Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)


$ in millions, except per share amounts	March 31, 2025		September 30, 2024
Assets:
Cash and cash equivalents	$	9,662	$	10,998
Assets segregated for regulatory purposes and restricted cash	3,425		3,350
Collateralized agreements	551		749
Financial instruments, at fair value:
Trading assets ($1,210 and $1,263 pledged as collateral)	1,528		1,480
Available-for-sale securities ($11 and $11 pledged as collateral)	7,439		8,260
Derivative assets	92		103
Other investments ($8 and $7 pledged as collateral)	306		302
Brokerage client receivables, net	2,787		2,711
Other receivables, net	1,877		1,825
Bank loans, net	48,273		45,994
Loans to financial advisors, net	1,412		1,326
Deferred income taxes, net	610		651
Goodwill and identifiable intangible assets, net	1,855		1,886
Other assets	3,315		3,357
Total assets	$	83,132	$	82,992

Liabilities and shareholders’ equity:
Bank deposits	$	56,403	$	56,010
Collateralized financings	787		938
Financial instrument liabilities, at fair value:
Trading liabilities	963		976
Derivative liabilities	248		224
Brokerage client payables	5,870		5,825
Accrued compensation, commissions and benefits	1,914		2,325
Other payables	1,831		1,938
Other borrowings	849		1,049
Senior notes payable	2,040		2,040
Total liabilities	70,905		71,325
Commitments and contingencies (see Note 16)
Shareholders’ equity
Preferred stock	79		79
Common stock; $.01 par value; 650,000,000 shares authorized; 250,076,677 shares issued and 203,143,164 shares outstanding as of March 31, 2025; 249,972,182 shares issued and 203,291,449 shares outstanding as of September 30, 2024	3		2
Additional paid-in capital	3,151		3,251
Retained earnings	12,769		11,894
Treasury stock, at cost; 46,933,513 and 46,680,733 common shares as of March 31, 2025 and September 30, 2024, respectively	(3,244)		(3,051)
Accumulated other comprehensive loss	(546)		(502)
Total equity attributable to Raymond James Financial, Inc.	12,212		11,673
Noncontrolling interests	15		(6)
Total shareholders’ equity	12,227		11,667
Total liabilities and shareholders’ equity	$	83,132	$	82,992

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Index

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)


	Three months ended March 31,				Six months ended March 31,
in millions, except per share amounts	2025		2024		2025		2024
Revenues:
Asset management and related administrative fees	$	1,725	$	1,516	$	3,468	$	2,923
Brokerage revenues:
Securities commissions	431		414		871		797
Principal transactions	149		114		268		253
Total brokerage revenues	580		528		1,139		1,050
Account and service fees	321		335		663		654
Investment banking	216		179		541		360
Interest income	963		1,049		1,990		2,102
Other	40		31		79		69
Total revenues	3,845		3,638		7,880		7,158
Interest expense	(442)		(520)		(940)		(1,027)
Net revenues	3,403		3,118		6,940		6,131
Non-interest expenses:
Compensation, commissions and benefits	2,204		2,043		4,476		3,964
Non-compensation expenses:
Communications and information processing	184		165		362		315
Occupancy and equipment	74		73		147		145
Business development	64		60		132		121
Investment sub-advisory fees	54		44		107		84
Professional fees	34		33		68		65
Bank loan provision for credit losses	16		21		16		33


Other	102		70		212		165
Total non-compensation expenses	528		466		1,044		928
Total non-interest expenses	2,732		2,509		5,520		4,892
Pre-tax income	671		609		1,420		1,239
Provision for income taxes	176		133		325		265
Net income	495		476		1,095		974
Preferred stock dividends	2		2		3		3
Net income available to common shareholders	$	493	$	474	$	1,092	$	971

Earnings per common share – basic	$	2.41	$	2.27	$	5.34	$	4.65
Earnings per common share – diluted	$	2.36	$	2.22	$	5.22	$	4.54
Weighted-average common shares outstanding – basic	204.3		208.3		204.0		208.4
Weighted-average common and common equivalent shares outstanding – diluted	208.7		213.4		208.9		213.5

Net income	$	495	$	476	$	1,095	$	974
Other comprehensive income/(loss), net of tax:
Available-for-sale securities	95		(26)		(11)		244
Currency translations, net of the impact of net investment hedges	19		(11)		(34)		18
Cash flow hedges	(5)		6		1		(15)
Total other comprehensive income/(loss), net of tax	109		(31)		(44)		247
Total comprehensive income	$	604	$	445	$	1,051	$	1,221

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Index

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)


	Three months ended March 31,				Six months ended March 31,
$ in millions, except per share amounts	2025		2024		2025		2024
Preferred stock:
Balance beginning of period	$	79	$	79	$	79	$	79

Share issuances	—		—		—		—

Balance end of period	79		79		79		79

Common stock, par value $.01 per share:
Balance beginning of period	3		2		2		2
Share issuances due to vesting of restricted stock units and employee stock purchases	—		—		1		—
Balance end of period	3		2		3		2

Additional paid-in capital:
Balance beginning of period	3,125		3,158		3,251		3,143


Share-based compensation amortization	53		55		145		144
Employee stock purchases	8		14		17		22
Distributions due to vesting of restricted stock units and exercise of stock options, net of forfeitures	(35)		(41)		(262)		(123)
Balance end of period	3,151		3,186		3,151		3,186

Retained earnings:
Balance beginning of period	12,378		10,609		11,894		10,213
Net income attributable to Raymond James Financial, Inc.	495		476		1,095		974
Common and preferred stock cash dividends declared (see Note 17)	(104)		(97)		(220)		(199)



Balance end of period	12,769		10,988		12,769		10,988

Treasury stock:
Balance beginning of period	(3,007)		(2,365)		(3,051)		(2,252)
Purchases	(253)		(213)		(314)		(372)
Reissuances due to vesting of restricted stock units and exercise of stock options	16		31		121		77
Balance end of period	(3,244)		(2,547)		(3,244)		(2,547)

Accumulated other comprehensive income/(loss):
Balance beginning of period	(655)		(693)		(502)		(971)
Other comprehensive income/(loss), net of tax	109		(31)		(44)		247

Balance end of period	(546)		(724)		(546)		(724)
Total equity attributable to Raymond James Financial, Inc.	$	12,212	$	10,984	$	12,212	$	10,984

Noncontrolling interests:
Balance beginning of period	$	6	$	(9)	$	(6)	$	(27)

Net changes in noncontrolling interests	9		4		21		22



Balance end of period	15		(5)		15		(5)
Total shareholders’ equity	$	12,227	$	10,979	$	12,227	$	10,979

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Index

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six months ended March 31,
$ in millions	2025		2024
Cash flows from operating activities:
Net income	$	1,095	$	974
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	94		87
Deferred income taxes, net	46		(26)
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments	(1)		(17)
Provisions for credit losses and legal and regulatory matters, net	24		—
Share-based compensation expense	147		147
Unrealized (gains)/losses on company-owned life insurance policies, net of expenses	31		(162)

Other	21		4
Net change in:

Collateralized agreements, net of collateralized financings	45		309
Loans (provided to) financial advisors, net of repayments	(102)		(66)
Brokerage client receivables and other receivables, net	(140)		(569)
Trading instruments, net	(69)		(57)
Derivative instruments, net	116		(85)
Other assets	23		(33)
Brokerage client payables and other payables	38		583
Accrued compensation, commissions and benefits	(407)		(160)
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale	(14)		5
Net cash provided by operating activities	947		934

Cash flows from investing activities:
Increase in bank loans, net	(2,334)		(470)
Proceeds from sales of loans held for investment	83		164

Purchases of available-for-sale securities	(300)		(348)
Available-for-sale securities maturations, repayments and redemptions	1,009		733
Proceeds from sales of available-for-sale securities	78		—

Additions to property and equipment	(87)		(99)
Sales/(purchases) of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock, net	9		(1)


Renewable energy tax credit equity investments	—		(15)

Other investing activities, net	(54)		(73)
Net cash used in investing activities	(1,596)		(109)




















Cash flows from financing activities:


Increase in bank deposits	393		644
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements	(459)		(412)
Dividends on common and preferred stock	(211)		(193)
Exercise of stock options and employee stock purchases	19		28

Proceeds from FHLB advances	450		750
Repayments of FHLB advances	(650)		(750)
Proceeds from short-term borrowings, net	—		200
Other financing, net	(5)		(1)
Net cash provided by/(used in) financing activities	(463)		266

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Index



RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Six months ended March 31,
$ in millions	2025		2024
Currency adjustment:
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes	(149)		67
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash	(1,261)		1,158
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year	14,348		12,548
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$	13,087	$	13,706

Cash and cash equivalents	$	9,662	$	10,001
Cash and cash equivalents segregated for regulatory purposes and restricted cash	3,425		3,705
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$	13,087	$	13,706

Supplemental disclosures of cash flow information:
Cash paid for interest	$	948	$	1,049
Cash paid for income taxes, net	$	373	$	373
Cash outflows for lease liabilities	$	66	$	60
Non-cash right-of-use assets recorded for new and modified leases	$	54	$	25

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

March 31, 2025

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Organization

Raymond James Financial, Inc. (“RJF” or the “firm”) is a financial holding company which, together with its subsidiaries, is engaged in various financial services activities, including providing investment management services to retail and institutional clients, merger & acquisition and advisory services, the underwriting, distribution, trading and brokerage of equity and debt securities, and the sale of mutual funds and other investment products. The firm also provides corporate and retail banking services, and trust services. As used herein, the terms “our,” “we,” or “us” refer to RJF and/or one or more of its subsidiaries.

Basis of presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100%-owned subsidiaries. In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2024 Form 10-K”) for the year ended September 30, 2024, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 9 of this Quarterly Report on Form 10-Q (“Form 10-Q”). When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation.

Accounting estimates and assumptions

Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) but is not required for interim reporting purposes has been condensed or omitted. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments necessary for a fair presentation of our consolidated financial position and results of operations for the periods presented.

The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and Notes thereto included in our 2024 Form 10-K. To prepare condensed consolidated financial statements in accordance with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements.

