# BUCKLER SECURITIES LLC X-17A-5 (2024-02-29) — Broker-dealer annual report

- Company: BUCKLER SECURITIES LLC
- Form: X-17A-5
- Filed: 2024-02-29
- Period: 2023-12-31
- Accession: 0001679011-24-000002
- CIK: 1679011
- File #: 8-69807
- Type: Broker-dealer
- Material weakness: No
- Auditor: Deloitte & Touche LLP
- Auditor location: New York, NY
- Contact: Gordon Harper
- Phone: 7725384137
- Website: deloitte.com
- Signed by: James R. Mountain (CFO)

Original filing: https://www.sec.gov/Archives/edgar/data/1679011/000167901124000002/Public23.pdf

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SEC File Number 008-69807

Statement of Financial Condition

as of

December 31, 2023

and

Report of Independent Registered

Public Accounting Firm

Filed pursuant to Rule 17a-5(e)(3) under the Securities Exchange Act of 1934 and as a PUBLIC DOCUMENT.

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| 9>1>391<+D1D5=5>D                                   |  |
| +D1D5=5>D?69>1>391<?>49D9?>                         |  |
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**Deloitte & Touche LLP** 30 Rockefeller Plaza New York, NY 10112-0015 USA

Tel: +1 212 492 4000 Fax: +1 212 489 1687 www.deloitte.com

#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Members and the Board of Directors of BUCKLER Securities LLC

#### **Opinion on the Financial Statement**

We have audited the accompanying statement of financial condition of BUCKLER Securities LLC (the "Company") as of December 31, 2023, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

#### **Basis for Opinion**

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this 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 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 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 of the financial statement provides a reasonable basis for our opinion.

February 29, 2024

We have served as the Company's auditor since 2018.

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|                                                                                     | +)+2(+7<br> |              |  |
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| 88+98                                                                               |             |              |  |
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| 1C8                                                                                 |             | <br>         |  |
| +53EB9D95C@EB381C54E>45B17B55=5>DCD?B5C5<<                                          |             | <br><br><br> |  |
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| -+,B51CEBIC53EB9D95C1D619BF1<E5                                                   |             | <br><br>     |  |
| (B5@1945H@5>C5C1>4?D85B                                                             |             | <br>         |  |
| \$51C5B978D?6EC51CC5D                                                               |             | <br>         |  |
| +53EB5445=1>4>?D5                                                                   |             | <br><br>     |  |
| \$49'188+98                                                                         |             | <br><br><br> |  |
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| /'(/1/9/+8'3*+2(+78<br>6:/9>                                                        |             |              |  |
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| /'(/1/9/+8                                                                          |             |              |  |
| +53EB9D95CC?<4E>45B17B55=5>DCD?B5@EB381C5                                           |             | <br><br><br> |  |
| -+,B51CEBIC53EB9D95CC?<4<br>>?DI5D@EB381C54                                       |             | <br><br>     |  |
| (1I12<5CG9D83<51B9>7?B71>9J1D9?>C                                                   |             | <br><br>     |  |
| \$51C5<9129<9DI                                                                     |             | <br>         |  |
| 33?E>DC@1I12<51>4?D85B133BE545H@5>C5C                                               |             | <br>         |  |
| \$49'1/'(/1/9/+8                                                                    |             | <br><br><br> |  |
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|                                                                                     |             |              |  |
| +2(+78<br>6:/9>                                                                     |             | <br><br>     |  |
| \$49'1/'(/1/9/+8'3*+2(+78<br>6:/9>                                                  |             | <br><br><br> |  |

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## BUCKLER Securities LLC Notes to Statement of Financial Condition

