# ULTIMUS FUND DISTRIBUTORS, LLC X-17A-5 (2026-02-26) — Broker-dealer annual report - Company: ULTIMUS FUND DISTRIBUTORS, LLC - Form: X-17A-5 - Filed: 2026-02-26 - Period: 2025-12-31 - Accession: 0001116136-26-000001 - CIK: 1116136 - File #: 8-52643 - Type: Broker-dealer - Material weakness: No - Auditor: Ernst & Young, LLP - Auditor location: Cincinnati, OH - Contact: Gregory A. Evans - Phone: 513-869-4294 - Email: kguerette@ultimusfundsolutions.com - Website: ultimusfundsolutions.com - Signed by: Kevin M. Guerette (President) Original filing: https://www.sec.gov/Archives/edgar/data/1116136/000111613626000001/UFD_Statements_20251231.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 # ANNUAL REPORTS FORM X-17A-5 PART III | OMB APPROVAL | | |--------------------------|----| | OMB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: | 12 | # SEC FILE NUMBER 8-52643 FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FILING FOR THE PERIOD BEGINNING 01/01/25 | | AND ENDING 12/31/25 | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------------------|-------------------------------------------| | | MM/DD/YY | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | NAME OF FIRM: Ultimus Fund Distributors, LLC | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer Security-based swap dealer Major security-based swap participant
Check here if respondent is also an OTC derivatives dealer | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | 225 Pictoria Drive, Suite 450 | | | | | | (No. and Street) | | | | Cincinnati | OH | | 45246 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Kevin M. Guerette | (617) 848-3936 kguerette@ultimusfundsolutions.com | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | Ernst & Young, LLP | | | | | | (Name - if individual, state last, first, and middle name) | | | | 221 East 4th Street, Suite 2900 Cincinnati | | OH | 45202 | | (Address) | (City) | (State) | (Zip Code) | | 10/20/2003 | | 42 | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable | | Claims for everintion from the requirement that the annual reports of an independent public | FOR OFFICIAL USE ONLY | | | accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(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 OMB control number. {1}------------------------------------------------ #### OATH OR AFFIRMATION #### ı, Kevin M. Guerette swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Ultimus Fund Distributors, LLC as of December 31 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 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. Signature: Title: President #### This filing \*\* contains (check all applicable boxes): - & (a) Statement of financial condition. - [ (b) Notes to consolidated statement of financial condition. - 2 (c) Statement of income (loss) or, if there is other comprehensive in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - & (d) Statement of cash flows. - 2 (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - O (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - @ (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. - 2 (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - □ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [ (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. - 図 (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. - (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. - [r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - & (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. - 区 (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - □ (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. - & (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 240.17a-12, as applicable. - □ (y) Report describing any material inadequacies found to existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - O (z) Other: - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable. {2}------------------------------------------------ **ULTIMUS FUND DISTRIBUTORS, LLC (A Wholly-owned Subsidiary of Ultimus Fund Solutions, LLC)** > **FINANCIAL STATEMENTS and SUPPLEMENTAL INFORMATION AND EXEMPTION REPORT** **For the year ended December 31, 2025** {3}------------------------------------------------ ## - CONTENTS = | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | PAGE
