# BUCKLER SECURITIES LLC X-17A-5 (2026-02-26) — Broker-dealer annual report - Company: BUCKLER SECURITIES LLC - Form: X-17A-5 - Filed: 2026-02-26 - Period: 2025-12-31 - Accession: 0001679011-26-000005 - CIK: 1679011 - File #: 8-69807 - Type: Broker-dealer - Material weakness: No - Auditor: Deloitte & Touche LLP - Auditor location: New York, NY - Contact: Lasse Kokko - Phone: 7726174340 - Website: deloitte.com - Signed by: Gordon Harper (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1679011/000167901126000005/Public25.pdf --- {0}------------------------------------------------ ![](_page_0_Picture_0.jpeg) # SEC File Number 008-69807 # Statement of Financial Condition as of December 31, 2025 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 {1}------------------------------------------------ ### BUCKLER Securities LLC ### Table of Contents | This filing ** contains | |-------------------------| |-------------------------| | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|--| | Financial Statement | | | Statement of Financial Condition | | | Notes to Financial Statement | | {2}------------------------------------------------ **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 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, 2025, 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, 2025, 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 26, 2026 We have served as the Company's auditor since 2018. {3}------------------------------------------------ ## BUCKLER Securities LLC Statement of Financial Condition | | | December 31, 2025 | |--------------------------------------------------------------------------------------------------|----|-------------------| | Assets: | | | | Cash | \$ | 152,145 | | Securities purchased under agreements to resell | | 36,051,129,239 | | Securities borrowed | | 188,893,824 | | Receivables and deposits with brokers, dealers and clearing organizations | | 160,171,411 | | U.S. Treasury securities, at fair value | | 1,129,394,539 | | Prepaid expenses and other assets | | 964,120 | | Lease right of use assets | | 647,748 | | Secured demand notes | | 250,000,000 | | Total Assets | \$ | 37,781,353,026 | | | | | | Liabilities and Members' Equity | | | | | | | | Liabilities: | | | | Securities sold under agreements to repurchase | S | 36,664,881,977 | | Securities loaned | | 188,877,760 | | U.S. Treasury securities sold, but not yet purchased, at fair value | | 124,362,239 | | Payables with brokers, dealers and clearing organizations | | 542,876,888 | | Lease liabilities | | 647,748 | | Accounts payable and other accrued expenses | | 4,296,433 | | Total Liabilities | \$ | 37,525,943,045 | | | | | | Subordinated demand note collateral agreements - allowable as equity in computing
net capital | | 250,000,000 | | | | | | Members' Equity | | 5,409,981 | | Total Liabilities and Members' Equity | \$ | 37,781,353,026 | See accompanying notes to the financial statement. {4}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F:7 F34>7 47>AI 4753GE7 A8 F:7 @3FGD7 5A>>75F34;>;FK 3@6 AD E:ADFF7D? @3FGD7 A8 F:7E7 ;@EFDG?7@FE F 757?47D F:7A?B3@K:36@A3EE7FEAD>;34;>;F;7E:7>63F 83;DH3>G73E;67 8DA?;FE;@H7EF?7@FE;@- + ,D73EGDKE75GD;F;7E3@6- + ,D73EGDKE75GD;F;7EEA>6 4GF@AFK7FBGD5:3E76I:;5:3D753DD;763F83;DH3>G7 - + ,D73EGDKE75GD;F;7E3@6- + ,D73EGDKE75GD;F;7EEA>6 4GF@AFK7FBGD5:3E763D75>3EE;8;763E\$7H7> 3E CGAF76G@3634>7;@35F;H7?3D=7FE8AD;67@F;53>3EE7FE +75GD;F;7EBGD5:3E76G@67D39D77?7@FEFAD7E7>>3@6E75GD;F;7EEA>6G@67D39D77?7@FEFAD7BGD5:3E73D7 5>3EE;8;763E\$7H7> ,:7 83;DH3>G7A8 E75GD;F;7EBGD5:3E76G@67D39D77?7@FE FA D7E7>>3@6+75GD;F;7E EA>6G@67D 39D77?7@FE FA D7BGD5:3E7 3D7 5A?BGF76 GE;@9 EF3@63D6 53E: 8>AI 6;E5AG@F;@9 ?7F:A6A>A9K ,:7 ;@BGFE FA F:7 H3>G3F;A@ ;@5>G67 5A@FD35FG3> 53E: 8>AIE 3@6 5A>>3F7D3> 8G@6;@9 EBD736E I:;5: 3D7 7EF;?3F76 GE;@9 H3D;AGE 47@5:?3D=E ;@F7D7EF D3F7 K;7>6 5GDH7E 3@6 ABF;A@ HA>3F;>;F;7E "@ ;@EF3@57E I:7D7 F:7 G@A4E7DH34>7 ;@BGFE 3D7 677?76 E;9@;8;53@F E75GD;F;7E BGD5:3E76 G@67D 39D77?7@FE FA D7E7>> 3@6 E75GD;F;7E EA>6 G@67D 39D77?7@FE FA D7BGD5:3E73D753F79AD;L76;@\$7H7>A8F:783;DH3>G7:;7D3D5:KAF:7DI;E7 F:7K3D753F79AD;L76;@\$7H7>A8F:7 83;DH3>G7:;7D3D5:K {11}------------------------------------------------ ## BUCKLER Securities LLC Notes to Statement of Financial Condition Securities borrowed and