#### Note 1 - Organization and Nature of Business

BUCKLER Securities LLC (the "Company") is a Delaware limited liability company. The Company is owned in part by ARMOUR Capital Management LP ("ACM"), ARMOUR Residential RETT, Inc. ("ARR") and its wholly-owned subsidiary ARMOUR TRS Inc. ("ATRS"), and two individuals (collectively the "Members"). The Company is a brokerdealer registered with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority ("FINRA") as well as being registered with Commodity Futures Trading Commission ("CFTC") as an introducing broker. The Company is also a netting member of the Government Securities Division ("GSD") of the Fixed Income Clearing Corporation ("FICC"), an industry clearinghouse for repurchase and reverse repurchase transactions. The Company operates in the United States ("U.S.") and provides financing in the repurchase agreement market for mortgage backed, agency, treasury and corporate securities. The Company may act as a riskless principal in treasury and agency transactions with institutional customers and other broker dealers. The Company also acts as an equity sales agent in the sale of ARR's common and preferred stock under At-the-Market Sales Agreements. The Company does not conduct any retail customer activities. The Company's assets are in U.S. dollars.

#### Note 2 -Basis of Presentation and Summary of Significant Accounting Policies

The accompanying financial statement has been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"). The preparation of the financial statement in conformity with 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 financial statement. Actual results could differ from those estimates.

#### Cash

Cash consists of cash on deposit with financial institutions. The Company maintains cash balances which is held at primarily one financial institution and, at times may exceed federally insured limits. The Company believes it is not exposed to significant credit risk due to the financial position and creditworthiness of the depository institution in which the deposits are held.

## Special Reserve Account

The Company is required to maintain a "Special Reserve Account for the Exclusive Benefit of Customers" (the "Reserve Account") according to SEC Rule 15c3-3. The Company makes weekly computations to determine the need to deposit funds in the account. At December 31, 2023, the balance of the Reserve Account was zero in accordance with required determinations. Should the Company hold any cash in this Special Reserve Account it would be categorized as restricted cash.

#### Financial Instruments Owned

Financial instruments owned may consist of money market funds invested in U.S. Treasury securities as well U.S. Treasury securities and U.S. Treasury securities sold, net yet purchased. They are recorded on a trade date basis and carried at fair value in the financial statements.

#### Income Taxes

The Company is a limited liability company and is treated as a partnership for federal and state income tax purposes. Accordingly, there is no provision for federal and state income taxes as the net income of the Company is included in the income tax returns of the individual members. The Company may become liable for certain state and local income taxes, at which point they will be reflected in the financial statement.

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|                                                                             | '77>/3-&'1:+ |                          | +;+1     | +;+1         |  | +;+1           | +)+2(+7<br>  |
| /3'3)/'188+98                                                               |              |                          |          |              |  |                |              |
| +53EB9D95C@EB381C54E>45B<br>17B55=5>DCD?B5C5<<                              | <br><br><br> |                          | K        | <br><br><br> |  | K              | <br><br><br> |
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| -+,B51CEBIC53EB9D95C1D<br>619BF1<E5                                       | <br><br><br> |                          | <br><br> | <br>K        |  | K              | <br><br><br> |
| +53EB5445=1>4>?D5                                                           | <br><br><br> |                          | K        | <br><br><br> |  | K              | <br><br><br> |
| \$49'188+98                                                                 | <br><br><br> |                          | <br><br> | <br><br><br> |  | K              | <br><br><br> |
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| /'(/1/9/+8                                                                  |              |                          |          |              |  |                |              |
| +53EB9D95CC?<4E>45B<br>17B55=5>DCD?B5@EB381C5                               | <br><br><br> |                          | K        | <br><br><br> |  | K              | <br><br><br> |
| -+,B51CEBIC53EB9D95C<br>C?<4<br>>?DI5D@EB381C54                           | <br><br><br> |                          | <br><br> | <br>K        |  | K              | <br><br><br> |
| (1I12<5CG9D83<51B9>7<br>?B71>9J1D9?>C                                       | <br><br><br> |                          | K        | <br><br><br> |  | K              | <br><br><br> |
| +E2?B49>1D5445=1>4>?D5<br>3?<<1D5B1<17B55=5>D                               | <br><br><br> |                          | K        | <br><br><br> |  | K              | <br><br><br> |
| \$49'1/'(/1/9/+8                                                            | <br><br><br> |                          | <br><br> | <br><br><br> |  | K              | <br><br><br> |

{11}------------------------------------------------

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