# ALT FUND DISTRIBUTORS LLC X-17A-5 (2026-03-06) — Broker-dealer annual report - Company: ALT FUND DISTRIBUTORS LLC - Form: X-17A-5 - Filed: 2026-03-06 - Period: 2025-12-31 - Accession: 0001427220-26-000005 - CIK: 1427220 - File #: 8-67829 - Type: Broker-dealer - Material weakness: No - Auditor: Ryan & Juraska LLP - Auditor location: Chicago, IL - Contact: Kevin Meehan - Phone: 646-757-8062 - Email: kmeehan@altfunddistributors.com - Website: altfunddistributors.com - Signed by: Kevin Meehan (FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1427220/000142722026000005/public2025.pdf --- {0}------------------------------------------------ ALT FUND DISTRIBUTORS, LLC REPORT PURSUANT TO RULE 17a-5 FINANCIAL STATEMENT AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2025 (Available for Public Inspection) {1}------------------------------------------------ | | OMB APPROVAL | | | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|------------------------|--------------------------------------------|--|--|--|--| | SECURITIES AND EXCHANGE COMMISSION | OMB Number: 3235-0123 | | | | | | | | | Expires: Nov. 30, 2026
Estimated average burden | | | | | | | | | | hours per response: 12 | | | | | | | | ANNUAL REPORTS | | | | | | | | | FORM X-17A-5 | | | | | | | | | PART III | | | | | | | | | | | | | | | | | FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | | | | | AND ENDING 12/31/25
FILING FOR THE PERIOD BEGINNING 01/01/25 | | | | | | | | | | | | | | | | | | | MM/DD/YY | | MM/DD/YY | | | | | | | A. REGISTRANT IDENTIFICATION | | | | | | | | NAME OF FIRM: Alt 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.) | | | | | | | | | 140 E. 45th Street, Suite 19B | | | | | | | | | | (No. and Street) | | | | | | | | New York | | | | | | | | | | NY | | 10017 | | | | | | (City) | (State) | | (Zip Code) | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | Kevin Meehan | 646-757-8062 | | kmeehan@altfunddistributors.com | | | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | | | Ryan & Juraska LLP | | | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | | 141 West Jackson Blvd, Ste 2250 Chicago | | | 60604 | | | | | | (Address) | (City) | (State) | (Zip Code) | | | | | | March 25, 2009
3407 | | | | | | | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | | | | | * Claims for exemption from the requirement that the annual 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-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. {2}------------------------------------------------ #### OATH OR AFFIRMATION | Kevin Meehan | | | swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------|--|--|-------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | financial report pertaining to the firm of Alt Fund Distributors LLC | as of | | 12/31 | | | , ¿ 5 ___ , 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 algreatived and a | | proprietary interest in any account classified solely as that of a customer. | Signature: | See New | |------------|---------| | Title: | | | FINOP | | #### This filing \*\* contains (check all applicable boxes): - (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - □ (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). - □ (d) Statement of cash flows. - O (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - □ (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. - □ (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. - □ (I) 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. - □ (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 ritificences new 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. - O (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. - □ (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. - [ { } !ndependent 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 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - O {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). - O (z) Other: - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e){3} or 17 CFR 240.18a-7(d)(2), as applicable. {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) RYAN&JURASKA LLP Certified Public Accountants 141 West Jackson Boulevard Chicago, Illinois 60604 Tel: 312.922.0062 Fax: 312.922.0672 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of Alt Fund Distributors, LLC #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Alt Fund Distributors, LLC (the Company) as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of Alt Fund Distributors, LLC as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion This financial statement is the responsibility of Alt Fund Distributors, LLC's management. Our responsibility is to express an opinion on the Company's financial statement 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 Alt Fund Distributors, LLC 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 statement is 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 statement, 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 statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion. We have served as Alt Fund Distributors, LLC's auditor since 2019. Chicago, Illinois February 25, 2026 {4}------------------------------------------------ #### STATEMENT OF FINANCIAL CONDITION #### DECEMBER 31, 2025 | Cash | ಕ | 1,663,588 | |-------------------------------------|---|-----------| | Accounts Receivable | | 41,284 | | Accounts Receivable-Related Party | | 2,010.643 | | Prepaid Expenses | | 54.147 | | Total Assets | A | 3,769,662 | | Liabilities and Member's Equity | | | | Accounts Payable | 4 | 733,521 | | Accounts Payable- Related Party | | 2,449,528 | | Total Liabilities | S | 3.183.049 | | Member's Equity | | 586.613 | | Total Liabilities & Member's Equity | ಕ | 3,769,662 | | | | | See accompanying notes to the