NOTE 2 – UPDATE OF SIGNIFICANT ACCOUNTING POLICIES

A summary of our significant accounting policies is included in Note 2 of our 2024 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2024.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 3 – FAIR VALUE

Our “Financial instruments” and “Financial instrument liabilities” on our Condensed Consolidated Statements of Financial Condition are recorded at fair value. See Notes 2 and 4 of our 2024 Form 10-K for further information about such instruments and our significant accounting policies related to fair value. The following tables present assets and liabilities measured at fair value on a recurring basis.


$ in millions	Level 1		Level 2		Level 3		Netting adjustments (1)		Balance as of March 31, 2025
Assets at fair value on a recurring basis:

Trading assets:
Municipal and provincial obligations	$	10	$	287	$	—	$	—	$	297
Corporate obligations	12		641		—		—		653
Government and agency obligations	38		114		—		—		152
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”)	—		208		—		—		208
Non-agency CMOs and ABS	—		173		—		—		173
Total debt securities	60		1,423		—		—		1,483
Equity securities	21		5		—		—		26
Brokered certificates of deposit	—		18		—		—		18
Other	—		—		1		—		1
Total trading assets	81		1,446		1		—		1,528
Available-for-sale securities (2)	527		6,912		—		—		7,439
Derivative assets:
Interest rate	5		340		—		(274)		71


Foreign exchange	—		15		—		—		15
Other	—		—		6		—		6
Total derivative assets	5		355		6		(274)		92

All other investments:
Government and agency obligations (3)	93		—		—		—		93
Other	96		1		7		—		104
Total all other investments	189		1		7		—		197
Other assets - client-owned fractional shares	141		—		—		—		141
Subtotal	943		8,714		14		(274)		9,397
Other investments - private equity - measured at net asset value (“NAV”)									109
Total assets at fair value on a recurring basis	$	943	$	8,714	$	14	$	(274)	$	9,506

Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations	$	4	$	—	$	—	$	—	$	4
Corporate obligations	—		561		—		—		561
Government and agency obligations	149		—		—		—		149
Agency MBS and CMOs	—		124		—		—		124

Total debt securities	153		685		—		—		838
Equity securities	125		—		—		—		125

Total trading liabilities	278		685		—		—		963
Derivative liabilities:
Interest rate	4		349		—		(106)		247


Foreign exchange	—		1		—		—		1

Total derivative liabilities	4		350		—		(106)		248
Other payables - repurchase liabilities related to client-owned fractional shares	141		—		—		—		141
Total liabilities at fair value on a recurring basis	$	423	$	1,035	$	—	$	(106)	$	1,352


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


$ in millions	Level 1		Level 2		Level 3		Netting adjustments (1)		Balance as of September 30, 2024
Assets at fair value on a recurring basis:

Trading assets:
Municipal and provincial obligations	$	2	$	304	$	—	$	—	$	306
Corporate obligations	12		630		—		—		642
Government and agency obligations	49		144		—		—		193
Agency MBS, CMOs, and ABS	—		205		—		—		205
Non-agency CMOs and ABS	—		95		—		—		95
Total debt securities	63		1,378		—		—		1,441
Equity securities	14		2		—		—		16
Brokered certificates of deposit	—		20		—		—		20
Other	—		—		3		—		3
Total trading assets	77		1,400		3		—		1,480
Available-for-sale securities (2)	704		7,556		—		—		8,260
Derivative assets:
Interest rate	3		335		—		(246)		92


Foreign exchange	—		7		—		—		7
Other	—		—		4		—		4
Total derivative assets	3		342		4		(246)		103

All other investments:
Government and agency obligations (3)	91		—		—		—		91
Other	101		1		7		—		109
Total all other investments	192		1		7		—		200
Other assets - client-owned fractional shares	133		—		—		—		133
Subtotal	1,109		9,299		14		(246)		10,176
Other investments - private equity - measured at NAV									102
Total assets at fair value on a recurring basis	$	1,109	$	9,299	$	14	$	(246)	$	10,278

Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations	$	5	$	—	$	—	$	—	$	5
Corporate obligations	—		598		—		—		598
Government and agency obligations	243		6		—		—		249
Agency MBS and CMOs	—		26		—		—		26
Total debt securities	248		630		—		—		878
Equity securities	97		1		—		—		98

Total trading liabilities	345		631		—		—		976
Derivative liabilities:
Interest rate	3		343		—		(123)		223


Foreign exchange	—		1		—		—		1

Total derivative liabilities	3		344		—		(123)		224
Other payables - repurchase liabilities related to client-owned fractional shares	133		—		—		—		133
Total liabilities at fair value on a recurring basis	$	481	$	975	$	—	$	(123)	$	1,333

(1)Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition. See Note 5 for additional information.

(2)Our available-for-sale securities primarily consist of agency MBS, agency CMOs, and U.S. Treasury securities (“U.S. Treasuries”). See Note 4 for further information.

(3)These assets are primarily comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Level 3 recurring fair value measurements

The following tables present the changes in fair value for Level 3 assets and liabilities measured at fair value on a recurring basis. The realized and unrealized gains and losses in the tables may include changes in fair value that were attributable to both observable and unobservable inputs. In the following tables, gains/(losses) on trading and derivative instruments are reported in “Principal transactions” and gains/(losses) on other investments are reported in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income.


Three months ended March 31, 2025 Level 3 instruments at fair value
	Financial assets						Financial liabilities
	Trading assets		Derivative assets		Other investments			Derivative liabilities
$ in millions	Other		Other		All other			Other
Fair value beginning of period	$	2	$	—	$	7		$	(2)
Total gains/(losses) included in earnings	1		6		—			2
Purchases and contributions	21		—		—			—
Sales and distributions	(23)		—		—			—
Transfers:
Into Level 3	—		—		—			—
Out of Level 3	—		—		—			—
Fair value end of period	$	1	$	6	$	7		$	—
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	8	$	—		$	—


Six months ended March 31, 2025 Level 3 instruments at fair value
	Financial assets
	Trading assets		Derivative assets		Other investments
$ in millions	Other		Other		All other
Fair value beginning of period	$	3	$	4	$	7
Total gains/(losses) included in earnings	1		2		—
Purchases and contributions	39		—		—
Sales and distributions	(42)		—		—
Transfers:
Into Level 3	—		—		—
Out of Level 3	—		—		—
Fair value end of period	$	1	$	6	$	7
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	2	$	—


Three months ended March 31, 2024 Level 3 instruments at fair value
	Financial assets
	Trading assets		Other investments
$ in millions	Other		All other
Fair value beginning of period	$	1	$	29
Total gains/(losses) included in earnings	—		—
Purchases and contributions	17		—
Sales and distributions	(14)		—
Transfers:
Into Level 3	—		—
Out of Level 3	—		—
Fair value end of period	$	4	$	29
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	—


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


Six months ended March 31, 2024 Level 3 instruments at fair value
	Financial assets
	Trading assets		Other investments
$ in millions	Other		All other
Fair value beginning of period	$	4	$	30
Total gains/(losses) included in earnings	—		(1)
Purchases and contributions	29		—
Sales and distributions	(29)		—
Transfers:
Into Level 3	—		—
Out of Level 3	—		—
Fair value end of period	$	4	$	29
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	(1)

As of March 31, 2025, 11% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. As of September 30, 2024, 12% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. As of both March 31, 2025 and September 30, 2024, Level 3 assets represented less than 1% of our assets measured at fair value on a recurring basis.

Investments in private equity measured at net asset value per share

As more fully described in Note 2 of our 2024 Form 10-K, as a practical expedient, we utilize NAV or its equivalent to determine the recorded value of a portion of our private equity investments portfolio. We utilize NAV when the fund investment does not have a readily determinable fair value and the NAV of the fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value.

Our private equity portfolio as of March 31, 2025 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments. Our investments cannot be redeemed directly with the funds. Our investments are monetized through the liquidation of underlying assets of fund investments, the timing of which is uncertain.

The following table presents the recorded value and unfunded commitments related to our private equity investments portfolio.


$ in millions	Recorded value		Unfunded commitment
March 31, 2025
Private equity investments measured at NAV	$	109	$	33
Private equity investments not measured at NAV	7
Total private equity investments	$	116

September 30, 2024
Private equity investments measured at NAV	$	102	$	26
Private equity investments not measured at NAV	7
Total private equity investments	$	109


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Financial instruments measured at fair value on a nonrecurring basis

The following table presents assets measured at fair value on a nonrecurring basis along with the valuation techniques and significant unobservable inputs used in the valuation of the assets classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument.


$ in millions	Level 2		Level 3		Total fair value		Valuation technique(s)	Unobservable input	Range (weighted-average)
March 31, 2025
Bank loans:
Residential mortgage loans	$	2	$	7	$	9	Collateral or discounted cash flow (1)	Prepayment rate	7 yrs. - 12 yrs. (10.5 yrs.)
Corporate loans	$	—	$	135	$	135	Collateral or discounted cash flow (1)	Recovery rate	28% - 33% (33%)
Loans held for sale	$	103	$	—	$	103	N/A (2)	N/A	N/A


September 30, 2024
Bank loans:
Residential mortgage loans	$	2	$	7	$	9	Collateral or discounted cash flow (1)	Prepayment rate	7 yrs. - 12 yrs. (10.5 yrs.)
Corporate loans	$	—	$	106	$	106	Collateral or discounted cash flow (1)	Recovery rate	0% - 37% (37%)

(1)The valuation techniques used to estimate the fair values are based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent. Unobservable inputs used in the collateral valuation technique are not meaningful and unobservable inputs used in the discounted cash flow valuation technique are presented in the table.

(2)See the “Bank loans, net - Loans held for sale” section of Note 2 of our 2024 Form 10-K for information on the valuation techniques used in the valuation of our loans held for sale measured at fair value on a nonrecurring basis.

Financial instruments not recorded at fair value

Many, but not all, of the financial instruments we hold were recorded at fair value on the Condensed Consolidated Statements of Financial Condition. The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at March 31, 2025 and September 30, 2024. This table excludes financial instruments that are carried at amounts which approximate fair value. See Note 4 of our 2024 Form 10-K for a discussion of our financial instruments that are not recorded at fair value.


