# BUCKRAM SECURITIES LTD X-17A-5 (2026-02-25) — Broker-dealer annual report - Company: BUCKRAM SECURITIES LTD - Form: X-17A-5 - Filed: 2026-02-25 - Period: 2025-12-31 - Accession: 0001230108-26-000002 - CIK: 1230108 - File #: 8-65939 - Type: Broker-dealer - Material weakness: No - Auditor: Nawrocki Smith LLP - Auditor location: Hauppauge, NY - Contact: Peter P. DeBuona - Phone: 516-759-7400 - Email: pdebuona@buckramsecurities.com - Website: buckramsecurities.com - Signed by: Peter P. DeBuona (President) Original filing: https://www.sec.gov/Archives/edgar/data/1230108/000123010826000002/annualreport123125.pdf --- {0}------------------------------------------------ | SEC FILE NUMBER | | |-----------------|--| | 8-65939 | | | " ING FOR THE PERIOD BEGINNING 01/01/25 | | AND ENDING 12/31/25 | | |-----------------------------------------|----------|---------------------|-----| | | MM/DD/YY | | MM/ | | (No. and Street) | | | | | | | |----------------------------------------------|--------------|--------------------------------|--|--|--|--| | Locust Valley | NY | 11560 | | | | | | (City) | (State) | (Zip Code) | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | Peter P. DeBuona | 516 759-7400 | pdebuona@buckramsecurities.com | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | |------------------------------------------------------------|--------|--------------------------------------------|------------|--|--| | 100 Motor Parkway, Suite 580 Hauppauge | | NY | 11788 | | | | (Address) | (City) | (State) | (Zip Code) | | | | March 4, 2009 | | 3370 | | | | | (Date of Registration with PCAOB)(if applicable) | | (PCAOB Registration Number, if applicable) | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | {1}------------------------------------------------ | Peter P. DeBuona | swear (or affirm) that, to the best of my knowledge and belief, the | |--------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of Buckram Securities Ltd. | as of | | December 31. | 2025 | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | - - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ ## BUCKRAM SECURITIES LTD. FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION TOGETHER WITH REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM > AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2025 {3}------------------------------------------------ ## BUCKRAM SECURITIES LTD. INDEX DECEMBER 31, 2025 | 1 | |----| | | | 2 | | 3 | | 4 | | 5 | | 6 | | | | 14 | | 15 | | 16 | | 17 | | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholder of Buckram Securities Ltd.: #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Buckram Securities Ltd. (the "Company") as of December 31, 2025 the related statements of income, changes in stockholder'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 Buckram Securities Ltd. 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 U.S. Securities and Exchange Commission ("SEC") 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 supplemental information contained in Schedules I and II have 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 17 C.F.R. §240.17a-5. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as Buckram Securities Ltd.'s auditor since 2010. Hauppauge, New York February 20, 2026 {5}------------------------------------------------ ### BUCKRAM SECURITIES LTD. STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2025 | ASSETS | | |----------------------------------------------------------------------|---------------| | Cash | \$
682,108 | | Deposit with clearing organization | 35,773 | | Investment advisory fees receivable | 134,745 | | Prepaid expenses | 32,376 | | Taxes receivable | 7,324 | | Accrued commissions receivable | 2,000 | | Furniture, equipment and leasehold improvements, at cost, less | | | accumulated depreciation and amortization of \$15,236 | 9,628 | | Operating lease right-of-use asset | 21,327 | | Other assets | 3,926 | | Total assets | \$
929,207 | | | | | LIABILITIES AND STOCKHOLDER
EQUITY | | | Liabilities: | | | Accounts payable and accrued expenses | \$
16,362 | | Accrued clearing charges | 8,857 | | Operating lease liability | 21,267 | | Total liabilities | 46,486 | | | | | Stockholder
Equity: | | | Common stock, \$.01 par, 20,000 shares authorized, 200 shares issued | | | and outstanding | 2 | | Additional paid-in capital | 210,592 | | Retained earnings | 672,127 | | Total stockholder
equity | 882,721 | | Total liabilities and stockholder
s equity | \$
929,207 | {6}------------------------------------------------ ### BUCKRAM SECURITIES LTD. STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2025 | REVENUES: | | |-------------------------------|---------------| | Asset management fees | \$
520,450 | | Commissions | 173,150 | | Interest and other income | 20,150 | | Total revenues | 713,750 | | EXPENSES: | | | Compensation and benefits | 286,225 | | Insurance | 72,640 | | Clearing charges | 42,581 | | Regulatory fees | 42,200 | | Occupancy and equipment | 26,495 | | Professional fees | 29,631 | | Communications and technology | 10,179 | | Management fees | 10,926 | | Other operating expenses | 14,902 | | Total expenses | 535,779 | | Net income | \$
177,971 | | | | {7}------------------------------------------------ ## BUCKRAM SECURITIES LTD. STATEMENT OF CHANGES IN STOCKHOLDER EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025 | | Common
Stock | Additional
Paid-in
Capital | Retained
Earnings | Total
Equity | |----------------------------|-----------------|----------------------------------|----------------------|-----------------| | Balance, January 1, 2025 | \$
