Preheat the oven to 325°F. Grease and lightly flour a (10-inch) bundt pan. Set aside.
In a large mixing bowl, add sugar, eggs, softened butter, rum extract, butter extract, and buttermilk. Using a hand mixer on the high speed setting, cream together the wet mixture until it is light and fluffy. This should take about 2 minutes.
Add flour, baking powder, and baking soda. Continue to beat together on medium-low, scraping down the sides of the bowl as needed until the mixture is combined and no flour streaks remain. Be careful not to overmix the batter or it will yield a tough cake.
Pour the batter into the prepared bundt pan. Place in the oven and bake for 55 to 60 minutes, or until a toothpick inserted in the center of the cake comes out clean.
Remove the bundt cake from the oven and let cool for 20 minutes.
While the cake is cooling, make your sauce by adding a medium saucepan over medium-low heat to the stovetop. Add sugar, butter, water, and rum extract. Whisk together stirring often until the mixture is melted together and combined. You don’t want this sauce to boil so watch it carefully and remove it from the heat right before it begins to bubble.
Once the sauce has been removed from the stovetop, reserve ⅓ cup in a small bowl. Pour the remaining sauce over the cake while still in the bundt pan.
Once the cake has soaked up all of the sauce, carefully turn the bundt pan over onto a serving dish. Drizzle the remaining sauce over the top of the cake before serving.