$ in millions	Level 2		Level 3		Total estimated fair value		Carrying amount
March 31, 2025
Financial assets:
Bank loans, net	$	119	$	47,027	$	47,146	$	48,026
Financial liabilities:
Bank deposits - certificates of deposit	$	1,772	$	—	$	1,772	$	1,768
Other borrowings - subordinated notes payable	$	97	$	—	$	97	$	99
Senior notes payable	$	1,770	$	—	$	1,770	$	2,040

September 30, 2024
Financial assets:
Bank loans, net	$	183	$	45,002	$	45,185	$	45,879
Financial liabilities:
Bank deposits - certificates of deposit	$	2,623	$	—	$	2,623	$	2,612
Other borrowings - subordinated notes payable	$	97	$	—	$	97	$	99
Senior notes payable	$	1,874	$	—	$	1,874	$	2,040


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 4 – AVAILABLE-FOR-SALE SECURITIES

The following table details the amortized costs and fair values of our available-for-sale securities. See Note 2 of our 2024 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities. See Note 3 of this Form 10-Q for additional information regarding the fair value of available-for-sale securities.


$ in millions	Cost basis		Gross unrealized gains		Gross unrealized losses		Fair value
March 31, 2025
Agency residential MBS	$	3,833	$	1	$	(339)	$	3,495
Agency commercial MBS	1,345		—		(111)		1,234
Agency CMOs	1,369		1		(174)		1,196
U.S. Treasuries	526		1		—		527
Other agency obligations	400		—		(5)		395
Non-agency residential MBS	518		1		(38)		481
Corporate bonds	91		1		(1)		91
Other	20		1		(1)		20
Total available-for-sale securities	$	8,102	$	6	$	(669)	$	7,439

September 30, 2024
Agency residential MBS	$	4,147	$	3	$	(327)	$	3,823
Agency commercial MBS	1,415		—		(119)		1,296
Agency CMOs	1,394		1		(170)		1,225
U.S. Treasuries	706		—		(2)		704
Other agency obligations	565		—		(6)		559
Non-agency residential MBS	553		1		(27)		527
Corporate bonds	107		1		(2)		106
Other	19		1		—		20
Total available-for-sale securities	$	8,906	$	7	$	(653)	$	8,260

The amortized costs and fair values in the preceding table exclude $21 million and $23 million of accrued interest on available-for-sale securities as of March 31, 2025 and September 30, 2024, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

See Note 6 for additional information regarding available-for-sale securities pledged with the FHLB and FRB.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The following table details the contractual maturities, amortized costs, fair values and current yields for our available-for-sale securities. Weighted-average yields are calculated on a taxable-equivalent basis based on estimated annual income divided by the average amortized cost of these securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 3.9 years as of March 31, 2025.


	March 31, 2025
$ in millions	Within one year			After one but within five years			After five but within ten years			After ten years			Total
Agency residential MBS
Amortized cost	$	—		$	56		$	1,478		$	2,299		$	3,833
Fair value	$	—		$	54		$	1,375		$	2,066		$	3,495
Weighted-average yield	—		%	2.49		%	1.29		%	2.17		%	1.84		%
Agency commercial MBS
Amortized cost	$	142		$	790		$	365		$	48		$	1,345
Fair value	$	140		$	743		$	312		$	39		$	1,234
Weighted-average yield	2.17		%	1.40		%	1.20		%	1.86		%	1.44		%
Agency CMOs
Amortized cost	$	—		$	—		$	27		$	1,342		$	1,369
Fair value	$	—		$	—		$	25		$	1,171		$	1,196
Weighted-average yield	—		%	—		%	1.44		%	2.03		%	2.02		%
U.S. Treasuries
Amortized cost	$	333		$	193		$	—		$	—		$	526
Fair value	$	334		$	193		$	—		$	—		$	527
Weighted-average yield	4.37		%	4.27		%	—		%	—		%	4.33		%
Other agency obligations
Amortized cost	$	212		$	152		$	28		$	8		$	400
Fair value	$	210		$	150		$	27		$	8		$	395
Weighted-average yield	2.87		%	3.78		%	2.42		%	3.07		%	3.19		%
Non-agency residential MBS
Amortized cost	$	—		$	—		$	—		$	518		$	518
Fair value	$	—		$	—		$	—		$	481		$	481
Weighted-average yield	—		%	—		%	—		%	4.24		%	4.24		%
Corporate bonds
Amortized cost	$	7		$	61		$	23		$	—		$	91
Fair value	$	7		$	61		$	23		$	—		$	91
Weighted-average yield	4.67		%	5.33		%	5.08		%	—		%	5.21		%
Other
Amortized cost	$	—		$	5		$	5		$	10		$	20
Fair value	$	—		$	6		$	4		$	10		$	20
Weighted-average yield	—		%	6.38		%	2.68		%	7.00		%	5.77		%
Total available-for-sale securities
Amortized cost	$	694		$	1,257		$	1,926		$	4,225		$	8,102
Fair value	$	691		$	1,207		$	1,766		$	3,775		$	7,439
Weighted-average yield	3.47		%	2.39		%	1.34		%	2.39		%	2.23		%


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position.


	Less than 12 months				12 months or more				Total
$ in millions	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
March 31, 2025
Agency residential MBS	$	66	$	(1)	$	3,274	$	(338)	$	3,340	$	(339)
Agency commercial MBS	6		—		1,225		(111)		1,231		(111)
Agency CMOs	63		—		1,025		(174)		1,088		(174)
U.S. Treasuries	145		—		21		—		166		—
Other agency obligations	10		—		386		(5)		396		(5)
Non-agency residential MBS	15		—		392		(38)		407		(38)
Corporate bonds	9		—		24		(1)		33		(1)
Other	1		—		4		(1)		5		(1)
Total	$	315	$	(1)	$	6,351	$	(668)	$	6,666	$	(669)

September 30, 2024
Agency residential MBS	$	—	$	—	$	3,679	$	(327)	$	3,679	$	(327)
Agency commercial MBS	—		—		1,287		(119)		1,287		(119)
Agency CMOs	30		—		1,114		(170)		1,144		(170)
U.S. Treasuries	475		—		229		(2)		704		(2)
Other agency obligations	10		—		539		(6)		549		(6)
Non-agency residential MBS	—		—		417		(27)		417		(27)
Corporate bonds	—		—		42		(2)		42		(2)
Other	—		—		4		—		4		—
Total	$	515	$	—	$	7,311	$	(653)	$	7,826	$	(653)

At March 31, 2025, of the 819 available-for-sale securities in an unrealized loss position, 27 were in a continuous unrealized loss position for less than 12 months and 792 securities were in a continuous unrealized loss position for greater than 12 months.

At March 31, 2025, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $3.86 billion and $2.34 billion, respectively, and fair values of $3.50 billion and $2.09 billion, respectively.

During the six months ended March 31, 2025, we received proceeds of $78 million from sales of available-for-sale securities resulting in $2 million of losses. Such losses were reclassified from AOCI to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the six months ended March 31, 2025. During the three months ended March 31, 2025 and the three and six months ended March 31, 2024, there were no sales of available-for-sale securities.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 5 – DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES

Our derivative assets and derivative liabilities are recorded at fair value and are included in “Derivative assets” and “Derivative liabilities” on our Condensed Consolidated Statements of Financial Condition. Cash flows related to our derivatives are included within operating activities on the Condensed Consolidated Statements of Cash Flows. The significant accounting policies governing our derivatives, including our methodologies for determining fair value, are described in Note 2 of our 2024 Form 10-K.

Derivative balances included on our financial statements

The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP.


	March 31, 2025						September 30, 2024
$ in millions	Derivative assets		Derivative liabilities		Notional amount		Derivative assets		Derivative liabilities		Notional amount
Derivatives not designated as hedging instruments
Interest rate (1)	$	345	$	353	$	21,912	$	336	$	346	$	20,629

Foreign exchange	4		1		782		2		1		949
Other	6		—		1,033		4		—		1,105
Subtotal	355		354		23,727		342		347		22,683
Derivatives designated as hedging instruments
Interest rate	—		—		900		2		—		1,250
Foreign exchange	11		—		1,182		5		—		1,226
Subtotal	11		—		2,082		7		—		2,476
Total gross fair value/notional amount	366		354		$	25,809	349		347		$	25,159
Offset on the Condensed Consolidated Statements of Financial Condition
Counterparty netting	(72)		(72)				(86)		(86)
Cash collateral netting	(202)		(34)				(160)		(37)
Total amounts offset	(274)		(106)				(246)		(123)
Net amounts presented on the Condensed Consolidated Statements of Financial Condition	$	92	$	248			$	103	$	224
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition
Financial instruments	(5)		—				(5)		—
Total	$	87	$	248			$	98	$	224

(1)Included to-be-announced security contracts that are accounted for as derivatives.

The following table details the gains/(losses) included in accumulated other comprehensive income/(loss) (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These amounts do not include any offsetting gains/(losses) on the related hedged item. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 17 for additional information.


	Three months ended March 31,				Six months ended March 31,
$ in millions	2025		2024		2025		2024
Interest rate (cash flow hedges)	$	(5)	$	6	$	1	$	(15)
Foreign exchange (net investment hedges)	3		22		60		—
Total gains/(losses) included in AOCI, net of taxes	$	(2)	$	28	$	61	$	(15)

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and six months ended March 31, 2025 and 2024. We expect to reclassify $12 million of interest expense out of AOCI and into earnings within the next 12 months. The maximum length of time over which forecasted transactions are or will be hedged is three years.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income. These amounts do not include any offsetting gains/(losses) on the related hedged item.


$ in millions				Three months ended March 31,						Six months ended March 31,
	Location of gains/(losses)		2025			2024			2025			2024
Interest rate		Principal transactions/other revenue		$	4		$	3		$	7		$	4
Foreign exchange (1)		Other revenue		$	(13)		$	25		$	48		$	(8)
Other		Principal transactions		$	8		$	—		$	2		$	—

(1)For the three months ended March 31, 2025 and 2024, we recognized offsetting gains of $16 million and losses of $24 million, respectively, on the related hedged item. For the six months ended March 31, 2025 and 2024, we recognized offsetting losses of $43 million and gains of $11 million, respectively, on the related hedged item. These offsetting gains and losses were included in “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income.