1-2 | |--------------------------------------------------------------------------------------------------------------------------------------------------------|-------------| | FINANCIAL STATEMENTS | | | Statement of Financial Condition as of December 31, 2025 | 3 | | Statement of Operations for the Year Ended December 31, 2025 | ব | | Statement of Changes in Member's Equity for the Year Ended December 31, 2025 | 5 | | Statement of Cash Flows for the Year Ended December 31, 2025 | 6 | | Notes to Financial Statements as of and for the Year Ended December 31, 2025 7-11 | | | SUPPLEMENTAL INFORMATION REQUIRED PURSUANT TO RULE 17a-5 | | | Schedule A - Computation of Net Capital for Brokers and Dealers Pursuant to
Rule 15c3-1 as of December 31, 2025 | 12 | | Schedule B - Computation for Determination of Reserve Requirements for
Brokers and Dealers Pursuant to Rule 15c3-3 as of December 31, 2025 | 13 | | Schedule C - Information Relating to the Possession or Control Requirements for
Brokers and Dealers Pursuant to Rule 15c3-3 as of December 31, 2025 | 14 | | EXEMPTION REPORTS | | | Report of Independent Registered Public Accounting Firm on Report Claiming
Exemption from 17 C.F.R. § 240.15c3-3(k)(2)(i) | ો ર | | Report Claiming Exemption from 17 C.F.R. § 240.15c3-3(k)(2)(1) for the Year
Ended December 31, 2025 | 16 | | | | {4}------------------------------------------------ ## Report of Independent Registered Public Accounting Firm To Those Charged With Governance and the Member of Ultimus Fund Distributors, LLC ## **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Ultimus Fund Distributors, LLC (the Company) as of December 31, 2025, the related statements of operations, changes in member's equity and cash flows for the year then ended, and 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 at December 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles. ## **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 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 information contained in Schedules A, B, and C has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. Such information is the responsibility of the Company's management. Our audit procedures included determining whether the 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. In forming our opinion on the information, we evaluated whether {5}------------------------------------------------ such 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 information is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2019. Cincinnati, Ohio February 24, 2026 {6}------------------------------------------------ ## **ULTIMUS FUND DISTRIBUTORS, LLC (A Wholly-owned Subsidiary of Ultimus Fund Solutions, LLC) STATEMENT OF FINANCIAL CONDITION December 31, 2025** #### **ASSETS** | &DVKDQGFDVKHTXLYDOHQWV
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| 6HHDFFRPSDQ\LQJQRWHVWRWKHILQDQFLDOVWDWHPHQWV {9}------------------------------------------------ ## ULTIMUS FUND DISTRIBUTORS, LLC (A Wholly-owned Subsidiary of Ultimus Fund Solutions, LLC) STATEMENT OF CASH FLOWS Year Ended December 31, 2025 | CASH FLOWS FROM OPERATING ACTIVITIES | | | |----------------------------------------------------------------------------------------|-------|-----------| | Net income | ਦਿੱਤੇ | 1,122,397 | | Adjustments to reconcile net income to net cash flows provided by operating activities | | | | (Increase) decrease in assets: | | | | Accounts receivable, net | | (62,520) | | Due from affiliates | | 48,206 | | Prepaid expenses and other assets | | (1,860) | | (Decrease)Increase