# BUCKLER SECURITIES LLC X-17A-5 (2025-02-28) — Broker-dealer annual report

- Company: BUCKLER SECURITIES LLC
- Form: X-17A-5
- Filed: 2025-02-28
- Period: 2024-12-31
- Accession: 0001679011-25-000004
- CIK: 1679011
- File #: 8-69807
- Type: Broker-dealer
- Material weakness: No
- Auditor: Deloitte & Touche LLP
- Auditor location: New York, NY
- Contact: Gordon Harper
- Phone: 7726174340
- Website: deloitte.com
- Signed by: Gordon Harper (CFO)

Original filing: https://www.sec.gov/Archives/edgar/data/1679011/000167901125000004/Public24.pdf

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SEC File Number 008-69807 Statement of Financial Condition as of December 31, 2024 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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## BUCKLER Securities LLC Table of Contents

| Report of Independent Registered Public Accounting Firm | ന |
|---------------------------------------------------------|---|
| Financial Statement                                     |   |
| Statement of Financial Condition                        |   |
| Notes to Statement of Financial Condition               |   |

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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, 2024, 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, 2024, 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 28, 2025

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

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|                                                                                     | +)+2(+7<br> |  |  |
|-------------------------------------------------------------------------------------|-------------|--|--|
| 88+98                                                                               |             |  |  |
|                                                                                     |             |  |  |
| 2D9                                                                                 |             |  |  |
| *64FC:E:6DAFC492D65F?56C28C66>6?EDE@C6D6==                                          |             |  |  |
| )646:G23=6D2?556A@D:EDH:E93C@<6CD	562=6CD2?54=62C:?8@C82?:K2E:@?                    |             |  |  |
| ,*+C62DFCJD64FC:E:6D2E72:CG2=F6                                                     |             |  |  |
| 'C6A2:56IA6?D6D2?5@E96C                                                             |             |  |  |
| #62D6C:89E@7FD62DD6E                                                                |             |  |  |
| *64FC6556>2?5?@E6                                                                   |             |  |  |
| \$49'188+98                                                                         |             |  |  |
|                                                                                     |             |  |  |
| /'(/1/9/+8'3*+2(+78<br>6:/9>                                                        |             |  |  |
|                                                                                     |             |  |  |
| /'(/1/9/+8                                                                          |             |  |  |
| *64FC:E:6DD@=5F?56C28C66>6?EDE@C6AFC492D6                                           |             |  |  |
| ,*+C62DFCJD64FC:E:6DD@=5	?@EJ6EAFC492D65                                            |             |  |  |
| '2J23=6DH:E93C@<6CD2?5562=6CD<br>D64FC:E:6D72:=65E@C646:G6                          |             |  |  |
| #62D6=:23:=:EJ                                                                      |             |  |  |
| 44@F?EDA2J23=62?5@E96C244CF656IA6?D6D                                               |             |  |  |
| \$49'1/'(/1/9/+8                                                                    |             |  |  |
|                                                                                     |             |  |  |
| #:(47*/3'9+**+2'3*349+)411'9+7'1'-7++2+39'114<'(1+'8+6:/9>/3<br>)425:9/3-3+9)'5/9'1 |             |  |  |
|                                                                                     |             |  |  |
| +2(+78<br>6:/9>                                                                     |             |  |  |
| \$49'1/'(/1/9/+8'3*+2(+78<br>6:/9>                                                  |             |  |  |

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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 REIT, Inc. ("ARR") and its wholly-owned subsidiary ARMOUR TRS Inc. ("ATRS"), an individual and a limited liability corporation (collectively the "Members"). The Company is a broker-dealer 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 principal in treasury, treasury futures 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. ("GAP"). 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 banks with original maturities of three months or less, that are not segregated and deposited for regulatory purposes. The Company's cash balance 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, 2024, 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 as U.S. Treasury securities owned and U.S. Treasury securities sold, net yet purchased. They are recorded on a trade date basis on the specific identification method and are carried at fair value in the financial statements. Securities and derivative positions are recorded at fair value in accordance with FASB ASC 820, Fair Value Measurement.

#### 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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| 88+98                                          |            |                                                      |                                 |  |
| *64FC:E:6DAFC492D65F?56C28C66>6?ED<br>E@C6D6== |            | <br>                                                 |                                 |  |
| /'(/1/9/+8                                     |            |                                                      |                                 |  |
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{8}------------------------------------------------

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{9}------------------------------------------------

## BUCKLER Securities LLC Notes to Statement of Financial Condition

#### Note 10 - Fair Value of Measurement

ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The Company's valuation techniques for financial instruments use observable and unobservable inputs reflect readily obtainable data from third party sources, while unobservable inputs reflect management's market assumptions. The fair value hierarchy under ASC 820 are as follows:

Level 1 Inputs - Quoted prices for identical instruments in active markets.

Level 2 Inputs - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 Inputs - Prices determined using significant unobservable inputs. Unobservable inputs may be used in situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period). Unobservable inputs reflect management's assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available.