Risks associated with our derivatives and related risk mitigation

Credit risk

We are exposed to credit losses primarily in the event of nonperformance by the counterparties to derivatives that are not cleared through a clearing organization. Where we are subject to credit exposure, we perform a credit evaluation of counterparties prior to entering into derivative transactions and we continue to monitor their credit standings on an ongoing basis. We may require initial margin or collateral from counterparties, generally in the form of cash or marketable securities to support certain of these obligations as established by the credit threshold specified by the agreement and/or as a result of monitoring the credit standing of the counterparties. We also enter into derivatives with clients, typically interest rate derivatives, to which either of our bank subsidiaries have provided loans. Such derivatives are generally collateralized by marketable securities or other assets of the client.

Interest rate and foreign exchange risk

We are exposed to interest rate risk related to certain of our interest rate derivatives. We are also exposed to foreign exchange risk related to our forward foreign exchange derivatives. On a daily basis, we monitor our risk exposure on our derivatives based on established sensitivity-based and foreign exchange spot limits.

Derivatives with credit-risk-related contingent features

Certain of our derivative contracts contain provisions that require our debt to maintain an investment-grade rating from one or more of the major credit rating agencies or contain provisions related to default on certain of our outstanding debt. If our debt were to fall below investment-grade or we were to default on certain of our outstanding debt, the counterparties to the derivative instruments could terminate the derivative and request immediate payment or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was not significant at either March 31, 2025 or September 30, 2024.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 6 – COLLATERALIZED AGREEMENTS AND FINANCINGS

Collateralized agreements are comprised of securities purchased under agreements to resell (“reverse repurchase agreements”) and securities borrowed. Collateralized financings are comprised of securities sold under agreements to repurchase (“repurchase agreements”) and securities loaned. We enter into these transactions in order to facilitate client activities, acquire securities to cover short positions, and finance certain firm activities. The significant accounting policies governing our collateralized agreements and financings are described in Note 2 of our 2024 Form 10-K.

Our reverse repurchase agreements, repurchase agreements, securities borrowing, and securities lending transactions are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course, as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the parties to the transaction. For financial statement purposes, we do not offset our reverse repurchase agreements, repurchase agreements, securities borrowed, and securities loaned because the conditions for netting as specified by GAAP are not met. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table.


	Collateralized agreements						Collateralized financings
$ in millions	Reverse repurchase agreements		Securities borrowed		Total		Repurchase agreements		Securities loaned		Total
March 31, 2025
Gross amounts of recognized assets/liabilities	$	215	$	336	$	551	$	205	$	582	$	787
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition	—		—		—		—		—		—
Net amounts included in the Condensed Consolidated Statements of Financial Condition	215		336		551		205		582		787
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition	(215)		(326)		(541)		(205)		(561)		(766)
Net amounts	$	—	$	10	$	10	$	—	$	21	$	21

September 30, 2024
Gross amounts of recognized assets/liabilities	$	413	$	336	$	749	$	402	$	536	$	938
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition	—		—		—		—		—		—
Net amounts included in the Condensed Consolidated Statements of Financial Condition	413		336		749		402		536		938
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition	(413)		(326)		(739)		(402)		(522)		(924)
Net amounts	$	—	$	10	$	10	$	—	$	14	$	14

The total amount of collateral received under reverse repurchase agreements and the total amount of collateral posted under repurchase agreements exceeds the carrying value of these agreements on our Condensed Consolidated Statements of Financial Condition.

Repurchase agreements and securities loaned accounted for as secured borrowings

The following table presents our repurchase agreements and securities lending transactions accounted for as secured borrowings by type of collateral. Such secured borrowings have no stated maturity and are generally overnight and continuous.


$ in millions	March 31, 2025		September 30, 2024
Repurchase agreements:
Government and agency obligations	$	148	$	206
Agency MBS and agency CMOs	57		196
Total repurchase agreements	$	205	$	402
Securities loaned:
Equity securities	582		536
Total collateralized financings	$	787	$	938


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Collateral received and pledged

We receive cash and securities as collateral, primarily in connection with reverse repurchase agreements, securities borrowing agreements, derivative transactions, and client margin loans. The collateral we receive reduces our credit exposure to individual counterparties.

In many cases, we are permitted to deliver or repledge financial instruments we have received as collateral to satisfy our collateral requirements under our repurchase agreements, securities lending agreements or other secured borrowings, to satisfy deposit requirements with clearing organizations, or to otherwise meet either our or our clients’ settlement requirements.

The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described.


$ in millions	March 31, 2025		September 30, 2024
Collateral we received that was available to be delivered or repledged	$	3,817	$	3,800
Collateral that we delivered or repledged	$	1,361	$	1,653

Encumbered assets

We pledge certain of our assets, primarily trading assets, to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments. The following table presents information about our assets that have been pledged for such purposes.


$ in millions	March 31, 2025		September 30, 2024
Had the right to deliver or repledge	$	1,229	$	1,281
Did not have the right to deliver or repledge	$	66	$	66

We pledge certain of our bank loans and available-for-sale securities with the FHLB as security for both the repayment of certain borrowings and to secure capacity for additional borrowings as needed. We also pledge certain loans and available-for-sale securities with the FRB to be eligible to participate in the Federal Reserve’s discount window program and to participate in certain deposit programs. The FHLB and the FRB do not have the ability to sell or repledge such loans and securities. For additional information regarding our outstanding FHLB advances see Note 14. The following table presents information about our assets that have been pledged with the FHLB or FRB.


$ in millions	March 31, 2025		September 30, 2024
Assets pledged with the FHLB or FRB:
Available-for-sale securities	$	3,242	$	3,979
Bank loans	15,254		11,794
Total assets pledged with the FHLB or FRB	$	18,496	$	15,773


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 7 – BANK LOANS, NET

Bank client receivables are comprised of loans originated or purchased by our Bank segment and include securities-based loans (“SBL”), corporate loans (commercial and industrial (“C&I”) loans, commercial real estate (“CRE”) loans, and real estate investment trust (“REIT”) loans), residential mortgage loans, and tax-exempt loans. These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities, or are unsecured. We segregate our loan portfolio into six loan portfolio segments: SBL, C&I, CRE, REIT, residential mortgage, and tax-exempt. See Note 2 of our 2024 Form 10-K for a discussion of our accounting policies related to bank loans and the allowance for credit losses.

Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs), except for certain held for sale loans recorded at fair value. Bank loans are presented on our Condensed Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses (“ACL”).

The following table presents the balances for held for investment loans by portfolio segment and held for sale loans.


$ in millions	March 31, 2025			September 30, 2024
SBL	$	17,608		$	16,233
C&I loans	10,462			9,953
CRE loans	7,569			7,615
REIT loans	1,794			1,716
Residential mortgage loans	9,801			9,412
Tax-exempt loans	1,268			1,338
Total loans held for investment	48,502			46,267
Held for sale loans	223			184
Total loans held for sale and investment	48,725			46,451
Allowance for credit losses	(452)			(457)
Bank loans, net	$	48,273		$	45,994

ACL as a % of total loans held for investment	0.93		%	0.99		%
Accrued interest receivable on bank loans (included in “Other receivables, net”)	$	202		$	214

See Note 6 for additional information regarding bank loans pledged with the FHLB and FRB.

Held for sale loans

We originated or purchased $1.01 billion and $1.72 billion of loans held for sale during the three and six months ended March 31, 2025, respectively, and $552 million and $993 million during the three and six months ended March 31, 2024, respectively. The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans that were initially classified as loans held for sale upon purchase and subsequently transferred to trading instruments once they had been securitized into pools. Proceeds from the sales of these loans held for sale and not securitized amounted to $497 million and $662 million during the three and six months ended March 31, 2025, respectively, and $141 million and $243 million during the three and six months ended March 31, 2024, respectively. Net gains resulting from such sales were insignificant for each of the three and six months ended March 31, 2025 and 2024.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Purchases and sales of loans held for investment

The following table presents purchases and sales of loans held for investment by portfolio segment.


$ in millions	C&I loans		CRE loans		REIT loans		Residential mortgage loans		Total
Three months ended March 31, 2025
Purchases	$	404	$	—	$	—	$	67	$	471
Sales	$	29	$	13	$	—	$	—	$	42
Six months ended March 31, 2025
Purchases	$	646	$	—	$	—	$	132	$	778
Sales	$	77	$	13	$	—	$	—	$	90
Three months ended March 31, 2024
Purchases	$	314	$	—	$	—	$	77	$	391
Sales	$	44	$	—	$	9	$	—	$	53
Six months ended March 31, 2024
Purchases	$	520	$	—	$	—	$	122	$	642
Sales	$	163	$	—	$	9	$	—	$	172

Sales in the preceding table represent the recorded investment (i.e., net of charge-offs and discounts or premiums) of loans held for investment that were transferred to loans held for sale and subsequently sold to a third party during the respective period. As more fully described in Note 2 of our 2024 Form 10-K, corporate loan sales generally occur as part of our credit management activities.

Past due, nonaccrual, and modified loans

The following table presents information on delinquency status of our loans held for investment.


$ in millions	30-89 days and accruing		90 days or more and accruing		Total past due and accruing		Nonaccrual with allowance		Nonaccrual with no allowance		Current and accruing		Total loans held for investment
March 31, 2025
SBL	$	3	$	—	$	3	$	—	$	—	$	17,605	$	17,608
C&I loans	—		—		—		47		—		10,415		10,462
CRE loans	11		4		15		121		10		7,423		7,569
REIT loans	—		—		—		19		—		1,775		1,794
Residential mortgage loans	4		—		4		—		13		9,784		9,801
Tax-exempt loans	—		—		—		—		—		1,268		1,268
Total loans held for investment	$	18	$	4	$	22	$	187	$	23	$	48,270	$	48,502

September 30, 2024
SBL	$	3	$	—	$	3	$	—	$	—	$	16,230	$	16,233
C&I loans	—		—		—		58		—		9,895		9,953
CRE loans	—		—		—		67		18		7,530		7,615
REIT loans	—		—		—		19		—		1,697		1,716
Residential mortgage loans	3		—		3		—		13		9,396		9,412
Tax-exempt loans	—		—		—		—		—		1,338		1,338
Total loans held for investment	$	6	$	—	$	6	$	144	$	31	$	46,086	$	46,267

The preceding table includes $128 million and $89 million at March 31, 2025 and September 30, 2024, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

As more fully described in Note 2 of our 2024 Form 10-K, in the normal course of business, we may modify the original terms of a loan agreement. In certain circumstances, we may agree to modify the original terms of a loan agreement to a borrower experiencing financial difficulty, which may include a borrower in default, financial distress, bankruptcy or other circumstances. Loans to borrowers experiencing financial difficulty modified during the three and six months ended March 31, 2025 and 2024 were not significant.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Collateral-dependent loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. Collateral-dependent loans are recorded based upon the fair value of the collateral less the estimated selling costs. The following table presents the amortized cost of our collateral-dependent loans and the nature of the collateral.