in liabilities: | | | | Accounts payable | | (72,350) | | Accrued expenses | | (5,840) | | Due to affiliates | | 22,735 | | NET CASH PROVIDED BY OPERATING ACTIVITIES | | 1,050,768 | | CASH FLOWS FROM FINANCING ACTIVITIES | | | | Distributions to Member | | (685,000) | | NET CASH USED IN FINANCING ACTIVITIES | | (685,000) | | NET INCREASE IN CASH AND CASH EQUIVALENTS | | 365,768 | | CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | | 801,928 | | CASH AND CASH EQUIVALENTS AT END OF THE YEAR | S | 1,167,696 | See accompanying notes to the financial statements. {10}------------------------------------------------ ## ULTIMUS FUND DISTRIBUTORS, LLC NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2025 #### Note 1 - Organization and Nature of Business Ultimus Fund Distributors, LLC ("UFD" or the "Company") is a broker-dealer registered with the Financial Industry Regulatory Authority, Inc. ("FINRA"), and is subject to various rules and regulations promulgated by the Securities and Exchange Commission ("SEC") pursuant to the Securities Exchange Act of 1934. UFD is an Ohio limited liability company that is a wholly-owned subsidiary of Ultimus Fund Solutions, LLC ("Member"). The ultimate parent of the Member is The Ultimus Group, LLC ("Ultimus Group"). UFD began operations on May 31, 2000 and received FINRA membership approval effective August 18, 2000. UFD provides distribution services to its mutual fund and exchange-traded fund ("ETF") customers as its primary source of revenue and serves as the principal underwriter for certain mutual fund and ETF customers that have contracted with the Member for the provision of mutual fund services. The Company is exempt (under paragraph (k)(2)(i)) from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934. The financial statements do not contain a statement of changes in liabilities subordinated to claims of general creditors as required by Rule 17a-5 of the Securities and Exchange Commission, as no such liabilities existed at December 31, 2025, or during the year then ended. #### Note 2 - Summary of Significant Accounting Policies #### BASIS OF PRESENTATION The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("U.S. GAAP"). #### USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. #### CASH AND CASH EQUIVALENTS Cash and cash equivalents are short-term, highly liquid investments with a maturity of three months or less at the time of purchase. The Company maintains cash balances at a high credit quality financial institution. Accounts at this institution are secured by the Federal Deposit Insurance Corporation (the "FDIC"). At times, such cash balances may be in excess of the \$250,000 FDIC insurance limit. The Company has not experienced any losses on such accounts. Cash equivalents are held at fair value utilizing quoted prices in active markets for identical assets. U.S. GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value amongst Level 1, 2 and 3. As the pricing inputs for cash equivalents are unadjusted, market quotes for identical assets, the fair value measurement of cash equivalents is Level 1. #### ACCOUNTS RECEIVABLE, NET The provision for credit losses on accounts receivable is made in amounts required to maintain an adequate allowance to cover anticipated losses. A write-off is recorded when the Company concludes that all or a portion of the receivable is no longer collectible. During the year ended December 31, 2025, the Company recognized current-period provision for expected credit losses of \$250, reversals of provisions previously recorded of \$0 as payments were received in current year, and write offs charged against the allowance of \$24, resulting in an allowance for credit losses of \$1,818 as of December 31, 2025. {11}------------------------------------------------ ## **ULTIMUS FUND DISTRIBUTORS, LLC NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2025** #### *SERVICE AND DISTRIBUTION FEE