” or “Callahan”) is an investment advisory firm specializing in the management of marketable securities, including equities, fixed and variable income securities, and providing portfolio management. Formed in 1999, we now manage over $900 million in client assets. Thomas P. Callahan serves as the Chairman and CIO. Thomas P. Callahan, the Thomas Patrick Callahan, Jr. 2020 Trust, and the Rachel Callahan Gummattira 2020 Trust are the owners of the Firm. Callahan provides discretionary investment management services for high-net-worth individuals, individuals, and charitable organizations. We prefer accounts containing at least $1,000,000 in assets; however, we will occasionally accept smaller accounts. Our philosophy is based on the client’s risk tolerance, financial goals, long-term horizon, portfolio diversification, low portfolio turnover, fee-based compensation, and regular communication between clients and advisors. While our primary focus is to invest

in US-listed equity securities, both domestic and foreign, we also invest in corporate debt, government securities, including state and local government securities, exchange-traded funds, and money market funds. We generally attempt to accommodate investment restrictions imposed by a client (for example, an aversion to defense or tobacco companies). Our clients use the brokerage services of Charles Schwab & Co., Inc. (“Schwab”), a Financial Industry Regulatory Authority (FINRA) registered broker-dealer, and member of Securities Investor Protection Corporation (SIPC), to maintain custody of clients’ assets and to make trades for their accounts. We do not participate in wrap-fee programs. We do not publish research reports or sell newsletters. We periodically work with our client’s accountants and attorneys but do not offer tax or legal advice. As of December 31, 2023, we had $932,947,839 under management on a discretionary basis. We do not manage non-discretionary accounts.

CALLAHAN ADVISORS, LLC

CALLAHAN ADVISORS, LLC

CALLAHAN, LEIGHTON & CO., LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

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CALLAHAN ADVISORS, LLC CALLAHAN ADVISORS, LLC CALLAHAN, LEIGHTON & CO., LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

CALLAHAN ADVISORS, LLC

CALLAHAN ADVISORS, LLC

CALLAHAN, LEIGHTON & CO., LLC