$ in millions	Nature of collateral	March 31, 2025		September 30, 2024

C&I loans	Commercial real estate and other business assets	$	8	$	9
CRE loans	Hospitality, office, multi-family residential, medical office, industrial real estate and healthcare	$	135	$	115

Residential mortgage loans	Single family homes	$	12	$	8

Credit quality indicators

The credit quality of our bank loan portfolio is summarized monthly by management using internal risk ratings, which align with the standard asset classification system utilized by bank regulators. These classifications are divided into three groups: Not Classified (Pass), Special Mention, and Classified or Adverse Rating (Substandard, Doubtful and Loss). These terms are defined as follows:

Pass – Loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral and generally are performing in accordance with the contractual terms.

Special Mention – Loans which have potential weaknesses that deserve management’s close attention. These loans are not adversely classified and do not expose us to sufficient risk to warrant an adverse classification.

Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans which have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently-known facts, conditions and values.

Loss – Loans which are considered by management to be uncollectible and of such little value that their continuance on our books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. We do not have any loan balances within this classification because, in accordance with our accounting policy, loans, or a portion thereof considered to be uncollectible are charged-off prior to the assignment of this classification.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The following tables present our held for investment bank loan portfolio by credit quality indicator. Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans.


	As of and for the six months ended March 31, 2025
	Loans by origination fiscal year
$ in millions	2025		2024		2023		2022		2021		Prior		Revolving loans		Total
SBL
Risk rating:
Pass	$	12	$	120	$	40	$	20	$	78	$	74	$	17,264	$	17,608
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total SBL	$	12	$	120	$	40	$	20	$	78	$	74	$	17,264	$	17,608
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



C&I loans
Risk rating:
Pass	$	416	$	644	$	431	$	1,090	$	845	$	3,849	$	3,062	$	10,337
Special mention	—		—		3		—		—		—		6		9
Substandard	—		1		—		—		—		102		13		116
Doubtful	—		—		—		—		—		—		—		—
Total C&I loans	$	416	$	645	$	434	$	1,090	$	845	$	3,951	$	3,081	$	10,462
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	13



CRE loans
Risk rating:
Pass	$	596	$	861	$	1,106	$	1,935	$	706	$	1,616	$	486	$	7,306
Special mention	—		—		25		79		—		16		—		120
Substandard	—		—		59		9		4		71		—		143
Doubtful	—		—		—		—		—		—		—		—
Total CRE loans	$	596	$	861	$	1,190	$	2,023	$	710	$	1,703	$	486	$	7,569
Gross charge offs	$	—	$	—	$	—	$	—	$	—	$	6	$	2	$	8



REIT loans
Risk rating:
Pass	$	77	$	185	$	185	$	165	$	119	$	239	$	689	$	1,659
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		19		—		116		—		—		135
Doubtful	—		—		—		—		—		—		—		—
Total REIT loans	$	77	$	185	$	204	$	165	$	235	$	239	$	689	$	1,794
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Residential mortgage loans
Risk rating:
Pass	$	808	$	1,304	$	1,554	$	2,623	$	1,456	$	1,991	$	37	$	9,773
Special mention	—		—		—		2		—		6		—		8
Substandard	—		—		—		9		—		11		—		20
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage loans	$	808	$	1,304	$	1,554	$	2,634	$	1,456	$	2,008	$	37	$	9,801
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Tax-exempt loans
Risk rating:
Pass	$	—	$	62	$	57	$	234	$	148	$	767	$	—	$	1,268
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total tax-exempt loans	$	—	$	62	$	57	$	234	$	148	$	767	$	—	$	1,268
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


	As of and for the year ended September 30, 2024
	Loans by origination fiscal year
$ in millions	2024		2023		2022		2021		2020		Prior		Revolving loans		Total
SBL
Risk rating:
Pass	$	131	$	30	$	15	$	76	$	27	$	52	$	15,900	$	16,231
Special mention	—		—		—		—		—		—		—		—
Substandard (1)	2		—		—		—		—		—		—		2
Doubtful	—		—		—		—		—		—		—		—
Total SBL	$	133	$	30	$	15	$	76	$	27	$	52	$	15,900	$	16,233
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—




C&I loans
Risk rating:
Pass	$	616	$	454	$	1,178	$	716	$	586	$	3,287	$	2,966	$	9,803
Special mention	—		4		1		—		54		1		—		60
Substandard	—		—		—		—		46		25		12		83
Doubtful	—		—		—		—		—		5		2		7
Total C&I loans	$	616	$	458	$	1,179	$	716	$	686	$	3,318	$	2,980	$	9,953
Gross charge-offs	$	—	$	—	$	—	$	3	$	4	$	38	$	—	$	45




CRE loans
Risk rating:
Pass	$	873	$	1,156	$	2,082	$	930	$	706	$	1,111	$	435	$	7,293
Special mention	—		30		76		—		14		16		—		136
Substandard	—		58		9		5		9		89		16		186
Doubtful	—		—		—		—		—		—		—		—
Total CRE loans	$	873	$	1,244	$	2,167	$	935	$	729	$	1,216	$	451	$	7,615
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	21	$	—	$	21




REIT loans
Risk rating:
Pass	$	172	$	250	$	167	$	135	$	55	$	195	$	564	$	1,538
Special mention	—		—		—		—		—		—		—		—
Substandard	—		19		—		—		40		—		119		178
Doubtful	—		—		—		—		—		—		—		—
Total REIT loans	$	172	$	269	$	167	$	135	$	95	$	195	$	683	$	1,716
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Residential mortgage loans
Risk rating:
Pass	$	1,373	$	1,637	$	2,725	$	1,493	$	858	$	1,260	$	39	$	9,385
Special mention	—		—		1		1		—		5		—		7
Substandard	—		—		8		—		—		12		—		20
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage loans	$	1,373	$	1,637	$	2,734	$	1,494	$	858	$	1,277	$	39	$	9,412
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—




Tax-exempt loans
Risk rating:
Pass	$	62	$	57	$	248	$	153	$	52	$	766	$	—	$	1,338
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total tax-exempt loans	$	62	$	57	$	248	$	153	$	52	$	766	$	—	$	1,338
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)As of September 30, 2024, these balances related to loans which were collateralized by private securities or other financial instruments with a limited trading market.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

We also monitor the credit quality of the residential mortgage loan portfolio utilizing FICO scores and loan-to-value (“LTV”) ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by LTV ratio at origination and by FICO score.


	March 31, 2025
	Loans by origination fiscal year
$ in millions	2025		2024		2023		2022		2021		Prior		Revolving loans		Total
FICO score:
Below 600	$	—	$	1	$	7	$	13	$	5	$	17	$	—	$	43
600 - 699	37		78		50		104		50		162		3		484
700 - 799	603		1,036		951		1,495		777		1,045		25		5,932
800 +	165		186		546		1,022		622		781		9		3,331
FICO score not available	3		3		—		—		2		3		—		11
Total	$	808	$	1,304	$	1,554	$	2,634	$	1,456	$	2,008	$	37	$	9,801

LTV ratio:
Below 80%	$	578	$	942	$	1,097	$	2,021	$	1,156	$	1,546	$	36	$	7,376
80%+	230		362		457		613		300		462		1		2,425
Total	$	808	$	1,304	$	1,554	$	2,634	$	1,456	$	2,008	$	37	$	9,801


	September 30, 2024
	Loans by origination fiscal year
$ in millions	2024		2023		2022		2021		2020		Prior		Revolving loans		Total
FICO score:
Below 600	$	1	$	7	$	13	$	5	$	3	$	14	$	—	$	43
600 - 699	79		52		107		52		44		124		5		463
700 - 799	1,093		992		1,564		793		469		636		23		5,570
800 +	197		584		1,050		642		341		499		10		3,323
FICO score not available	3		2		—		2		1		4		1		13
Total	$	1,373	$	1,637	$	2,734	$	1,494	$	858	$	1,277	$	39	$	9,412

LTV ratio:
Below 80%	$	988	$	1,155	$	2,104	$	1,182	$	665	$	973	$	38	$	7,105
80%+	385		482		630		312		193		304		1		2,307
Total	$	1,373	$	1,637	$	2,734	$	1,494	$	858	$	1,277	$	39	$	9,412


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Allowance for credit losses

The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment.