Fair value is the amount received to sell an asset or the amount paid to transfer the liability in a transaction between willing market participants on the measurement date. Inputs broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. The Company uses actively quoted market prices as the primary input to its valuation.

An individual investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" may require judgment by the Company's management. The Company considers observable data market data which is readily available, regularly distributed or updated, reliable, not proprietary, and provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of that investment and does not necessarily correspond to the Company's perceived risk of that investment.

The carrying amounts of the Company's financial assets and liabilities, including cash and payables approximate fair value, and therefore are excluded from the table below, because of the short-term maturity of these instruments.At December 31, 2024 the Company had no assets or liabilities held at fair value aside from its investments in U.S. Treasury securities and U.S. Treasury securities sold, not yet purchased, which are carried at fair value.

U.S. Treasury securities and U.S. Treasury securities sold, not yet purchased are classified as Level 1, as quoted unadjusted prices are available in active markets for identical assets.

Securities purchased under agreements to resell and Securities sold under agreements to repurchase are classified as Level 2. The fair value of Securities purchased under agreements to resell ander agreements to repurchase are computed using standard cash flow discounting methodology. The inputs to the valuation include contractual cash flows and collateral funding spreads, which are estimated using various benchmarks, interest rate yield curves, and option volatilities. In instances where the unobservable inputs are deemed significant, Securities purchased under agreements to resell and Securities sold under agreements to repurchase are categorized in Level 3 of the fair value hierarchy; otherwise, they are categorized in Level 2 of the fair value hierarchy.

The following table provides the carrying value and estimated fair value, by level within the fair value hierarchy of our financial assets and liabilities at December 31, 2024.

{10}------------------------------------------------

## BUCKLER Securities LLC Notes to Statement of Financial Condition

|                                                                                |                  | Estimated Fair Value Hierarchy | Total Fair Value  |         |                      |
|--------------------------------------------------------------------------------|------------------|--------------------------------|-------------------|---------|----------------------|
|                                                                                | Carrying Value   | Level 1                        | Level 2           | Level 3 | December 31,<br>2024 |
| Financial Assets:                                                              |                  |                                |                   |         |                      |
| Securities purchased under<br>agreements to resell                             | \$18,376,558,654 |                                | \$ 18,376,558,654 |         | \$ 18,376,558,654    |
| Receivables and deposits<br>with brokers, dealers and<br>clearing organization | 271,461,788      |                                | 271,461,788       |         | 271,461,788          |
| U.S. Treasury securities at<br>fair value                                      | 609,182,335      | 609,182,335                    |                   |         | 609,182,335          |
| Secured demand note                                                            | 200,000,000      |                                | 200,000,000       |         | 200,000,000          |
| Total Assets                                                                   | \$19,457,202,777 | \$ 609,182,335                 | \$ 18,848,020,442 | S       | \$ 19,457,202,777    |
|                                                                                |                  |                                |                   |         |                      |
| Liabilities:                                                                   |                  |                                |                   |         |                      |
| Securities sold under<br>agreements to repurchase                              | \$19,011,995,189 | S                              | \$ 19,011,995,189 | ટે      | \$ 19,011,995,189    |
| U.S. Treasury securities<br>sold, not yet purchased                            | 38,255,531       | 38,255,531                     |                   |         | 38,255,531           |
| Payables with brokers and<br>dealers - securities failed to<br>receive         | 200,750,001      |                                | 200,750,001       |         | 200,750,001          |
| Subordinated demand note<br>collateral agreement                               | 200,000,000      |                                | 200,000,000       |         | 200,000,000          |
| Total Liabilities                                                              | \$19,451,000,721 | 38,255,531<br>S                | \$ 19,412,745,190 | S       | \$ 19,451,000,721    |

There were no transfers of assets or liabilities between the fair value hierarchy during the year ended December 31, 2024.

#### Note 11 - Securities Financing

In accordance with FASB ASC 860-30-50-7, the following table presents the remaining contractual maturity of the gross securities purchased under agreements to resell.

|                                                     | Overnight and<br>Open | Up to 30 days | 30-90 days | Greater than<br>90 days | Total              |
|-----------------------------------------------------|-----------------------|---------------|------------|-------------------------|--------------------|
| December 31, 2024 S 2,021,154,084 S24,992,346,825 S |                       |               |            |                         | — \$27,013,500,909 |

#### Note 12 - Net Capital Requirement

The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (15c3-1), which requires the maintenance of minimum net capital. Under Rule 15c3-1, the Company is required to maintain minimum net capital equal to the greater of \$250,000 or two percent of aggregate debit balances arising from customer transactions, as defined. At December 31, 2024, the Company had net capital of \$202,645,431, after deductions in aggregate of \$1,560,498 for non-allowable assets, other deductions and haircuts on securities. The Company's net capital was \$202,395,431 in excess of its required net capital.

#### Note 13 - Segment Reporting

The Company is engaged in a single line of business as a broker-dealer, which is comprised of several classes of services including providing financing in the repurchase agreement market for mortgage backed, agency, treasury and corporate securities, acting as a principal in treasury transactions with institutional

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

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