# AMG Distributors, Inc. X-17A-5 (2026-02-27) — Broker-dealer annual report - Company: AMG Distributors, Inc. - Form: X-17A-5 - Filed: 2026-02-27 - Period: 2025-12-31 - Accession: 0000867971-26-000003 - CIK: 867971 - File #: 8-43057 - Type: Broker-dealer - Material weakness: No - Auditor: PricewaterhouseCoopers LLP - Auditor location: Boston, MA - Contact: Patrick Spellman - Phone: 203-299-3582 - Email: patrick.spellman@amg.com - Website: amg.com - Signed by: Patrick Spellman (Chief Compliance Officer) Original filing: https://www.sec.gov/Archives/edgar/data/867971/000086797126000003/AMGD2025FinancialsFinal.pdf --- {0}------------------------------------------------ # AMG Distributors, Inc. (A wholly owned subsidiary of AMG Funds LLC) Financial Statements and Supplemental Information December 31, 2025 {1}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** | ANNUAL REPORTS | |----------------| | FORM X-17A-5 | | PART Ill | | 0MB APPROVAL | |--------------------------| | 0MB Number. 3235--0123 | | Expires: Nov. 30, 2026 | | Estimated average burden | | hours per response: 12 | | SEC FILE NUMBER | |-----------------| | 8-43057 | | | | | **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING **O 1/01/2025** MM/DD/YY AND ENDING 12/31 /2025 MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME oF FIRM: AMG Distributors, Inc. TYPE OF REGISTRANT (check all applicable boxes): 0 Broker-dealer □ Security-based swap dealer D Check here if respondent is also an OTC derivatives dealer D **Major security-based swap participant** **ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)** 680 Washington Blvd., Suite 500 | (No. and Street) | | | | | | | | |---------------------------------------------------------------------------|--------------------------------|--------------------------|--|--|--|--|--| | Stamford | CT | 06901 | | | | | | | (City) | (State) | (Zip Code) | | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | Patrick J. Spellman | 203-299-3582 | patrick.spellman@amg.com | | | | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | | | PricewaterhouseCoopers LLP | | | | | | | | (Name - if individual, state last, first, and middle name) 101 Seaport Blvd., Suite 500 Boston MA (Address) (City) (State) 10/20/2003 238 **rte of Regotcadoo w;th PCAOB)l;f applkableJ FOR OFFICIAL USE ONLY** 02210 (Zip Code) \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-S(e)(l)(ii), if applicable. **Persons who are to respond to the collection of information contained** in **this form are not required to respond unless the form displays a currently valid 0MB control number.** {2}------------------------------------------------ #### **OATH OR AFFIRMATION** | I, Patrick J. Spellman | | swear {or affirm) that, to the best of my knowledge and belief, the | | |--------------------------------------------------------------------|--|---------------------------------------------------------------------|-------| | financial report pertaining to the firm of AMG Distributors , Inc. | | | as of | December 31 2~ is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. Chief Compliance Officer #### **This filing\*\* contains (check all applicable boxes):** - 0 (a) Statement of financial condition. - □ (b) Notes to consolidated statement of financial condition. - **0** (c) Statement of income {loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S-X). - 0 (d) Statement of cash flows. - 0 (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - □ (f) Statement of changes in liabilities subordinated to claims of creditors. - 0 (g) Notes to consolidated financial statements. - 0 (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - □ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D 0) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit 8 to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - □ (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - 0 (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3{p)(2) or 17 CFR 240.18a-4, as applicable. - 0 (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - 0 (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 0 (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (t) Independent public accountant's report based on an examination of the statement of financial condition. - 0 ( u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - D {v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 0 (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - D (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12{k). □ (z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e}{3} or 17 CFR 240.18a-7(d}{2), as applicable. {3}------------------------------------------------ | | Page(s) | |--------------------------------------------------------------------------------------------------------|---------| | Report of Independent Registered Public Accounting Firm | 1 | | Financial Statements | | | Balance Sheet | 2 | | Statement of Operations | 3 | | Statement of Changes in Shareholder's Equity | ব | | Statement of Cash Flows | 5 | | Notes to Financial Statements | | | Supplemental Information | 12 | | Schedule I - Computation of Net Capital Under Rule 15c3-1
of the Securities and Exchange Commission | 13 | | Schedule II - Statement Regarding Rule 15c3-3