financial statement. {5}------------------------------------------------ #### NOTES TO THE FINANCIAL STATEMENT #### DECEMBER 31, 2025 #### NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Organization and Business Alt Fund Distributors, LLC primarily to distribute the Catalyst Funds 1940. The Company, formerly named Catalyst Mutual Fund Distributors, LLC and Ascent Real Estate Securities, LLC, was formed on December 18, 2007, and commenced operations on June 3, 2008. The -dealer. #### Accounting Policies The Company follows Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (the FASB), to ensure consistent reporting of financial condition. #### Revenue Recognition The Company recognizes revenue in accordance with ASC Topic 606 Revenue from Contracts with Customers effective in 2018. As the distributor of mutual funds, the Company earns commissions and mutual fund service fees on mutual fund sales. The Company recognizes commissions, fees, and related expenses in accordance with terms of the underlying agreements as securities transactions occur. Revenues are recorded as they are earned. The Company enters into arrangements with investment advisors and distributors of funds to perform marketing services to potential investors. The Company may receive commissions and distribution fees contingent deferred sales charge), or as a combination thereof. The Company believes that the performance obligation is determined upon the sale of the funds to investors and as such is fulfilled on the trade date. deduction in arriving at reported revenues. When the Company recognizes revenue from commissions on the sale of mutual funds, an estimate of the provision for chargebacks is recorded reducing commission revenues and account receivables. A chargeback represents commission revenue to be returned to the customer in the event mutual funds sold are redeemed within 90 days of the initial sale. In the normal course of business, the Company acts as an intermediary or agent with respect to certain payments received from third parties. arrange for the provision of the specified good or service by another party. An entity that is an agent does not control the specified good or service provided by another party before that good or service is transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled {6}------------------------------------------------ ## NOTES TO THE FINANCIAL STATEMENT ## DECEMBER 31, 2025 fee or commission might be the net amount of consideration that the entity retains after paying the other party the consideration received in exchange for the goods or services to be provided by that party which the Company is considered as acting as an agent revenues are recorded on a net basis. ## Cash The Company has defined cash equivalents as highly liquid investments, with maturities of less than three months that are not held for sale in the ordinary course of business. #### Accounts Receivable The Company considers receivables to be fully collectible; accordingly, no allowance for doubtful accounts is required. If amounts become uncollectable, they will be expensed when that determination is made. #### Costs to Fulfill a Contract with Customers From time to time, the Company may record as an asset certain costs incurred to fulfill contracts with its investment advisor customers, such as sales commissions paid to licensed representatives for obtaining investments in mutual funds. These costs are amortized to expense over a period of one month that the services are expected to be provided to the investment advisor customer. The Company has elected to use practical expedient and recognize the incremental cost to fulfill a contract as an expense when incurred since the amortization of the period would have been recognized as expense over a period of time over less than one year. At December 31,2025, there was no asset related to cost to fulfill a contract with customers. ## Financial Instruments- Credit Losses In June 2016, the FASB issued ASU No. 2016-13. Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). The new guidance broadens the information that an entity must consider in developing its estimated credit losses expected to occur over the remaining life of the assets measured either collectively or individually to include historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 replaced the existing incurred credit loss model with the current expected credit losses model. The Company has completed their analysis as of December 31, 2025, related to the above noted financial assets within the scope of ASC 326 and identified no material current expected credit loss to be recorded. {7}------------------------------------------------ ## NOTES TO THE FINANCIAL STATEMENT ## DECEMBER 31, 2025 #### Income Taxes The Company is a limited liability company with all taxable income or loss recorded in the taxable income or loss of MFund Distributors LLC, its sole member. Accordingly, no provision for income taxes has been made in the accompanying financial statement. In accordance with U.S. GAAP, the Company is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Generally, the Company is no longer subject to income tax examinations by major taxing authorities for the years before 2022. Based on its analysis, there were no tax positions identified by management which did not meet the "more likely than not" standard as of and for the year ended December 31, 2025. ## Use of Estimates The preparation of the financial statement in conformity with accounting principles generally accepted in the United States of America requires management 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 statement. Actual results could differ from those estimates. ## NOTE 2 FAIR VALUE MEASUREMENT AND DISCLOSURES FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a hierarchy of fair value inputs. