# BRIDGE ALTERNATIVES SECURITIES, LLC. X-17A-5 (2026-03-30) — Broker-dealer annual report - Company: BRIDGE ALTERNATIVES SECURITIES, LLC. - Form: X-17A-5 - Filed: 2026-03-30 - Period: 2025-12-31 - Accession: 0001753302-26-000001 - CIK: 1753302 - File #: 8-70213 - Type: Broker-dealer - Material weakness: No - Auditor: Goldman & Company CPAs - Auditor location: Marietta, GA - Contact: Ryan Duncan - Phone: 773-446-5676 - Email: ryan.duncan@bridgealternatives.com - Website: bridgealternatives.com - Signed by: Ryan Duncan (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1753302/000175330226000001/annualauditprivatev.pdf --- {0}------------------------------------------------ | | 01/01/2025 | | 12/31/2025 | | |---------------------------------|--------------|-------------------|----------------------------------|--| | | | | | | | | | | | | | BRIDGE | ALTERNATIVE | SECURITIES
LLC | | | | ■ | | | | | | | | | | | | 840
S.
WAUKEGAN
ROAD, | SUITE
202 | | | | | | | | | | | LAKE
FOREST | IL | | 60045 | | | | | | | | | | | | | | | 5<\$1'81&\$1 | | | U\DQGXQFDQ#EULGJHDOWHUQDWLYHVFRP | | | | | | | | | | | | | | | | | | | | | GOLDMAN
&
COMPANY
CPAs | | | | | | | | | | | | 535
ROSWELL
RD
#32 | MARIETTA | GA | 30062 | | | | | | | | | 06/29/2009 | | 1952 | | | | | | | | | | | | | | | {1}------------------------------------------------ | RYAN DUNCAN | | | | |-------------|-----|---------------------------------------|--| | | | of BRIDGE ALTERNATIVE SECURITIES, LLC | | | DECEMBER 31 | 025 | | | | | | | | | |
| |------|------| |
| | - - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ # **BRIDGE ALTERNATIVES SECURITIES, LLC FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES** **For the Year Ended December 31, 2025** **(With Report of Independent Registered Public Accounting Firm Thereon)** **(These financial statements and schedule(s) should be deemed confidential pursuant to subparagraph (e)(3) of SEC Rule 17a-5.)** {3}------------------------------------------------ # **BRIDGE ALTERNATIVES SECURITIES, LLC Table of Contents For the Year Ended December 31, 2025** | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 1 | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| | FINANCIAL STATEMENTS | | Statement of Financial Condition 2 | | Statement of Operations 3 | | Statement of Changes in Member's Equity 4 | | Statement of Cash Flows 5 | | NOTES TO THE FINANCIAL STATEMENTS 6 | | SUPPLEMENTAL SCHEDULES | | Schedule I: Computation of Net Capital under Rule 15c3-1 of the Securities and
Exchange Act of 1934 11 | | Schedule II: Computation for Determination of Reserve Requirements for Brokers
and Dealers Pursuant to Rule 15c3-3 under the Securities and Exchange
Act | | of 1934 12 | | Schedule III: Information Relating to the Possession or Control Requirements under the
Securities and Exchange Commission Rule 15c3-3 13 | | REPORTS ON BROKER DEALER EXEMPTION…………………….………………
14 | {4}------------------------------------------------ #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of Bridge Alternatives Securities, LLC #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Bridge Alternatives Securities, LLC 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 Bridge Alternatives Securities, LLC 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 Bridge Alternatives Securities, LLC 's management. Our responsibility is to express an opinion on Bridge Alternatives Securities, LLC'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. #### **Auditor's Report on Supplemental Information** The Schedule's I- Computation of Net Capital Under SEC Rule 15c3-1, Schedule II-Computation for Determination of Reserve Requirements Pursuant to SEC Rule 15c3-3 (exemption) and Schedule III Information Relating to Possession or Control Requirements Pursuant to SEC Rule 15c3-3 (exemption) have been subjected to audit procedures performed in conjunction with the audit of Bridge Alternatives Securities, LLC 's financial statements. The supplemental information is the responsibility of Bridge Alternatives Securities, LLC '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 17 C.F.R. §240.17a-5. In our opinion, the schedule's I, II. and III are fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2023. Goldman & Company, CPA's, P.C. Marietta, Georgia March 26, 2026 {5}------------------------------------------------ # **BRIDGE ALTERNATIVES SECURITIES, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025** | ASSETS | | |-------------------------------------------------------------------------|---------------| | Cash and Cash Equivalents | \$
261,245 | | TOTAL ASSETS | \$
264,245 | | LIABILITIES AND MEMBERS' EQUITY | | | LIABILITIES
Accounts Payable, accrued expenses and other liabilities | 103,304 | | TOTAL LIABILITIES | 103,304 | | MEMBERS'S EQUITY | 157,941 | | TOTAL LIABILITIES AND MEMBERS' EQUITY | \$
261,245 | {6}------------------------------------------------ # **BRIDGE ALTERNATIVES SECURITIES, LLC STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2025** | REVENUE | | |-------------------------------------|-----------------| | Referral Fees | \$
2,965,988 | | Interest Income | 2,242 | | Total Revenue | 2,968,230 | | EXPENSES | | | Compensation and Payroll Expenses | 2,774,941 | | Professional Service Fees | 33,816 | | Regulatory Fees | 15,146 | | Technology, Data and Communications | 13,368 | | Other Expenses | 1,107 | | Occupancy and Utilities | 13,520 | | Total Expenses | \$
2,851,898 | | NET INCOME | \$
116,332 | The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ # **BRIDGE ALTERNATIVES SECURITIES, LLC STATEMENT OF CHANGES IN MEMBER'S EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025** | BALANCE