of the Securities and Exchange Commission | 14 | | Schedule III - Exemption Report | 15 | | Schedule IV - Report of Independent Registered Public Accounting Firm - Exemption Report . | 16 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # **Report of Independent Registered Public Accounting Firm** To Management and the Shareholder of AMG Distributors, Inc. ## *Opinion on the Financial Statements* We have audited the accompanying balance sheet of AMG Distributors, Inc. (the "Company") as of December 31, 2025, and the related statements of operations, of changes in shareholder's equity and of cash flows for the year then ended, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. ### *Basis for Opinion* These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as, evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. # *Supplemental Information* The accompanying Computation of Net Capital under Rule 15c3-1 of the Securities and Exchange Commission and Statement Regarding Rule 15c3-3 of the Securities and Exchange Commission as of December 31, 2025 (collectively, the "supplemental information") has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. Boston, Massachusetts February 27, 2026 We have served as the Company's auditor since 2006. {5}------------------------------------------------ #### **-675-&872561' :,2//<2:1)(68&6-(-%5<2\*81(6 %/%1')!,))7 )')0&)5** ### **66)76** | .@50.@52>B6C.92;A@ |
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322?2C2;B2% | | )2?C602?2C2;B2% | {7}------------------------------------------------ # AMG Distributors, Inc. # (A wholly owned subsidiary of AMG Funds LLC) Statement of Changes in Shareholder's Equity Year Ended December 31, 2025 | | Common
Stock | | Paid-in
Capital | Retained
Earnings | | Total | | |----------------------------|-----------------|--|--------------------|----------------------|-------------------------------------------|-------|-----------| | Balance, December 31, 2024 | ಳಿ | | | | 10 \$ 4,629,990 \$ 2,509,023 \$ 7,139,023 | | | | Net income | | | | | 1,361,874 | | 1,361,874 | | Balance, December 31, 2025 | ಕಾ | | | | 10 \$ 4,629,990 \$ 3,870,897 \$ 8,500,897 | | | The accompanying notes are an integral part of these financial statements. {8}------------------------------------------------ #### **-675-&872561' :,2//<2:1)(68&6-(-%5<2\*81(6 !7%7)0)172\*%6,/2:6 \$)%51()()')0&)5** | %6,*/2:63529-()(&<86)(-123)5%7-1+%'7-9-7-)6 | | |-------------------------------------------------|-------| | %2A6;0<:2 |
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.99B6?2:2;A <3.44?24.A26;12/A21;2@@ | | | | %2A0.=6A.96;2E02@@<3?2>B6?2:2;A | | | \*52?2.?2;<16332?2;02@/2AD22;A520<:=BA.A6<;@<3/.@600.=6A.9B;12?(B920 <3A52)20B?6A62@ .;1E05.;42<::6@@6<;./B6?2:2;A@.;16;3B6?2:2;A@=B?@B.;AA<(B920 .?2;t he SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to: (1) mutual fund underwriter or sponsor; and (2) placement agent in Regulation D private investment funds, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. AMG Distributors, Inc. I, Patrick Spellman, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. **By~** Title: Vice President, Chief Compliance Officer, Legal and Compliance February 27, 2026 {19}------------------------------------------------ ![](_page_19_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To Management and the Shareholder of AMG Distributors, Inc. We have reviewed AMG Distributors Inc.'s assertions, included in the accompanying AMG Distributors, Inc.'s Exemption Report, in which the Company stated that: (1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3, and (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to: (1) mutual fund underwriter or sponsor; and (2) placement agent in Regulation D private investment funds, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. The Company's management is responsible for the assertions and for compliance with the provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 throughout the year ended December 31, 2025. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's assertions referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. Boston, Massachusetts February 27, 2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.