Texas Yale Capital Corp

Item 5 – Fees and Compensation
(A) Yale Capital Corp. (YCC) charges a percentage of assets under management. All fees are subject to
    negotiation and will be set forth in the investment advisory agreement. Because the adviser’s fees are
    negotiated, not all clients will pay the same fee. Our fee range varies from 0 – 1.5% of assets under
    management, per household, depending on amount of work and attention involved in managing
    account. Clients can choose for YCC to serve as general partner for client-related limited partnerships
    which can result in YCC charging the client-related partnerships outside of this range. These practices
    are potential conflicts of interest because some clients will pay more than others for YCC’s services.
    To mitigate these potential conflicts, YCC makes clients aware of this difference to assure they are
    aware of these potential conflicts prior to engagement of our services.

              Yale Capital Corp.                                                   ADV Part 2A Brochure
              www.yalecapitalcorp.com                                                          March 23, 2026

(B) The specific manner in which fees are charged by YCC is established in a client’s written investment
    agreement with YCC. YCC will generally bill its fees quarterly. Clients authorize YCC to directly debit
    fees from client accounts.

(C) Clients incur charges imposed by mutual funds, exchange traded funds, custodians, brokers, and other
    third parties (examples: fees charged by third-party managers, custodial fees, deferred sales charges, odd-
    lot differentials, transfer taxes, electronic fund fees, fed wire fees, trading commissions, prime brokerage
    fees, and other fees on brokerage accounts and transactions – if clients wish to engage in such
    transactions). Such charges, fees, and commissions are exclusive of and in addition to YCC’s fee, and
    YCC shall not receive any portion of these commissions, fees, or costs. In certain instances, YCC has
    negotiated to deduct brokerage transaction and money movement costs (e.g., commissions, ticket charges,
    fed wire fees) from the fee owed to YCC. To the extent that YCC reimburses a client for these costs, the
    client’s net performance will be greater than that of a client that does not receive reimbursement. Item 12
    further describes the factors that YCC considers when selecting or recommending broker-dealers for
    client transactions and determining the reasonableness of their compensation (e.g., commissions). As a
    rule, YCC avoids investing in fee intensive products unless specifically directed by clients.

(D) YCC’s general practice is to bill advisory fees quarterly in advance unless otherwise set forth in its
    agreement with the client. Each calendar quarter, accounts are billed based upon the value of the account
    on the last day of the previous quarter and according to details included in the investment advisory
    agreement (IAA). New client accounts will also be charged a prorated fee for the remainder of the initial
    quarter. Upon request, clients may obtain a refund of pre-paid fees if the account is terminated during
    the quarter, providing the account has been in effect for the minimum term of the IAA; the refund
    amount will be calculated on a pro-rata basis according to the number of days left in the quarter ([pre-
    paid fee/number of days in quarter] x number of days left in quarter). For accounts closed before
    minimum length stated in IAA, a pro-rated fee will be charged according to the signed investment
    advisory agreement ([assets under management at last quarter-end x quarterly fee percentage] x number
    of quarters left in the agreement). YCC also charges a client a prorated fee for the remainder of the
    quarter on any deposit made to the client’s account after the quarterly fee has been deducted which
    exceeds one million dollars ($1,000,000). This prorated fee will be set forth in the investment advisory
    agreement and deducted from the client’s account. At its discretion, YCC may waive this fee for certain
    clients.

(E) YCC and its supervised persons do not accept compensation for the sale of securities or other
    investment products (including asset-based sales charges or service fees from the sale of mutual funds).
    In our view, such a practice incentivizes advisers to recommend products based on commissions received,
    rather than on a client’s needs; to avoid such a conflict of interest, YCC receives compensation solely
    through its quarterly management fee (no commissions and no mark-ups) and partnership charges. YCC,
    nor any of its employees, are registered with, nor receive any compensation from any bank or brokerage
    firm.

             Yale Capital Corp.                                                   ADV Part 2A Brochure
             www.yalecapitalcorp.com                                                           March 23, 2026

(F) YCC recommends that clients verify the accuracy of the fees deducted from their accounts as errors are
    possible (though controls are in place to avoid them). Clients are responsible to pay for services rendered
    until the termination of the investment advisory agreement. The client can cancel the agreement without
    penalty within five days of signing the investment advisory agreement. Investment advisory services
    begin on the effective date of the investment advisory agreement.

Item 7 – Types of Clients
    Yale Capital Corp. (YCC) provides portfolio management services to high-net-worth
    individuals/families, private investment funds, and U.S. institutions. The minimum account size is
    $10,000,000. However, YCC has discretion to waive the account minimum: accounts that do not meet
    the account minimum may be set up when the client and YCC anticipate the client will add additional
    funds to the accounts bringing the total up to $10,000,000 within a reasonable time frame. Other
    exceptions may apply to employees of YCC and their relatives, relatives of existing clients, or other
    circumstances as YCC deems appropriate.

    When YCC provides investment advice to a client regarding the client’s retirement plan or individual
    retirement account, YCC is a fiduciary within the meaning of Title I of ERISA and/or the Internal Revenue
    Code, as applicable, which are laws governing retirement accounts. The way YCC makes money creates
    some conflicts with retirement clients’ interests, so YCC operates under a special rule that requires YCC
    to act in retirement clients’ best interests and not put YCC’s interest ahead of them.
    Under this regulation’s provisions, YCC must:
           Meet a professional standard of care when making investment recommendations (give prudent
            advice);

              Yale Capital Corp.                                                      ADV Part 2A Brochure
              www.yalecapitalcorp.com                                                              March 23, 2026

           Not put YCC’s financial interests ahead of a retirement client’s when making recommendations
            (give loyal advice);
           Avoid misleading statements about conflicts of interest, fees, and investments;
           Follow policies and procedures designed to ensure that YCC gives advice that is in a retirement
            client’s best interest;
           Charge no more than is reasonable for our services; and
         Give a retirement client basic information about conflicts of interest.
    When providing recommendations to retirement plan accounts involving rollover considerations, there are
    generally four options regarding an existing retirement plan account. An a retirement investor may use a
    combination of those options, such as; (i) leave the funds in their former employer’s plan, if permitted, (ii)
    roll over the funds to a new employer’s plan, if one is available and rollovers are permitted, (iii) roll over
    to an IRA, or (iv) cash out the account value (which could, depending upon the individual’s age, result in
    adverse tax consequences). YCC has an economic incentive to encourage a client to rollover a retirement
    plan or IRA into an IRA that YCC manages. This arrangement creates a conflict of interest in that it creates
    an incentive for YCC to recommend that a client rollover their account YCC to manage rather than retaining
    it with an unaffiliated third party. Retirement clients are under no obligation to roll over retirement plan
    assets to an account managed by YCC.