2 | \$
210,592 | \$ 594,156 | \$
804,750 | | Stockholder Distribution | - | - | (100,000) | (100,000) | | Net income | - | - | 177,971 | 177,971 | | Balance, December 31, 2025 | \$
2 | \$
210,592 | \$
672,127 | \$
882,721 | {8}------------------------------------------------ ### BUCKRAM SECURITIES LTD. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025 | CASH FLOWS FROM OPERATING ACTIVITIES:
Net income | \$
177,971 | |--------------------------------------------------------------------------------------|---------------| | Adjustments to reconcile net income to net cash
provided by operating activities: | | | Depreciation expense | 1,535 | | Amortization of operating lease right-of-use asset | 22,709 | | Changes in operating assets and liabilities: | | | Commissions receivable | 1,200 | | Taxes receivable | (2,421) | | Prepaid expenses | (1,467) | | Investment advisory fees receivable | (37,976) | | Accounts payable and accrued expenses | 1,041 | | Accrued clearing charges | (382) | | Operating lease liability | (22,739) | | Net cash provided by operating activities | 139,471 | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | Stockholder distribution | (100,000) | | Net cash used in financing activities | (100,000) | | | | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | Purchase of fixed assets | (8,448) | | Decrease in other assets | 803 | | Net cash used in investing activities | (7,645) | | NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 31,826 | | | | | CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF | | | YEAR | 686,055 | | CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | \$
717,881 | | | | | | | Reconciliation of cash, cash equivalents, and restricted cash: The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Statement of Financial Condition that sum to the same amounts shown in the Statement of Cash Flows. | Cash | \$ 682,108 | |---------------------------------------------------|------------| | Deposit with clearing organization | 35,773 | | Total cash, cash equivalents, and restricted cash | | | shown in the Statement of Cash Flows | \$ 717,881 | {9}------------------------------------------------ ## BUCKRAM SECURITIES LTD. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 ## 1. Organization and Nature of Business Buckram Securities Ltd. (the Company ), incorporated under the laws of the State of Delaware, is a broker-dealer registered with the U.S. Securities and Exchange and is a member of the Financial Industry Regulatory Authority ( FINRA ) . The Company does not clear trades or carry customer accounts. The Company has entered into a clearing arrangement with an unaffiliated registered broker-dealer (the clearing organization ) that is a member firm of the New York Stock Exchange and other national securities exchanges to provide these services. The clearing organization is responsible for customer billing, recordkeeping, custody of securities and securities clearance on a fully disclosed basis. The Company is also an investment advisor registered with the SEC and the Company is licensed as an insurance agency with the NYS Department of Financial The U.S. dollar (\$) is the functional currency of the Company. ## 2. Significant Accounting Policies ## Basis of presentation The Company is engaged in a single line of business as a securities broker-dealer, which comprises several consist of accepting customer orders for equity and fixed income securities that are executed and processed by the clearing organization. As an investment advisor, the Company manages customer accounts in accordance with executed agreements. The accounting and reporting policies of the Company are in conformity with U.S. generally accepted accounting principles (GAAP) and prevailing practices within the broker-dealer industry. ## Use of estimates The preparation of financial statements in conformity with U.S. GAAP 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. ## Revenue from Contracts with Customers Significant Judgements The Company follows FASB ASC 606, Revenue from Contracts with Customers. The guidance requires revenue recognition in an amount that reflects the consideration to which an entity expects to be entitled in exchange for the transfer of goods or services to customers. Revenue from contracts with customers includes commission income and fees from asset management services. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgement is required to determine, among other items, whether performance obligations are satisfied at a point in {10}------------------------------------------------ time or over time and when to recognize revenue based on the appropriate measure of . ### Commissions The Company buys and sells securities on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission. Commission revenues are principally generated from customer trades executed by the clearing organization. Commissions and related clearing expenses are recorded on the trade date (the date the Company fills the trade order) as securities transactions occur. The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership of the securities have been transferred to/from the customer. ### Asset Management Fees The Company provides investment advisory services on a daily basis. The Company believes that the performance obligation for providing advisory services is satisfied over time because the customer is receiving and consuming the benefits as they are provided assets under management. Investment advisory fees are received quarterly and are recognized as revenue at that time as they relate specifically to the services provided in that period, which are distinct from the services provided in other periods. Account administration fees are charged quarterly in accordance with the Company s fee schedule to certain brokerage clients, as defined. #### Furniture, equipment and leasehold improvements Fixed assets are carried at cost, less accumulated depreciation. Depreciation is provided on a straight-line basis using estimated useful lives of three to five years. Leasehold improvements are amortized over the lesser of the economic useful life of the improvement or the term of the lease. | Balances at December 31, 2025 are as follows: | | | |-------------------------------------------------|--------------|--| | Computer equipment and software | \$