REVENUE* 7KH&RPSDQ\FRQWUDFWVZLWKPXWXDOIXQGDQG(7)FXVWRPHUVXQGHUGLVWULEXWLRQDQGOLFHQVLQJDJUHHPHQWV 7KHSULPDU\SHUIRUPDQFHREOLJDWLRQSHUIRUPHGXQGHUWKHVHDJUHHPHQWVLQFOXGHVVHUYLQJDVDPXWXDOIXQG RU(7)¶VGLVWULEXWRU7KHSHUIRUPDQFHREOLJDWLRQVDUHVDWLVILHGRYHUWKHFRXUVHRIWKHFRQWUDFWVHUYLQJDV WKHFXVWRPHU¶VGLVWULEXWRU6HUYLFHDQGGLVWULEXWLRQIHHVDUHJHQHUDOO\FKDUJHGDVDSHUFHQWDJHRIFXVWRPHU¶V DYHUDJH QHW DVVHWV ZKLFK PD\ EH VXEMHFW WR D PLQLPXP IHH DQGRU DQ DQQXDO IODW IHH 7KH &RPSDQ\ UHFRJQL]HVUHYHQXHRYHUWKHOLIHRIWKHFRQWUDFWEDVHGRQWKHFXVWRPHU¶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±WKDWLV DV UHYHQXHLQ XQGHUZULWLQJ IHH UHYHQXH DQG H[SHQVHLQ FRPPLVVLRQH[SHQVHLQWKHVWDWHPHQWRIRSHUDWLRQV8QGHUZULWLQJLQFRPHLVUHFRJQL]HGRQWKHWUDGHGDWH RIWKHVHFXULW\DVDOOSHUIRUPDQFHREOLJDWLRQVKDYHEHHQVDWLVILHGDVRIWKHGDWHRIWKHWUDGHDQGFRQWURODQG EHQHILWRIWKHVHFXULW\KDVEHHQWUDQVIHUUHG #### *COMPLIANCE FEE REVENUE* 7KH &RPSDQ\ LQFXUV FHUWDLQ H[SHQVHV UHODWHG WR ),15\$ UHJXODWRU\ IHHV WKDW DUH UHLPEXUVDEOH E\ WKH &RPSDQ\¶VFOLHQWV)RUWKHVHUHLPEXUVDEOHFRVWVWKH&RPSDQ\FRQFOXGHGLWFRQWUROVWKHUHODWHGVHUYLFHV SURYLGHGDQGWKHUHIRUHLVDFWLQJDVSULQFLSDO\$FFRUGLQJO\WKH&RPSDQ\UHFRUGVWKHUHLPEXUVHPHQWIRU WKHVHFRVWVLQFXUUHGRQDJURVVEDVLV±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{12}------------------------------------------------ ## **ULTIMUS FUND DISTRIBUTORS, LLC NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2025** RIVXSHUYLVLRQIHHUHYHQXHLQFOXGHGLQ&RPSOLDQFHDQGVXSHUYLVLRQUHYHQXHRQWKHVWDWHPHQWRI RSHUDWLRQV #### *INTEREST INCOME* 7KH&RPSDQ\HDUQHGLQWHUHVWLQFRPHUHODWHGWRFDVKHTXLYDOHQWVKHOGGXULQJWKH\HDUHQGHG'HFHPEHU #### *COST REIMBURSEMENT* 0XWXDO IXQGJURXSVRUWKHLUVSRQVRUVUHLPEXUVHWKH&RPSDQ\ IRUFRVWVDVVRFLDWHGZLWKWKHOLFHQVLQJRI LQGLYLGXDOUHSUHVHQWDWLYHVLQFOXGLQJ),15\$IHHVDQG&HQWUDO5HJLVWUDWLRQ'HSRVLWRU\³&5'´ DGYHUWLVLQJ ZKLFKLVWKHFRVWRIUHYLHZLQJDQGILOLQJVDOHVOLWHUDWXUHZLWK),15\$7KHVHFRVWVUHSUHVHQWSDVVWKURXJK LWHPVLQZKLFKWKH&RPSDQ\LVVHUYLQJDVDQDJHQWWRWKHPXWXDO IXQGJURXSVRUWKHLUVSRQVRUV DQGDUH UHFRUGHGQHWZLWKQRLPSDFWWRWKH&RPSDQ\¶VILQDQFLDOVWDWHPHQWV #### *INCOME TAXES* 7KH&RPSDQ\LVD VLQJOHPHPEHU//&ZKLFKLVGLVUHJDUGHG IRU IHGHUDOLQFRPHWD[ SXUSRVHVXQGHUWKH SURYLVLRQV RI WKH ,QWHUQDO 5HYHQXH &RGH &RQVHTXHQWO\ IHGHUDO LQFRPH WD[HV DUH QRW SD\DEOH E\ RU SURYLGHGIRUWKH&RPSDQ\\$FFRUGLQJO\LQFRPHIURPWKH&RPSDQ\LVUHSRUWHGDQGUHVSHFWLYHLQFRPH WD[HVDUHSDLGE\WKHPHPEHUVRIWKH0HPEHUDQGDVDUHVXOWQRSURYLVLRQIRUIHGHUDOLQFRPHWD[HVLV SURYLGHGDVLWUHODWHVWRWKH&RPSDQ\¶VWD[DEOHLQFRPH 7KH &RPSDQ\ DSSOLHV WKH SURYLVLRQV RI \$FFRXQWLQJ 6WDQGDUGV &RGLILFDWLRQ ³\$6&´ ,QFRPH 7D[HVZKLFKSURYLGHVD IUDPHZRUNWRGHWHUPLQHWKHDSSURSULDWHOHYHORIWD[ UHVHUYHV IRUXQFHUWDLQWD[ SRVLWLRQV\$6&SUHVFULEHVD³PRUHOLNHO\WKDQQRWWKUHVKROG´ IRU ILQDQFLDOVWDWHPHQW UHFRJQLWLRQ DQGPHDVXUHPHQWRIDWD[SRVLWLRQWDNHQRUH[SHFWHGWREHWDNHQLQDWD[UHWXUQDQGUHTXLUHVWKHDFFUXDORI LQWHUHVWUHODWHGWRSRVLWLRQVWKDWGRQRWPHHWWKHPRUHOLNHO\WKDQQRWVWDQGDUG7KH&RPSDQ\KDVFRQFOXGHG WKDW WKHUH DUH QR XQFHUWDLQ WD[ SRVLWLRQV WKDW ZRXOG UHTXLUH UHFRJQLWLRQ LQ WKH &RPSDQ\¶V ILQDQFLDO VWDWHPHQWV 7KH WKURXJK WD[ \HDUV UHPDLQ VXEMHFW WR H[DPLQDWLRQ E\ WKH ,QWHUQDO 5HYHQXH 6HUYLFH 7KH&RPSDQ\ZRXOGFODVVLI\LQWHUHVWDQGSHQDOWLHVRQPDWHULDOXQFHUWDLQWD[SRVLWLRQVDVLQWHUHVWH[SHQVH DQGRSHUDWLQJH[SHQVHUHVSHFWLYHO\RQWKHVWDWHPHQWRIRSHUDWLRQV+RZHYHUDVWKH&RPSDQ\GRHVQRW KDYHDQ\XQFHUWDLQWD[SRVLWLRQVDVRI'HFHPEHUQRVXFKLQWHUHVWDQGSHQDOWLHVZHUHUHFRJQL]HG #### *SEGMENT REPORTING* 7KH&RPSDQ\LVHQJDJHGLQDVLQJOHOLQHRIEXVLQHVVDVDPXWXDOIXQGGLVWULEXWRU7KH&RPSDQ\¶V&KLHI 2SHUDWLQJ'HFLVLRQ0DNHU³&2'0´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{13}------------------------------------------------ ## ULTIMUS FUND DISTRIBUTORS, LLC NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2025 #### NEW ACCOUNTING PRONOUNCEMENTS The Company considers the applicability and impact of all ASU updates issued by the Financial Accounting Standards Board ("FASB"). ASUs issued during the current period not listed below were assessed and determined to not be applicable