$ in millions	SBL			C&I loans			CRE loans			REIT loans			Residential mortgage loans			Tax-exempt loans			Total
Three months ended March 31, 2025
Balance at beginning of period	$	5		$	176		$	177		$	27		$	65		$	2		$	452


Provision/(benefit) for credit losses	2			4			11			5			(5)			(1)			16

Net (charge-offs)/recoveries:
Charge-offs	—			(9)			(8)			—			—			—			(17)
Recoveries	—			1			1			—			—			—			2
Net (charge-offs)/recoveries	—			(8)			(7)			—			—			—			(15)
Foreign exchange translation adjustment	—			(1)			—			—			—			—			(1)
Balance at end of period	$	7		$	171		$	181		$	32		$	60		$	1		$	452

Six months ended March 31, 2025
Balance at beginning of period	$	6		$	173		$	188		$	23		$	65		$	2		$	457


Provision/(benefit) for credit losses	1			11			1			9			(5)			(1)			16

Net (charge-offs)/recoveries:
Charge-offs	—			(13)			(8)			—			—			—			(21)
Recoveries	—			1			1			—			—			—			2
Net (charge-offs)/recoveries	—			(12)			(7)			—			—			—			(19)
Foreign exchange translation adjustment	—			(1)			(1)			—			—			—			(2)
Balance at end of period	$	7		$	171		$	181		$	32		$	60		$	1		$	452

ACL by loan portfolio segment as a % of total ACL	1.5		%	37.9		%	40.0		%	7.1		%	13.3		%	0.2		%	100.0		%

Three months ended March 31, 2024
Balance at beginning of period	$	7		$	211		$	174		$	17		$	68		$	2		$	479



Provision/(benefit) for credit losses	(1)			8			13			2			(1)			—			21

Net (charge-offs)/recoveries:
Charge-offs	—			(25)			(5)			—			—			—			(30)
Recoveries	—			2			—			—			—			—			2
Net (charge-offs)/recoveries	—			(23)			(5)			—			—			—			(28)
Foreign exchange translation adjustment	—			—			(1)			—			—			—			(1)
Balance at end of period	$	6		$	196		$	181		$	19		$	67		$	2		$	471

Six months ended March 31, 2024
Balance at beginning of period	$	7		$	214		$	161		$	16		$	74		$	2		$	474



Provision/(benefit) for credit losses	(1)			11			27			3			(7)			—			33

Net (charge-offs)/recoveries:
Charge-offs	—			(31)			(7)			—			—			—			(38)
Recoveries	—			2			—			—			—			—			2
Net (charge-offs)/recoveries	—			(29)			(7)			—			—			—			(36)
Foreign exchange translation adjustment	—			—			—			—			—			—			—
Balance at end of period	$	6		$	196		$	181		$	19		$	67		$	2		$	471

ACL by loan portfolio segment as a % of total ACL	1.3		%	41.7		%	38.4		%	4.0		%	14.2		%	0.4		%	100.0		%

The allowance for credit losses on held for investment bank loans remained flat during the three months ended March 31, 2025 and decreased $5 million during the six months ended March 31, 2025, primarily resulting from a bank loan provision for credit losses of $16 million for both periods, offset by net charge-offs of certain CRE and C&I loans. The bank loan provision for credit losses for the three months ended March 31, 2025 primarily reflected the impacts of charge-offs of certain CRE and C&I loans and loan downgrades primarily related to our CRE loan portfolio. The bank loan provision for credit losses for the six months ended March 31, 2025 primarily reflected the impacts of loan downgrades and charge-offs in our CRE and C&I loan portfolios, as well as the impacts of specific reserves.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $20 million at both March 31, 2025 and December 31, 2024 and $22 million at September 30, 2024.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 8 – LOANS TO FINANCIAL ADVISORS, NET

Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2024 Form 10-K for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable.


$ in millions	March 31, 2025			September 30, 2024
Affiliated with the firm as of period-end (1)	$	1,440		$	1,350
No longer affiliated with the firm as of period-end (2)	14			16
Total loans to financial advisors	1,454			1,366
Allowance for credit losses	(42)			(40)
Loans to financial advisors, net	$	1,412		$	1,326
Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”)	$	10		$	9
Allowance for credit losses as a percent of total loans to financial advisors	2.89		%	2.93		%

(1)These loans were predominantly current.

(2)These loans were on nonaccrual status and predominantly past due for a period of 180 days or more.

NOTE 9 – VARIABLE INTEREST ENTITIES

A VIE requires consolidation by the entity’s primary beneficiary. We evaluate all of the entities in which we are involved to determine if the entity is a VIE and if so, whether we hold a variable interest and are the primary beneficiary. Refer to Note 2 of our 2024 Form 10-K for a discussion of our principal involvement with VIEs and the accounting policies regarding determination of whether we are deemed to be the primary beneficiary of VIEs.

VIEs where we are the primary beneficiary

Of the VIEs in which we hold an interest, we have determined that certain investments in low-income housing tax credit (“LIHTC”) funds and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (the “Restricted Stock Trust Fund”) require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs. The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE.


$ in millions	Aggregate assets		Aggregate liabilities
March 31, 2025

LIHTC funds	$	132	$	22
Restricted Stock Trust Fund	26		26
Total	$	158	$	48

September 30, 2024

LIHTC funds	$	136	$	60
Restricted Stock Trust Fund	19		19
Total	$	155	$	79


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and are not reflected in the following table.


$ in millions	March 31, 2025		September 30, 2024
Assets:
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash	$	20	$	17


Other assets	112		119
Total assets	$	132	$	136
Liabilities:
Other payables	$	1	$	37

Total liabilities	$	1	$	37
Noncontrolling interests	$	15	$	(6)

VIEs where we hold a variable interest but are not the primary beneficiary

As discussed in Note 2 of our 2024 Form 10-K, we have concluded that for certain VIEs we are not the primary beneficiary and therefore do not consolidate these VIEs. Such VIEs primarily include certain LIHTC funds, our interests in certain limited partnerships which are part of our private equity portfolio (“Private Equity Interests”), and other limited partnerships. Our risk of loss for these VIEs is limited to our investments in, advances to, and/or receivables due from these VIEs.

Aggregate assets, liabilities, and risk of loss

The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table.


	March 31, 2025						September 30, 2024
$ in millions	Aggregate assets		Aggregate liabilities		Our risk of loss		Aggregate assets		Aggregate liabilities		Our risk of loss
LIHTC funds	$	9,676	$	3,004	$	54	$	9,049	$	3,079	$	116
Private Equity Interests	2,960		899		109		2,824		873		102
Other	448		364		26		204		146		64
Total	$	13,084	$	4,267	$	189	$	12,077	$	4,098	$	282

NOTE 10 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

Our goodwill and identifiable intangible assets result from various acquisitions. See Notes 2 and 11 of our 2024 Form 10-K for additional information about our goodwill and intangible assets, including the related accounting policies.

We perform goodwill and indefinite-lived intangible asset impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value or indicate that the asset is impaired. We performed our latest annual impairment testing for our goodwill and indefinite-lived intangible assets as of our January 1, 2025 evaluation date, evaluating balances as of December 31, 2024. In that testing, we performed a qualitative impairment assessment for each of our reporting units that had goodwill, as well as for our indefinite-lived intangible assets.

Our qualitative assessments considered macroeconomic indicators and industry and market considerations, such as trends in equity and fixed income markets, gross domestic product, labor markets, interest rates, and housing markets. We also considered regulatory changes, as well as company-specific factors such as market capitalization, reporting unit specific results, and changes in key personnel and strategy. Changes in these indicators, and our ability to respond to such changes, may trigger the need for impairment testing at a point other than our annual assessment date. Based upon the outcome of our qualitative assessments, no impairment was identified. No events have occurred since such assessments that would cause us to update this impairment testing.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 11 - OTHER ASSETS

The following table details the components of other assets as of the dates indicated. See Note 2 of our 2024 Form 10-K for a discussion of our accounting polices related to certain of these components.



$ in millions	March 31, 2025		September 30, 2024
Investments in company-owned life insurance policies	$	1,407	$	1,396
Property and equipment, net	649		635
Lease right-of-use (“ROU”) assets	570		568
Prepaid expenses	221		220

Investments in FHLB and FRB stock	105		114
Client-owned fractional shares	141		133
All other	222		291
Total other assets	$	3,315	$	3,357

See Note 13 of our 2024 Form 10-K for additional information regarding our property and equipment and Note 12 of this Form 10-Q and Note 14 of our 2024 Form 10-K for additional information regarding our leases.

NOTE 12 – LEASES

The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. See Notes 2 and 14 of our 2024 Form 10-K for additional information related to our leases, including a discussion of our accounting policies.


$ in millions	March 31, 2025		September 30, 2024
ROU lease assets (included in “Other assets”)	$	570	$	568
Lease liabilities (included in “Other payables”)	$	537	$	533

Lease liabilities as of March 31, 2025 excluded $34 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced. These leases are estimated to commence later in fiscal year 2025 with lease terms ranging from three to eleven years.

Lease expense

The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income.


	Three months ended March 31,				Six months ended March 31,
$ in millions	2025		2024		2025		2024
Lease costs	$	37	$	34	$	73	$	69
Variable lease costs	$	7	$	10	$	13	$	19

Variable lease costs in the preceding table include payments required under lease arrangements for common area maintenance charges and other variable costs that are not reflected in the measurement of ROU lease assets and lease liabilities.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 13 – BANK DEPOSITS

Bank deposits include money market and savings accounts, interest-bearing demand deposits, which include Negotiable Order of Withdrawal accounts, certificates of deposit, and non-interest-bearing demand deposits held by our bank subsidiaries. The following table presents a summary of bank deposits, excluding affiliate deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end.


	March 31, 2025				September 30, 2024
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	33,185	1.72	%	$	32,304	2.18	%
Interest-bearing demand deposits	20,961		4.00	%	20,570		4.56	%
Certificates of deposit	1,768		4.45	%	2,612		4.70	%
Non-interest-bearing demand deposits	489		—		524		—
Total bank deposits	$	56,403	2.66	%	$	56,010	3.18	%

Total bank deposits included $25.78 billion and $23.98 billion of cash balances as of March 31, 2025 and September 30, 2024, respectively, which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc. (“RJ&A”). Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”), and substantially all of these deposits were included in money market and savings accounts in the preceding table. Total bank deposits in the preceding table included $13.51 billion and $14.02 billion of deposits as of March 31, 2025 and September 30, 2024, respectively, associated with our Enhanced Savings Program (“ESP”), in which PCG clients deposit cash in a high-yield Raymond James Bank account. The vast majority of the ESP balances were reflected in interest-bearing demand deposits in the preceding table.

The following table details the amount of total bank deposits (which excludes affiliate deposits) that are FDIC-insured, as well as the amount that exceeded the FDIC insurance limit at each respective period end.


$ in millions	March 31, 2025			September 30, 2024
FDIC-insured bank deposits	$	48,672		$	48,964
Bank deposits exceeding FDIC insurance limit (1) (2)	7,731			7,046
Total bank deposits	$	56,403		$	56,010
FDIC-insured bank deposits as a % of total bank deposits	86		%	87		%

(1)Bank deposits that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements.