AT
DECEMBER
30,
2024 | \$
41,609 | |------------------------------------------|---------------| | Net
Income | 116,332 | | BALANCE
AT
DECEMBER
31,
2025 | \$
157,941 | The accompanying notes are an integral part of these financial statements. {8}------------------------------------------------ # **BRIDGE ALTERNATIVES SECURITIES, LLC STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025** | CASH
FLOWS
FROM
OPERATING
ACTIVITIES | | |-------------------------------------------------------------------------------------------------------------------|---------------| | Net
Income | 116,332 | | | | | Adjustments
to
reconcile
net
income
to
net
cash
provided
by
operating
activities | | | Due
to
BAI | 448 | | Commissions Payable | 79,675 | | Net cash provided by operating
activities | 196,455 | | INCREASE
IN
CASH | 196,455 | | CASH
AND
CASH
EQUIVALENTS
AT
BEGINNING OF YEAR | 64,790 | | CASH
AND CASH EQUIVALENTS BALANCE
AT
END OF YEAR | \$
261,245 | The accompanying notes are an integral part of these financial statements. {9}------------------------------------------------ #### **1. Organization and Nature of Business** Bridge Alternatives Securities, LLC (Company), is a securities broker-dealer registered with the Securities and Exchange Commission (SEC), a member of the Financial Industry Regulatory Authority (FINRA), and a member of the Securities Investor Protection Corporation (SIPC). The Company is an Illinois Limited Liability Company (LLC). The member is not personally liable for the liabilities of the Company. The Company is a wholly owned subsidiary of Bridge Alternatives Holdings, Inc. (the "Parent" and sole member). The Company operates as a placement agent specializing in private placements of securities and financial advisory services. ## **2. Significant Accounting and Reporting** ## **Policies Basis of Presentation** The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (GAAP) as determined by the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The Company is evaluating new accounting standards and will implement as required. #### **Use of Estimates** The preparation of financial statements 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 statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. #### **Cash and Cash Equivalents** The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company monitors these bank accounts and does not expect to incur any losses from such accounts. The Company has defined cash and cash equivalents as highly liquid investments with original maturities of less than 90 days that are not heldfor-sale in the ordinary course of business. The recorded value of such instruments approximates their fair value. On December 31, 2025, the Company had no cash equivalents. #### **Revenue** The Company recognizes *Revenue from Contracts with Customers* in accordance with (ASC 606). This revenue recognition guidance requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. {10}------------------------------------------------ Additionally, the guidance requires the Company to follow a five-step model to a) identify the contract with a customer, b) identify the performance obligations in the contract, c) determine the transaction price, d) allocate the transaction price to the performance obligations in the contract, and e) recognize revenue when (or as) the Company satisfies a performance obligation. In determining the transaction price, the Company may include variable consideration within the transaction price to the extent that it is probable that a significant reversal of revenue will not occur when the uncertainty is subsequently resolved. Services within the scope of ASC 606 include private securities placement services, referral activities and commission sharing with other broker- dealers. *Referral Activities and Commission Sharing fees* – From time to time, the Company may refer certain institutional clients (generally hedge funds) who seek to engage in general securities trading activities to other broker-dealers who are approved for such activities. The general securities broker- dealer pays the Company a percentage of the commissions generated on the transactions from that customer. The Company may receive compensation for referrals involving a broad range of securities products including, but not exclusive to equity securities, closed-end funds, exchange-traded funds and exchange-traded limited partnership is. Referral fees are dictated by the referral arrangement entered into between the Company and the general securities broker-dealer. Referral fee revenue is recognized upon notification by its securities broker of funds invested by the Company's institutional clients. The Firm is not aware of the initial referral fee until 30 to 60 days after the client makes the investment in a fund; therefore, no account receivable is recorded. Also, ongoing referral fees for existing accounts are contingent upon the investments remaining in the funds and the Company is not aware of these amounts until 30-60 days after the period ends; therefore, no accounts receivable is recorded. Referrals and other fees received from customers prior to recognizing the revenue are reflected as contract liabilities (deferred revenue) on the Statement of Financial Condition. The Company had no deferred revenue on December 31, 2025. ## **Single Reportable Segment** The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of one class of service, private placements. 