to the Company. In July 2025, the FASB issued ASU 2025-05 "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets", which provides a practical expedient to assume that current conditions as of the balance sheet date will persist through the reasonable and supportable forecast period for eligible assets. Entities will still be required to adjust historical data used in the estimation to reflect current conditions. The new guidance will be effective for interim and annual periods beginning after December 15, 2025 and is to be adopted on a prospective basis. Early adoption is permitted. The Company did not elect the practical expedient and there is no impact related to this amendment. The Company maintains its existing accounting policy and methodology related to credit losses. ## Note 3 - Related Party Transactions The Member assumes certain costs of the Company pursuant to a Cost Assumption Agreement. The Company operates out of an office leased by the Member. In addition, employees and other resources of the Member support the Company's operations by providing certain administrative, management, accounting, and legal services. A \$97,000 monthly management fee is paid to the Member under the Cost Assumption Agreement for advertising and promotional services along with the use of facilities, equipment, personnel and related services. The total management fee equaled \$1,164,000 for the year ended December 31,2025. In the ordinary course of business, the Company may advance funds for the payment of expenses or carry balances for services rendered to Ultimus Group and Ultimus Group's wholly owned subsidiaries. The due from affiliates balance of \$24,318 relates to software, and professional fees paid by the Company on behalf of affiliated entities. The due to affiliates balance of \$64.820 relates to management fees payable to the Member and expenses paid by an affiliated entity that the Company will reimburse. Transactions with related parties are not necessarily indicative of amounts which would have occurred had the parties not been related. {14}------------------------------------------------ ## **ULTIMUS FUND DISTRIBUTORS, LLC NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2025** ## **Note 4 - Net Capital Requirements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ote 5 – Commitments and Contingencies** 7KH &RPSDQ\ HQWHUV FRQWUDFWV WKDW FRQWDLQ D YDULHW\ RI LQGHPQLILFDWLRQV 7KH &RPSDQ\¶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¶VILQDQFLDOVWDWHPHQWVDQGWKHUHIRUHQRDFFUXDOLVUHTXLUHGDVRI'HFHPEHU ## **Note 6 – Subsequent Events** 7KHVXEVHTXHQWHYHQWVIRUWKH&RPSDQ\KDYHEHHQHYDOXDWHGE\PDQDJHPHQWWKURXJK)HEUXDU\ WKHGDWHWKHILQDQFLDOVWDWHPHQWVZHUHLVVXHG1RVXEVHTXHQWHYHQWVRFFXUUHGWKURXJKWKLVGDWHRWKHUWKDQ WKRVHGLVFORVHGEHORZ 7KH&RPSDQ\GLVWULEXWHGWRWKH0HPEHURQ-DQXDU\ {15}------------------------------------------------ #### ULTIMUS FUND DISTRIBUTORS, LLC (A Wholly-owned Subsidiary of Ultimus Fund Solutions, LLC) #### SCHEDULE A #### COMPUTATION OF NET CAPITAL FOR BROKERS AND DEALERS PURSUANT TO RULE 15C3-1 December 31, 2025 # Computation of Net Capital | Total member equity from Statement of Financial Condition | S | 1,463,808 | |--------------------------------------------------------------------------------|---|-----------| | Deduction for nonallowable assets: | | | | Receivable from customers | | (419,321) | | Receivable from affiliates | | (24,318) | | Prepaid expenses and other assets | | (53,823) | | | | (497,462) | | Net Capital before haircuts | | 966,346 | | Haircuts: | | | | Securities Owned | | (108,338) | | Net Capital | | 858,008 | | Computation of Aggregate Indebtedness | | | | Total Aggregate Indebtedness Liabilities from Statement of Financial Condition | | 201,350 | | Percentage of aggregate indebtedness to net capital | | 23.47% | | Computation of Basic Net Capital Requirement | | | | Minimum net capital required (6 2/3% of total aggregate indebtedness) | | 