(2)Excluded affiliate deposits exceeding the FDIC insurance limit of $1.20 billion and $1.05 billion as of March 31, 2025 and September 30, 2024, respectively.

The following table sets forth the amount of certificates of deposit that exceeded the FDIC insurance limit, categorized by the time remaining until maturity, as of March 31, 2025.


$ in millions	March 31, 2025
Three months or less	$	63
Over three through six months	43
Over six through twelve months	37
Over twelve months	11
Total certificates of deposit that exceeded the FDIC insurance limit (1)	$	154

(1)Total certificates of deposit that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The maturities by fiscal year of our certificates of deposit as of March 31, 2025 are presented in the following table.


	$ in millions
Remainder of 2025	$	946
2026	682
2027	77
2028	37
2029	19
Thereafter	7
Total certificates of deposit	$	1,768

Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table.


	Three months ended March 31,				Six months ended March 31,
$ in millions	2025		2024		2025		2024
Money market and savings accounts	$	140	$	159	$	304	$	315
Interest-bearing demand deposits	206		252		434		495
Certificates of deposit	24		30		52		62
Total interest expense on deposits	$	370	$	441	$	790	$	872

We use an interest rate swap to manage the risk of increases in interest rates associated with certain money market and savings accounts by converting the balances subject to variable interest rates to a fixed interest rate. See Note 2 of our 2024 Form 10-K for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge.

NOTE 14 – OTHER BORROWINGS

The following table details the components of our other borrowings.


	March 31, 2025					September 30, 2024
$ in millions	Weighted-average interest rate		Maturity date	Balance		Weighted-average interest rate		Maturity date	Balance
FHLB advances:
Floating rate - term	4.65	%	September 2025 - June 2026	$	550	5.14	%	March 2025 - December 2025	$	650

Fixed rate	4.10	%	December 2028	200		4.47	%	December 2024 - December 2028	300
Total FHLB advances				750					950
Subordinated notes - fixed-to-floating (including an unaccreted premium of $1 and $1, respectively)	5.75	%	May 2030	99		5.75	%	May 2030	99
Total other borrowings				$	849				$	1,049

FHLB advances

We use interest rate swaps to manage the risk of increases in interest rates associated with our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate. See Note 2 of our 2024 Form 10-K and Note 5 of this Form 10-Q for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges. See Note 6 of this Form 10-Q for additional information regarding bank loans and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings.

Subordinated notes

As of March 31, 2025, we had subordinated notes due May 2030 outstanding, with an aggregate principal amount of $98 million. Our subordinated notes incur interest at a fixed rate of 5.75% until May 2025 and thereafter at a variable interest rate equal to 3-month CME Term Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment of 5.62% per annum. We may redeem these subordinated notes beginning in August 2025 at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to the redemption date.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Credit Facility

RJF and RJ&A are parties to a revolving credit facility agreement (the “Credit Facility”), a committed unsecured line of credit under which either RJ&A or RJF have the ability to borrow. The Credit Facility has a term through April 2028 and provides for maximum borrowings of up to $750 million. The interest rates on borrowings under the Credit Facility are variable and based on SOFR, as adjusted for RJF’s credit rating. There were no borrowings outstanding on the Credit Facility as of March 31, 2025 or September 30, 2024. There is a facility fee associated with the Credit Facility, which also varies with RJF’s credit rating (the “Variable Rate Facility Fee”). Based upon RJF’s credit rating as of March 31, 2025, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125% per annum.

Other

In addition to the Credit Facility, we maintain various secured and unsecured lines of credit, which are generally utilized to finance certain fixed income trading instruments or for cash management purposes. Borrowings during the period were generally day-to-day and there were no borrowings outstanding on these arrangements as of March 31, 2025 or September 30, 2024. The interest rates for these arrangements are variable and are based on a daily bank quoted rate, which may reference SOFR, the federal funds rate, a lender’s prime rate, the Canadian prime rate or another commercially available rate, as applicable.

A portion of our fixed income transactions are cleared through a third-party clearing organization, which provides financing for the purchase of trading instruments to support such transactions. The amount of financing is based on the amount of trading inventory financed, as well as any deposits held at the clearing organization. Amounts outstanding under this financing arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates. While we had borrowings outstanding as of March 31, 2025, the clearing organization is under no contractual obligation to lend to us under this arrangement. We also have other collateralized financings included in “Collateralized financings” on our Consolidated Statements of Financial Condition. See Note 6 for information regarding our other collateralized financing arrangements.

NOTE 15 – INCOME TAXES

The income tax provision for interim periods is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. We estimate the annual effective tax rate quarterly based on the forecasted pre-tax results of our U.S. and non-U.S. operations. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. These discrete items generally relate to changes in tax laws, adjustments to the actual liability determined upon filing tax returns, excess tax benefits related to share-based compensation and adjustments to previously recorded reserves for uncertain tax positions. For discussion of income tax accounting policies and other income tax related information, see Notes 2 and 18 of our 2024 Form 10-K.

Effective tax rate

Our effective income tax rate of 22.9% for the six months ended March 31, 2025 was higher than the 21.8% effective tax rate for our fiscal year 2024. The increase in the effective income tax rate was primarily due to the impact of non-deductible valuation losses recognized on our company-owned life insurance in the current-year period compared with nontaxable valuation gains in fiscal 2024, which favorably impacted our effective tax rate for fiscal 2024.

Uncertain tax positions

Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that our uncertain tax position liability balance may decrease within the next 12 months by up to $20 million due to expiration of statutes of limitations of federal and state tax returns.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 16 – COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments and contingencies

Underwriting commitments

In the normal course of business, we enter into commitments for debt and equity underwritings. As of March 31, 2025, we had three such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

Lending commitments and other credit-related financial instruments

We have outstanding, at any time, a significant number of commitments to extend credit and other credit-related off-balance-sheet financial instruments, such as standby letters of credit and loan purchases, which extend over varying periods of time. These arrangements are subject to strict underwriting assessments and each client’s credit worthiness is evaluated on a case-by-case basis. Fixed-rate commitments are subject to market risk resulting from fluctuations in interest rates and our exposure is limited to the replacement value of those commitments.

The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at our Bank segment.


$ in millions	March 31, 2025		September 30, 2024
SBL and other consumer lines of credit	$	47,970	$	44,057
Commercial lines of credit	$	4,865	$	4,630
Unfunded lending commitments	$	588	$	640
Standby letters of credit	$	140	$	111

SBL and other consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are primarily secured by marketable securities or other liquid collateral at advance rates consistent with industry standards. The proceeds from repayment or, if necessary, the liquidation of collateral, which is monitored daily, are expected to satisfy the amounts drawn against these existing lines of credit. These lines of credit are primarily uncommitted, as we reserve the right to not make any advances or may terminate these lines at any time.

Because many of our lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements. The allowance for credit losses calculated under the current expected credit losses model provides for potential losses related to the unfunded lending commitments. See Note 2 of our 2024 Form 10-K and Note 7 of this Form 10-Q for additional information regarding this allowance for credit losses related to unfunded lending commitments.

RJ&A enters into margin lending arrangements which allow clients to borrow against the value of qualifying securities. Such loans are extended on a demand basis and are generally not committed facilities. Margin loans are collateralized by the securities held in the client’s account at RJ&A. Collateral levels and established credit terms are monitored daily and we require clients to deposit additional collateral or reduce balances as necessary.

We offer loans to prospective financial advisors for recruiting and retention purposes. See Note 2 of our 2024 Form 10-K and Note 8 of this Form 10-Q for additional information regarding our loans to financial advisors. These offers are contingent upon certain events occurring, including the individuals joining us or continuing their affiliation with us and meeting certain other conditions outlined in their offer.

Investment commitments

We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $87 million as of March 31, 2025.

Other commitments

Raymond James Affordable Housing Investments, Inc. (“RJAHI”) sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJAHI serves as the managing member or general partner. RJAHI typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition. Until such investments


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships. As of March 31, 2025, RJAHI had committed approximately $336 million to project partnerships that had not yet been sold to LIHTC funds. Because we expect to sell these project partnerships to LIHTC funds and the equity funding events arise over future periods, the contractual commitments are not expected to materially impact our future liquidity requirements. RJAHI may also make short-term loans or advances to project partnerships and LIHTC funds.

For information regarding our lease commitments see Note 12 of this Form 10-Q and for information on the maturities of our lease liabilities see Note 14 of our 2024 Form 10-K.

Guarantees

Our U.S. broker-dealer subsidiaries are required by federal law to be members of the Securities Investors Protection Corporation (“SIPC”). The SIPC fund provides protection up to $500 thousand per client for securities and cash held in client accounts, including a limitation of $250 thousand on claims for cash balances. We have purchased excess SIPC coverage through various syndicates of Lloyd’s of London. For RJ&A, our clearing broker-dealer, the additional protection currently provided has an aggregate firm limit of $750 million for cash and securities, including a sub-limit of $1.9 million per client for cash above basic SIPC. Account protection applies when a SIPC member fails financially and is unable to meet its obligations to clients. This coverage does not protect against market fluctuations. RJF has provided an indemnity to Lloyd’s of London against any and all losses they may incur associated with the excess SIPC policies.

Legal and regulatory matters contingencies

In the normal course of our business, we have been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with our activities as a diversified financial services institution.

RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations (“SROs”). Reviews can result in the imposition of sanctions for regulatory violations, ranging from non-monetary censures to fines and, in serious cases, temporary or permanent suspension from conducting business, or limitations on certain business activities. In addition, regulatory agencies and SROs institute investigations from time to time into industry practices, among other things, which can also result in the imposition of such sanctions.

We may contest liability and/or the amount of damages, as appropriate, in each pending matter. The level of litigation and investigatory activity (both formal and informal) by government and self-regulatory agencies in the financial services industry continues to be significant. There can be no assurance that material losses will not be incurred from claims that have not yet been asserted or are not yet determined to be material.