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 uses excess net capital (see Note 5), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. The company derived 77 percent of its total revenues from a single external customer in 2025. {11}------------------------------------------------ #### **Income Taxes** The Company is a single member limited liability company that is treated as a disregarded entity for income tax purposes as all income or loss flows through to its Parent. Therefore, no income tax expense or liability is recorded in the accompanying financial statements. The Company follows the FASB Accounting Standards Codification (ASC) 740-10, Accounting for Uncertainty in Income Taxes. Under FASB ASC 740-10, the Company is required to evaluate each of its tax positions to determine if they are "more likely than not" of being sustained "when challenged" or "when examined" by the applicable taxing authority. Tax positions not deemed to meet the "more likely than not" threshold would be recorded as a tax expense and liability in the current period. A tax position includes an entity's status, including its status as a pass-through entity, and the decision not to file a tax return. Management has evaluated the Company's tax positions and concluded that the Company has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance as of December 31, 2025. The Company is not currently under audit by any tax jurisdiction. ## **Current Expected Credit Losses** In June 2016, the FASB issued ASU No. 2016-13 (Topic 326) *Measurement of Credit Losses on Financial Instruments*, which significantly changes the ways entities recognize and record credit losses on financial instruments such loans, loan commitments and other financial assets. The CECL model requires measurement of expected credit losses for financial assets measured at amortized cost, net investments in leases, and off-balance sheet credit exposures based on historical experience, current conditions, and reasonable and supportable forecasts over the remaining contractual life of the financial assets. ASC 606-10 defines a contract asset as an entity's conditional right to consideration in exchange for goods and services. The conditional right is based on something other than the passage of time, such as future performance. Once the conditional right has been fulfilled and an unconditional right to consideration exists, the contract asset becomes a trade receivable. While contract assets are not financial assets, ASC 606-10-45-3 requires these assets to be evaluated for credit losses under ASC 326-20. Therefore, estimates of expected credit losses on contract assets over their life are required to be recorded at inception and on an ongoing basis, based on historical information, current conditions, and reasonable and supportable forecasts. The Company may, at times, have an account receivable related to referral and commission sharing from executed agreements with independent external parties. In some circumstances, significant judgement is needed to determine the timing and measure of progress appropriate for revenue recognition under a specific contract. As such, the Company regularly reviews its accounts receivable for any bad debts based on the nature and contractual life or expected life of the financial assets, the Company's collection experience and customer worthiness. {12}------------------------------------------------ The Company had no net receivable from executed contracts on December 31, 2025. # **3. Operating Lease Obligations** The Company is required, under ASC 842, to record a right-of-use asset and a corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. All such leases and are to be classified as either finance or operating. The Company had no lease obligations that required recording or disclosures in the December 31, 2025, financial statements. ## **4. Related Parties** The Company has an expense sharing agreement with Bridge Alternative Investments, Inc. effective April1, 2021 and a cost schedule effective January 1, 2025, (Affiliate) whereby the Company receives a monthly allocation of expenses incurred by the Affiliate on its behalf. During 2025, the Company recorded expenses under this agreement totaling \$23,628 which is included in accounts payable on the accompanying statement of financial condition. Included in the total is a provision for rent and technology. The Company recorded rent expenses totaling \$13,520, and technology fees totaling \$13,368 related to the shared expense with the Affiliate reported on the accompanying statement of operations. ## **5. Net Capital Requirements** The Company is subject to the SEC's Uniform Net Capital Rule (SEC Rule 15c3-1) of the Securities Exchange Act of 1934, which requires maintenance of minimum net capital. Under the Rule, the Company is required to maintain net capital, as defined, equal to the greater of \$5,000 or 6 2/3% of aggregate indebtedness and the ratio of aggregate indebtedness to net capital shall not exceed 1500% or 15:1. At December 31, 2025, the Company had net capital of \$157,941 which was \$151,054 in excess of its required net capital and the percentage of aggregate indebtedness to net capital was 65.41%. ## **6. Business Concentrations** The Company received revenue primarily from three customers, Roscommon**,** Valent Asset Management, and Drakewood Capital Management that accounted for approximately 77%, 13%, and 4% of earned revenue, respectively, for the year ended December 31, 2025. ## **7. Subordinated Liabilities** The Company had no liabilities subordinated to the claims of general creditors