13,423 | | Minimum dollar net capital requirement | | 25,000 | | Net capital requirement (greater of the two above) | | 25,000 | | Excess net capital (net capital less minimum net capital) | | 833,008 | | Net capital less greater of 10% of aggregate indebtedness | | | | or 120% of minimum net capital requirement | S | 828,008 | There are no material differences between the preceding computation of net capital pursuant to Rule 15c3-1 and the corresponding computation included in the most recent unaudited Part IIA FOCUS Report (Form A-17A-5) as of December 31, 2025 filed on January 22, 2026. {16}------------------------------------------------ #### **ULTIMUS FUND DISTRIBUTORS, LLC (A Wholly-owned Subsidiary of Ultimus Fund Solutions, LLC)** #### **SCHEDULE B** #### **COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS FOR BROKERS AND DEALERS PURSUANT TO RULE 15C3-3** #### **December 31, 2025** 7KLVFDOFXODWLRQLVQRWUHTXLUHG7KH&RPSDQ\LVFODLPLQJH[HPSWLRQIURP5XOHFXQGHUWKHH[HPSWLRQ SURYLVLRQRI5XOHFN L DVWKH&RPSDQ\GRHVQRWFDUU\FXVWRPHUDFFRXQWV {17}------------------------------------------------ #### **ULTIMUS FUND DISTRIBUTORS, LLC (A Wholly-owned Subsidiary of Ultimus Fund Solutions, LLC)** #### **SCHEDULE C** #### **INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS FOR BROKERS AND DEALERS PURSUANT TO RULE 15C3-3** #### **December 31, 2025** 7KLVLQIRUPDWLRQLVQRWUHTXLUHG7KH&RPSDQ\LVFODLPLQJH[HPSWLRQIURP5XOHFXQGHUWKHH[HPSWLRQ SURYLVLRQRI5XOHFN L DVWKH&RPSDQ\GRHVQRWFDUU\FXVWRPHUDFFRXQWV {18}------------------------------------------------ ## **Report of Independent Registered Public Accounting Firm** To Those Charged With Governance and Management of Ultimus Fund Distributors, LLC We have reviewed management's statements, included in the accompanying Ultimus Fund Distributors, LLC Exemption Report, in which (1) Ultimus Fund Distributors, LLC (the Company) identified the following provisions of 17 C.F.R. § 15c3-3(k) under which the Company claimed an exemption from 17 C.F.R. § 240.15c3-3 (k): (2)(i) (the "exemption provisions") and (2) the Company stated that it met the identified exemption provisions in 17 C.F.R. § 240.15c3-3 (k) throughout the most recent fiscal year ended December 31, 2025 without exception. Management is responsible for compliance with the exemption provisions and its statements. 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 exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. 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 statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(i) of Rule 15c3-3 under the Securities Exchange Act of 1934. This report is intended solely for the information and use of those charged with governance, management, the SEC, FINRA, other regulatory agencies that rely on Rule 17a-5 under the Securities Exchange Act of 1934 in their regulation of registered brokers and dealers, and other recipients specified by Rule 17a-5(d)(6) and is not intended to be and should not be used by anyone other than these specified parties. Cincinnati, Ohio February 24, 2026 {19}------------------------------------------------ #### Ultimus Fund Distributors, LLC Exemption Report Ultimus Fund Distributors, LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). The Exemption Report was prepared as required by 17 C.F.R. §240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: (1) The Company claimed an exemption from 17 C.F.R. §240.15c3-3 under the following provisions of 17 C.F.R. §240.15c3-3(k):(2)(i) (the "exemption provisions") and (2) The Company met the identified exemption provisions in 17 C.F.R. §240.15c3-3(k) throughout the most recent fiscal year ended December 31, 2025, without exception. Ultimus Fund Distributors, LLC I, Kevin Guerette, affirm that, to my best knowledge and belief, this Exemption Report is true and correct. By: Revin Guerette President February 24, 2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.