18,476 | | | Leasehold improvements | 4,041 | | | Furniture and fixtures | 2,347 | | | | 24,864 | | | Less: accumulated depreciation and amortization | 15,236 | | | | \$
9,628 | | Depreciation expense for the year ended December 31, 2025 was \$ 1,535. #### Income taxes The Company follows the guidance of FASB ASC 740, Income Taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures related to rate reconciliation, income taxes paid and other items. ASU 2023-09 requires public companies to annually (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative thresholds. Additionally, ASU 2023-09 requires public companies to annually disclose the amount of income taxes paid, disaggregated by federal, state and foreign taxes, as well as the amount of income taxes {11}------------------------------------------------ paid by individual jurisdiction, The Company adopted ASU 2023-09 effective for the fiscal year ended December 31, 2025. The adoption of the guidance did not have a significant impact on the financial statement disclosures. The Company has elected S Corporation status for income tax purposes and, accordingly, all taxable income, deductions, and tax credits of the Company are passed through to, and included in, the stockholder individual income tax return. The Company is required to pay New York State franchise tax, which aggregated \$300 for the year ended December 31, 2025. ## Statement of Cash Flows For purposes of the Statement of Cash Flows, the Company has defined cash equivalents as highly liquid investments, with original maturities of less than three months that are not held for sale in the ordinary course of business. Restricted cash represents the deposit with clearing organization. ### Cash and Cash Equivalents Cash consists of deposits with banks and all highly liquid investments, with original maturities of three months or less, that are not segregated and deposited for regulatory purposes. Cash in banks subject to withdrawal restrictions, reported as cash in the accompanying Statement of Financial Condition, aggregated \$ 717,881 at December 31, 2025. ## Current Expected Credit Losses (CECL) The Company follows FASB ASC 326-20, Financial Instruments- Credit Losses to account for estimated credit losses on financial assets measured at an amortized cost basis and certain off-balance sheet credit exposures. FASB ASC 326-20 requires the Company to estimate expected credit losses over the life of its financial assets and certain off-balance sheet exposures as of the reporting date, based on relevant information about past events, current conditions, and reasonable and supportable forecasts. The guidance provides that the Company record the estimate of expected credit losses as an allowance for credit losses. For financial assets measured at an amortized cost basis, the allowance for credit losses would be reported as a valuation account on the balance sheet that adjusts the would be reported as Credit Loss expense. Financial assets measured at amortized cost basis that are not eligible for the collateral maintenance practical expedient. For financial assets measured at amortized cost basis that are not eligible for the collateral maintenance practical expedient (i.e., investment advisory fees, receivables from commission generating activities, etc.) the Company would estimate expected credit losses over the life of the financial assets as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. Because these items are usually remitted on a monthly basis, the amount of credit exposure is limited. Receivables from clearing organization. its clearing organization include amounts receivables for commissions and investment advisory fees. T its clearing organization and settled daily between the clearing organization and the Company. Because of this daily settlement, the amount of unsettled credit exposures is limited to the amount owed the {12}------------------------------------------------ Company for a very short period of time. The Company continually reviews the credit quality of its counterparties. ## Leases The Company accounts for leases in accordance with FASB ASC 842, Leases. The Company is a lessee in one operating lease for office space. The Company determines if an arrangement is a lease, or contains a lease, at the inception of a contract and when the terms of an existing contract are changed. The Company recognizes a lease liability and a right-of-use asset at the commencement date of the lease. See Note 7, lease. Lease liability. A lease liability is measured based on the present value of its future lease payments. Variable payments are included in the future lease payments when those variable payments depend on an index or a rate and are measured using the index or rate