as of the beginning of the period, end of the period, and during the period ended December 31, 2025. {13}------------------------------------------------ #### **8. Commitments and Contingencies** The Company does not have any commitments or contingencies, including arbitration or other litigation claims that may result in a loss or a future obligation. #### **9. Subsequent Events** Management has evaluated all events or transactions that occurred after December 31, 2025, through the date of the issued financial statements on March 26, 2026. During this period, there were no material recognizable subsequent events that required recording or disclosures in the December 31, 2025, financial statements. {14}------------------------------------------------ **Supplemental Schedules** {15}------------------------------------------------ ## **BRIDGE ALTERNATIVES SECURITIES, LLC** # **Schedule I – Computation of Net Capital under Rule 15c3-1 of the Securities and Exchange Act of 1934** **December 31, 2025** | COMPUTATION OF NET
CAPITAL | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------| | TOTAL
MEMBER'S
EQUITY | \$
157,941 | | LESS: | | | Non-allowable
assets | | | Prepaid
deposits
and
expenses | | | NET
CAPITAL | \$
157,941 | | Minimum
dollar
net
capital
requirement
of
reporting
broker-dealer
(greater
of
minimum
net
capital
requirement
of
\$5,000
or 6 2/3%
of
aggregate
indebtedness) \$ | 6,887 | | EXCESS
NET
CAPITAL | \$
151,054 | | AGGREGATE
INDEBTEDNESS | \$
103,304 | | MINIMUM
NET
CAPITAL
BASED ON AGGREGATE
INDEBTEDNESS | \$
6,887 | | PERCENTAGE OF NET
CAPITAL
TO
AGGREGATE
INDEBTEDNESS | 65.41% | There are no material differences between the preceding computation and the Company's corresponding unaudited Form X-17A-5 as of December 31, 2025. {16}------------------------------------------------ #### **BRIDGE ALTERNATIVES SECURITIES, LLC** # **Schedule II – Computation for Determination of Reserve Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 under the Securities and Exchange Act of 1934** #### **December 31, 2025** The company does not claim an exemption from SEA Rule 15c3-3, in reliance on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by SEC staff. The Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, did not carry accounts of customers of or for customers, and 3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the year ending December 31, 2025, without exception. {17}------------------------------------------------ # **BRIDGE ALTERNATIVES SECURITIES, LLC** # **Schedule III – Information Relating to the Possession or Control Requirements under the Securities and Exchange Commission Rule 15c3-3** # **December 31, 2025** The company does not claim an exemption from SEA Rule 15c3-3, in reliance on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by SEC staff. The Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, 1) did not carry accounts of customers of or for customers, and 3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the year ending December 31, 2025, without exception. See accompanying report of independent registered public accounting firm. {18}------------------------------------------------ #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of Bridge Alternatives Securities, LLC We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption Report pursuant to SEC Rule 17a-5, in which (1) Bridge Alternatives Securities, LLC(the Company) did 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 include receiving transaction based referral fees from institutional clients for identifying and introducing merger and acquisition or private placement of debt or equity financing for its clients. In addition, the Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. Bridge Alternatives Securities, LLC's 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 Bridge Alternatives Securities, LLC'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 upon the Company's business activities contemplated by Footnote 74 of the SEC Release No. 34- 70073 adopting amendments to 17 C.F.R. § 240.17a-5, and related SEC Staff Frequently Asked Questions. Goldman & Company, CPA's, P.C. Marietta, Georgia March 26, 2026 {19}------------------------------------------------ # **Exemption Report** Bridge Alternatives Securities, LLC (the "Company") is a registered broker-dealer subject to Rule l 7a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.l 7a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. §240.17a-5(d)(l) and (4). To the best of its knowledge and belief, the Company states the following: - (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 SEC Release No. 34-70073 and as discussed in Q&A 8 of the related FAQ issued by SEC staff. The Company has no obligation under SEC Rule 15c3-3 because business activities are limited exclusively to private placements of securities and corporate finance services including mergers and acquisitions, recapitalizations, valuations, fairness opinions, and business and strategic advice and the Company does not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; does not carry accounts of or for customers; and does not carry PAB accounts, and - (3) The Company had no exceptions to the provision identified above throughout the most recent fiscal year. I, Ryan Duncan, swear (or affirm) that, to my best knowledge and belief, this, Exemption Report is true and correct. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Bridge Alterative Securities, LLC **By: Ryan Duncan** Title: CEO **01/15/2026** Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.