securities loaned are classified as Level 2. The carrying amounts for these financial instruments approximate fair value as they are short term and fully collateralized. The following table provides the carrying value and estimated fair value, by level within the fair value hierarchy of our financial assets and liabilities measured at fair value on a recurring basis at December 31, 2025. | | | | Estimated Fair Value Hierarchy | | Total Fair Value | | | | | |---------------------------------------------------------------------------|--|----------------|--------------------------------|---------|------------------|--|---------|----------------------|------------------| | | | Carrying Value | Level 1 | Level 2 | | | Level 3 | December 31,
2025 | | | Assets: | | | | | | | | | | | U.S. Treasury securities, at
fair value | | 1,129,394,539 | \$1,129,394,539 | S | | | | | \$ 1,129,394,539 | | Total Assets | | 1,129,394,539 | \$1,129,394,539 | | | | | | 1,129,394,539 | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | U.S. Treasury securities
sold, but not yet purchased,
at fair value | | 124,362,239 | \$ 124,362,239 | | | | | ഗ | 124,362,239 | | Total Liabilities | | 124,362,239 | \$ 124,362,239 | | | | | | 124,362,239 | There were no transfers of assets or liabilities between the fair value hierarchy during the year ended December 31, 2025. ### Note 10 - Securities Financing In accordance with FASB ASC 860-30-50-7, the following tables present the gross repurchase agreements and securities loaned by the remaining contractual maturity and class of collateral pledged as of December 31, 2025. | | Overnight and
Open | Up to 30 days | | 30-90 days | | Greater than
90 days | Total | | |-------------------------------------|-----------------------|--------------------------------------|--|------------|---|-------------------------|-------------------|--| | Securities sold
under agreements | | | | | | | | | | to repurchase | | \$38,437,362,361 \$ 4,404,113,854 \$ | | | ഗ | | \$42,841,476,215 | | | Securities loaned | 188,877,760 | | | | | | 188,877,760 | | | Total | | \$38,626,240,121 \$ 4,404,113,854 | | | | | \$ 43,030,353,975 | | | Collateral Pledged | | Securities Sold
under Agreements
to Repurchase | | Securities
Loaned | Total | | |----------------------------|--|------------------------------------------------------|----|----------------------|------------------------------|--| | U.S. Treasury securities | | 33,408,984,279 | રે | | \$33,408,984,279 | | | Mortgage-backed securities | | 9,432,491,936 | | | 9,432,491,936 | | | Equity securities | | | | 188,877,760 | 188,877,760 | | | Total | | 42,841,476,215 | રે | | 188,877,760 \$43,030,353,975 | | #### Note 11 - 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 {12}------------------------------------------------ 5GEFA?7D FD3@E35F;A@E 3E 678;@76 F 757?47D F:7 A?B3@K :36 @7F 53B;F3> A8 38F7D 676G5F;A@E;@399D793F7A8 8AD@A@3>>AI34>73EE7FE AF:7D676G5F;A@E3@6:3;D5GFEA@E75GD;F;7E ,:7 A?B3@KE@7F53B;F3>I3E ;@7J57EEA8;FED7CG;D76@7F53B;F3> ### **38\* "\*,1\*28!\*4368.2,** ,:7 A?B3@K ;E 7@93976 ;@ 3 E;@9>7 >;@7 A8 4GE;@7EE 3E 3 4DA=7D673>7D I:;5: ;E 5A?BD;E76 A8 E7H7D3> 5>3EE7EA8E7DH;57E;@5>G6;@9BDAH;6;@98;@3@5;@9;@F:7D7BGD5:3E739D77?7@F?3D=7F8AD?ADF9397435=76 397@5K FD73EGDK 3@6 5ADBAD3F7 E75GD;F;7E 3@6 E75GD;F;7E >7@6;@9 ?3D=7F 8AD 7CG;FK E75GD;F;7E 35F;@9 3E 3 BD;@5;B3> ;@ FD73EGDK 3@6 397@5K FD3@E35F;A@E I;F: ;@EF;FGF;A@3> 5GEFA?7DE 3@6 AF:7D 4DA=7D673>7DE 3@6 3>EA 35F;@9 3E 3@ 7CG;FKE3>7E397@F \*7EAGD57E3@68;@3@5;3>B7D8AD?3@573D73EE7EE764KAGD:;78J75GF;H7'88;57DI:A:3E477@ ;67@F;8;76 3E F:7 A?B3@KNE :;78 'B7D3F;@9 75;E;A@ %3=7D O'%P I:A GE7E @7F ;@5A?7 FA 7H3>G3F7 F:7 D7EG>FE3@6 FA?3@397 F:7A?B3@K "@366;F;A@ F:7'%GE7E7J57EE@7F53B;F3> E77&AF7I:;5:;E@AF3 ?73EGD7A8BDA8;F3@6>AEE FA?3=7AB7D3F;A@3>675;E;A@EI:;>7?3;@F3;@;@953B;F3>367CG35K EG5:3EI:7F:7DFA D7;@H7EF@7F;@5A?7ADB3K?7?47D6;EFD;4GF;A@E E'%?3@397EF:74GE;@7EE35F;H;F;7EGE;@9;@8AD?3F;A@A8 F:7 A?B3@K 3E 3 I:A>7 F:7 A?B3@K 5A@E;EFE A8 3 E;@9>7 AB7D3F;@9 3@6 D7BADF34>7 E79?7@F E 3 D7EG>F F:7 8;@3@5;3>EF3F7?7@F3@6@AF7EF:7D7FA3D7BD7E7@F763E3E;@9>7D7BADF34>7E79?7@F +;@57F:7A?B3@KAB7D3F7E ;@ 3 E;@9>7 E79?7@F F:7 E79?7@F ;@8AD?3F;A@ ;E 5A@E;EF7@F I;F: F:7 8;@3@5;3> EF3F7?7@F ,:7D78AD7 @A D75A@5;>;3F;A@;E@757EE3DK Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.