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income, or cost approach, as specified by FASB ASC 820, are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. - Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. - Level 2. Inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly. - Level 3. Unobservable inputs for the asset or liability. {8}------------------------------------------------ ## NOTES TO THE FINANCIAL STATEMENT ## DECEMBER 31, 2025 The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company's accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no significant transfers among levels 1, 2, and 3 during the year. The Company held no assets or liabilities requiring disclosure under FASB ASC 820 at December 31, 2025. ## NOTE 3 - NET CAPITAL REQUIREMENTS Pursuant to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital and a ratio of aggregate indebtedness to net capital, both as defined under such provisions, that does not exceed 15 to 1. Net capital and the related net capital ratio may fluctuate on a daily basis. As of December 31, 2025, the Company had net capital and net capital requirements of \$527,408 and \$212,203, respectively. The Company's net capital ratio (aggregate indebtedness to net capital) was 6.0353 to 1 or 603.53%. ## NOTE 4 - CONCENTRATIONS AND RISK As of December 31, 2025, the amounts due from Catalyst Capital Advisors LLC and Rational Advisors Inc., both of which are related parties through common ownership, were approximately \$1,737,009 and \$273,634 and represented approximately 86% and 14%, respectively, of Accounts Receivable-Related Party on the Statement of Financial Condition. The Company maintains checking accounts in financial institutions. Accounts at the banks are up to \$250,000 per depositor, per bank. December 31, 2025, exceeded the balance insured by FDIC by \$1,163,588. The Company has not experienced any losses in the account. The Company believes it is not exposed to any significant risk in cash or accounts receivable. {9}------------------------------------------------ ## NOTES TO THE FINANCIAL STATEMENT #### DECEMBER 31, 2025 #### NOTE 5 - RELATED PARTIES The Company is the distributor of related party mutual funds and earns commissions for sales. The Company provides marketing services for related party advisors. As of December 31, 2025, the Company had accounts receivable of \$2,051,927 from their related party affiliates which is included in accounts receivable and accounts receivable related party. The commission receivable is derived from mutual fund sales and is considered allowable for net capital purposes and is listed as Accounts Receivable-Related Party on the Statement of Financial Condition. The Company has a services and expense agreement with its Sole Member, which includes compensation and benefits expense, rent, and general administrative expenses. As of December 31, 2025, the Company had accounts payable of \$2,449,528 to its Sole Member. #### NOTE 6 CONTINGENCIES AND COMMITMENTS The Company has entered into a Wholesale Marketing and Distribution Agreement with each client; having various terms and conditions outlined within each agreement. The Company provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. These indemnifications generally are standard contractual terms and are entered into in the normal co arrangements cannot be known; however, the Company expects any risk of loss to be remote. In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising from the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Currently, there is no litigation against the Company. #### NOTE 7 SEGMENT REPORTING amended by FASB ASU 2023-07. The Company is engaged in a single line of business as a brokerdealer, specializing in the sale of mutual funds. The Company has identified its President as the Chief Operating Decision Maker (CODM), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM considers excess net capital (see Note 3) which is not a measure of profit or loss, to make operational decisions while maintain capital adequacy, such as whether to reinvest profits or pay distributions. operations constitute a single operating segment and, therefore, a single reportable segment, as the CODM manages the business activities using information of the Company as whole. The accounting policies used to measure profit and loss of the segment are the same as those described in the Summary of Significant Accounting Policies. {10}------------------------------------------------ ## NOTES TO THE FINANCIAL STATEMENT #### DECEMBER 31, 2025 #### NOTE 8 - GUARANTEES FASB ASC 460, Guarantees , requires the Company to disclose informational about its obligation under certain guarantee arrangements. FASB ASC 460 defines guarantees as contracts and indemnification agreements that contingently require a guarantor to make payments to the guaranteed party based on changes in an underlying factor (such as interest or foreign exchange rate, security or commodity price, an index or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. This guidance also defines guarantees as contracts that contingently require the guarantor to make payments to the guaranteed party failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others. The Company has issued no guarantees effective at December 31, 2025, or during the year then ended. #### NOTE 9 - SUBSEQUENT EVENTS . The Company has performed an evaluation of subsequent events through February 25, 2026, the date the financial statement was available to be issued. The evaluation did not result in any subsequent events that required disclosures and/or adjustments. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.