at the commencement date. Lease payments are remeasured in accordance with the terms of ASC 842, as appropriate. The discount rate is the implicit rate if it is readily determinable or incremental borrowing rate. The implicit rate of the is not readily determinable; accordingly, the Company uses its incremental borrowing rate based on the information available a commencement date. The Company determines its incremental borrowing rate using observable market rates and the payment terms of the lease. ROU asset ncement date as the amount of the initially measured lease liability plus any initial direct costs and other defined adjustments. Unless impaired, the ROU asset is subsequently measured throughout the lease term at the present value of the remaining lease payments, plus the unamortized initial direct costs and other defined items. Lease cost for lease payments is recognized on a straight-line basis over the lease term. Accounting policy election for short-term leases. The Company has elected, for all underlying classes of assets, not to recognize ROU assets and lease liabilities for shortterm leases that have a lease term of 12 months or less at lease commencement, and do not include a purchase option on the underlying asset that the Company is reasonably certain to exercise. The Company recognizes lease cost associated with short-term leases on a straight-line basis over the lease term. # 3. Fair Value ## Fair Value Hierarchy FASB ASC 820, Fair Value Measurements and Disclosures, 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: {13}------------------------------------------------ - Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities 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. 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 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. #### Fair Value Measurement assets and liabilities measured at fair value on a recurring basis follows. #### Cash and cash equivalents The carrying amounts reported on the Statement of Financial Condition for cash and . Cash and cash equivalents are generally categorized in Level 1 of the fair value hierarchy. ### Deposit with clearing organization Deposit with clearing organization represents cash held by clearing organization. The carrying amount approximates its fair value. This financial instrument generally has no stated maturity or has a short-term maturity and carries an interest rate that approximates market rates. The deposit with clearing organization is generally categorized in Level 1 of the fair value hierarchy. #### Investment advisory fees and commissions receivable The carrying amounts of investment advisory fees receivable and commissions receivable approximates their fair value due to their short-term nature. Investment advisory fees and commissions receivables are generally categorized in Level 1 of the fair value hierarchy. #### Accrued expenses and accrued clearance charges The carrying amounts of accrued expenses and accrued clearing charges approximate their fair value due to their short-term nature. Accrued expenses and accrued clearance charges are generally categorized in Level 1 of the fair value hierarchy. {14}------------------------------------------------ # 4. Receivable from and Payable to Clearing Organization Amounts rece organization at December 31, 2025, consist of the following: | | Receivable | Payable | |-------------------------------------|------------|----------| | Investment advisory fees receivable | \$134,745 | \$
- | | Accrued commissions receivable | 2,000 | - | | Accrued clearing charges | - | 8,857 | | | \$ 136,745 | \$ 8,857 | ## 5. Financial Instruments # Financial Instruments with Off-Balance-Sheet Risk and settlement of various customer securities transactions. These activities may expose the Company to off-balance-sheet risk in the event the customer or the other broker is unable to fulfill its contracted obligations and the Company has to purchase or sell the financial instrument underlying the contract at a loss. ## 6. Net Capital Requirement The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, not to exceed 15 to 1. At December 31, 2025, the Company had net capital of \$829,408, which was \$824,408 in excess of its required net capital of \$5,000. tal ratio was .03 to 1. The Company does not carry the accounts of its customers and does not process or safekeep customer funds or securities, and is therefore exempt from Rule 15c3-3 of the Securities and Exchange Commission. ## 7. Commitments and Contingent Liabilities At December 31, 2025, the Company does not have any contingent liabilities which require disclosure under U.S. generally accepted accounting principles. ## Leases The Company has an obligation as a lessee for its office space with an initial noncancellable term through November 2026. This lease represents Amendment 1 to the original lease which expired on November 15, 2023. The Company classifies this lease as an operating lease. The lease does not contain a renewal option or restrictive financial or other covenants. Payments due under the lease include fixed payments plus variable property taxes, common area maintenance, utilities, etc. These variable lease payments are not included in lease payments used to determine the lease liability and are recognized as variable costs when incurred. The components of lease cost for the year ended December 31, 2025 are as follows: {15}------------------------------------------------ | Operating lease cost | \$ 24,164 | | |----------------------|-----------|--| | Variable lease cost | 796 | | | Total lease cost | \$ 24,960 | | Total lease cost of \$ 24,960 is included in Occupancy and Equipment in the accompanying Statement of Income. At December 31, 2025, maturities of the outstanding lease liability for the Company are as follows: | Year ending December 31: | Amount | | |---------------------------------|----------|--| | 2026 | 23,792 | | | Total | 23,792 | | | Less: discount to present value | (2,525) | | | Lease Liability | \$21,267 | | ### 8. Guarantees FASB ASC 460, Guarantees, requires the Company to disclose information about its obligations under certain guarantee arrangements. FASB ASC Topic 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 rate, price, index or the occurrence/nonoccurrence of an 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 part under an agreement as well as indirect guarantee of the indebtedness of others. At December 31, 2025, the Company does not have any guarantee arrangements, as defined. ### 9. Segment Reporting The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including agency transactions and investment advisory. The Company has identified its President as the chief operating decision maker evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 6), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or make stockholder distributions. 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 and Note 1, Organization and Nature of Business. Refer to the Statement of Income for segment revenue and significant expenses for the year ended December 31, 2025. The following table presents the other required segment disclosures for the year ended December 31, 2025: {16}------------------------------------------------ ### Other segment disclosures | Revenues from external customers (see Note 3)
Interest revenue
Total Revenues | \$ 693,600
20,150
\$ 713,750 | |-------------------------------------------------------------------------------------|------------------------------------| | Depreciation | \$
1,535 | | Segment assets | \$ 917,957 | | Expenditures for segment assets | \$
1,535 | ### 10. Subsequent Events The Company performed an evaluation of events that have occurred subsequent to December 31, 2025 and through February 20, 2026, the date this report was available to be issued. There have been no material subsequent events that have occurred during such period that would require disclosure in this report or would be required to be recognized in the financial statements as of December 31, 2025. {17}------------------------------------------------ ### Schedule I ## BUCKRAM SECURITIES LTD. COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 31, 2025 | Net capital | | |-------------------------------------------------------------------------------|--------------------| | Total stockholder
equity | \$ 882,721 | | Deductions and/or charges: | | | Nonallowable assets:
Prepaid expenses | 32,376 | | Furniture, equipment and leasehold improvements, net | 9,628 | | Taxes receivable | 7,324 | | Other assets | 3,926 | | Right of use asset in excess of Lease Liability | 59 | | Net capital | \$ 829,408 | | Aggregate indebtedness | | | Items included in Statement of Financial Condition: | | | Accounts payable and accrued expenses
Accrued clearance charges | \$ 16,362
8,857 | | | | | Total aggregate indebtedness | \$ 25,219 | | Computation of basic net capital requirement
Minimum net capital required: | | | Company | \$
1,681 | | Minimum dollar net capital requirement | \$
5,000 | | Excess net capital at 1,000 percent | \$ 824,408 | | Ratio: Aggregate indebtedness to net capital | .03 to 1 | Note: There are no material differences between the preceding computation and the -17A-5 as of December 31, 2025. {18}------------------------------------------------ #### Schedule II ## BUCKRAM SECURITIES LTD. COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 31, 2025 The Company is exempt from SEC Rule 15c3-3 under subparagraph (k)(2)(ii) since it does not carry securities accounts for customers or perform custodial functions relating to customer securities. {19}------------------------------------------------ ![](_page_19_Picture_0.jpeg) ### Buckram Securities Ltd. Exemption Report -dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-C.F.R. §240.17a-5(d)(1) and (4). To the best of its knowledge and belief, for the year ended December 31, 2025, the Company states the following: - 1. The Company claimed an exemption from 17 C.F.R. §240.15c3-3 under the following provision of 17 C.F.R. §15c3-3: (k)(2)(ii). - 2. The Company met the identified exemption provision in 17 C.F.R. §240.15c3-3(k) throughout the most recent fiscal year without exception. Buckram Securities Ltd. I, Peter P. DeBuona, affirm that, to my best knowledge and belief, this Exemption Report is true and correct. By: Title: President February 20, 2026 {20}------------------------------------------------ ![](_page_20_Picture_0.jpeg) ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholder of Buckram Securities Ltd.: We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) Buckram Securities Ltd. (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)(ii) (the "exemption provisions") and (2) the Company stated that the Company met the identified exemption provisions throughout the most recent fiscal year without exception. The Company'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 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)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934. Hauppauge, New York February 20, 2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.