For many legal and regulatory matters, we are unable to estimate a range of reasonably possible loss as we cannot predict if, how or when such proceedings or investigations will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be. A large number of factors may contribute to this inherent unpredictability: the proceeding is in its early stages; the damages sought are unspecified, unsupported or uncertain; it is unclear whether a case brought as a class action will be allowed to proceed on that basis; the other party is seeking relief other than or in addition to compensatory damages (including, in the case of regulatory and governmental proceedings, potential fines and penalties); the matters present significant legal uncertainties; we have not engaged in settlement discussions; discovery is not complete; there are significant facts in dispute; and numerous parties are named as defendants (including where it is uncertain how liability might be shared among defendants). Subject to the foregoing, after consultation with counsel, we believe that the outcome of such litigation and regulatory proceedings will not have a material adverse effect on our consolidated financial condition. However, the outcome of such litigation and regulatory proceedings could be material to our operating results and cash flows for a particular future period, depending on, among other things, our revenues or income for such period.

There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss. With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of March 31, 2025, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $30 million in excess of the aggregate accruals for such matters. Refer to Note 2 of our 2024 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 17 – SHAREHOLDERS’ EQUITY

Preferred stock

The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock. For further details regarding our preferred stock see Note 20 of our 2024 Form 10-K.


$ in millions	March 31, 2025		September 30, 2024
6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”):
Shares outstanding	80,500		80,500
Carrying value	$	79	$	79
Aggregate liquidation preference	$	81	$	81

The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three and six months ended March 31, 2025 and 2024.


	Three months ended March 31,				Six months ended March 31,
$ in millions, except per share amounts	2025		2024		2025		2024




Dividends declared:
Total dividends declared	$	2	$	2	$	3	$	3
Dividends declared per preferred share	$	15.94	$	15.94	$	31.88	$	31.88








Dividends paid:
Total dividends paid	$	2	$	2	$	3	$	3
Dividends paid per preferred share	$	15.94	$	15.94	$	31.88	$	31.88

Common equity

The following table presents the changes in our common shares outstanding for the three and six months ended March 31, 2025 and 2024.


	Three months ended March 31,		Six months ended March 31,
Shares in millions	2025	2024	2025	2024
Balance beginning of period	204.6	208.7	203.3	208.8
Repurchases of common stock under the Board of Directors’ common stock repurchase authorization	(1.7)	(1.7)	(2.0)	(3.1)
Issuances due to vesting of RSUs, employee stock purchases, and exercise of stock options, net of forfeitures	0.2	0.3	1.8	1.6


Balance end of period	203.1	207.3	203.1	207.3

We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs, some of which may be reissued out of treasury shares. See Note 20 of this Form 10-Q and Note 23 of our 2024 Form 10-K for additional information on these programs.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Share repurchases

We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution, which could arise from share issuances resulting from share-based compensation programs or acquisitions. In December 2024, our Board of Directors authorized common stock repurchases of up to $1.5 billion, which replaced the previous authorization. Our share repurchases are effected primarily through regular open-market purchases, typically under a SEC Rule 10b-18 plan, the amounts and timing of which are determined primarily by our current and projected capital position, applicable legal and regulatory constraints, general market conditions and the price and trading volumes of our common stock. During the three months ended March 31, 2025, we repurchased 1.7 million shares of our common stock for $250 million at an average price of $145.65 per share under the Board of Directors’ common stock repurchase authorization. During the six months ended March 31, 2025, we repurchased 2.0 million shares of our common stock for $300 million at an average price of $148.03 per share. As of March 31, 2025, $1.20 billion remained available under the Board of Directors’ common stock repurchase authorization.

Common stock dividends

Dividends per common share declared and paid are detailed in the following table for each respective period.


	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Dividends per common share - declared	$	0.50	$	0.45	$	1.00	$	0.90
Dividends per common share - paid	$	0.50	$	0.45	$	0.95	$	0.87

Our dividend payout ratio is detailed in the following table for each respective period and is computed by dividing dividends declared per common share by earnings per diluted common share.


	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Dividend payout ratio	21.2	%	20.3	%	19.2	%	19.8	%

We expect to continue paying cash dividends; however, the payment and rate of dividends on our common stock are subject to several factors including our operating results, financial and regulatory requirements or restrictions, and the availability of funds from our subsidiaries, including our broker-dealer and bank subsidiaries, which may also be subject to restrictions under regulatory capital rules. The availability of funds from subsidiaries may also be subject to restrictions contained in loan covenants of certain broker-dealer loan agreements and restrictions by our regulators on dividends to the parent from our subsidiaries. See Note 21 of this Form 10-Q for additional information on our regulatory capital requirements.


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Accumulated other comprehensive income/(loss)

All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI.


$ in millions	Net investment hedges		Currency translations		Subtotal: net investment hedges and currency translations		Available- for-sale securities		Cash flow hedges		Total
Three months ended March 31, 2025
AOCI as of beginning of period	$	202	$	(279)	$	(77)	$	(591)	$	13	$	(655)
OCI:
OCI before reclassifications and taxes	4		16		20		125		(2)		143
Amounts reclassified from AOCI, before tax	—		—		—		—		(5)		(5)
Pre-tax net OCI	4		16		20		125		(7)		138
Income tax effect	(1)		—		(1)		(30)		2		(29)
OCI for the period, net of tax	3		16		19		95		(5)		109
AOCI as of end of period	$	205	$	(263)	$	(58)	$	(496)	$	8	$	(546)

Six months ended March 31, 2025
AOCI as of beginning of period	$	145	$	(169)	$	(24)	$	(485)	$	7	$	(502)
OCI:
OCI before reclassifications and taxes	79		(94)		(15)		(19)		13		(21)
Amounts reclassified from AOCI, before tax	—		—		—		2		(12)		(10)
Pre-tax net OCI	79		(94)		(15)		(17)		1		(31)
Income tax effect	(19)		—		(19)		6		—		(13)
OCI for the period, net of tax	60		(94)		(34)		(11)		1		(44)
AOCI as of end of period	$	205	$	(263)	$	(58)	$	(496)	$	8	$	(546)

Three months ended March 31, 2024
AOCI as of beginning of period	$	121	$	(165)	$	(44)	$	(672)	$	23	$	(693)
OCI:
OCI before reclassifications and taxes	29		(33)		(4)		(34)		18		(20)
Amounts reclassified from AOCI, before tax	—		—		—		—		(9)		(9)
Pre-tax net OCI	29		(33)		(4)		(34)		9		(29)
Income tax effect	(7)		—		(7)		8		(3)		(2)
OCI for the period, net of tax	22		(33)		(11)		(26)		6		(31)
AOCI as of end of period	$	143	$	(198)	$	(55)	$	(698)	$	29	$	(724)

Six months ended March 31, 2024
AOCI as of beginning of period	$	143	$	(216)	$	(73)	$	(942)	$	44	$	(971)
OCI:
OCI before reclassifications and taxes	—		18		18		324		—		342
Amounts reclassified from AOCI, before tax	—		—		—		—		(19)		(19)
Pre-tax net OCI	—		18		18		324		(19)		323
Income tax effect	—		—		—		(80)		4		(76)
OCI for the period, net of tax	—		18		18		244		(15)		247
AOCI as of end of period	$	143	$	(198)	$	(55)	$	(698)	$	29	$	(724)

Reclassifications from AOCI to net income, excluding taxes, for the six months ended March 31, 2025 were recorded in “Other” revenue and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income. Reclassifications from AOCI to net income, excluding taxes, for the three months ended March 31, 2025 and three and six months ended March 31, 2024 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2024 Form 10-K. In addition, see Note 5 of this Form 10-Q for additional information on these derivatives.

NOTE 18 – REVENUES

The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2024 Form 10-K. See Note 26 of our 2024 Form 10-K and Note 23 of this Form 10-Q for additional information on our segments.


	Three months ended March 31, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,457	$	1	$	278	$	—	$	(11)	$	1,725
Brokerage revenues:
Securities commissions:
Mutual and other fund products	152		2		1		—		—		155
Insurance and annuity products	117		—		—		—		—		117
Equities, exchange-traded funds (“ETFs”) and fixed income products	123		38		1		—		(3)		159
Subtotal securities commissions	392		40		2		—		(3)		431
Principal transactions (1)	27		121		—		1		—		149
Total brokerage revenues	419		161		2		1		(3)		580
Account and service fees:
Mutual fund and annuity service fees	130		—		3		—		(1)		132
RJBDP fees	313		2		—		—		(185)		130
Client account and other fees	66		1		3		—		(11)		59
Total account and service fees	509		3		6		—		(197)		321
Investment banking:
Merger & acquisition and advisory	—		129		—		—		—		129
Equity underwriting	9		31		—		—		—		40
Debt underwriting	—		47		—		—		—		47
Total investment banking	9		207		—		—		—		216
Other:
Affordable housing investments business revenues	—		20		—		—		—		20
All other (1)	6		—		—		14		—		20
Total other	6		20		—		14		—		40
Total non-interest revenues	2,400		392		286		15		(211)		2,882
Interest income (1)	110		28		3		802		20		963
Total revenues	2,510		420		289		817		(191)		3,845
Interest expense	(24)		(24)		—		(383)		(11)		(442)
Net revenues	$	2,486	$	396	$	289	$	434	$	(202)	$	3,403

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


	Three months ended March 31, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,283	$	1	$	242	$	—	$	(10)	$	1,516
Brokerage revenues:
Securities commissions:
Mutual and other fund products	141		1		1		—		—		143
Insurance and annuity products	127		—		—		—		—		127
Equities, ETFs and fixed income products	113		35		—		—		(4)		144
Subtotal securities commissions	381		36		1		—		(4)		414
Principal transactions (1)	26		86		—		2		—		114
Total brokerage revenues	407		122		1		2		(4)		528
Account and service fees:
Mutual fund and annuity service fees	115		—		4		—		—		119
RJBDP fees	366		2		—		—		(208)		160
Client account and other fees	64		1		1		—		(10)		56
Total account and service fees	545		3		5		—		(218)		335
Investment banking:
Merger & acquisition and advisory	—		107		—		—		—		107
Equity underwriting	8		23		—		—		—		31
Debt underwriting	—		41		—		—		—		41
Total investment banking	8		171		—		—		—		179
Other:
Affordable housing investments business revenues	—		22		—		—		—		22
All other (1)	6		—		1		9		(7)		9
Total other	6		22		1		9		(7)		31
Total non-interest revenues	2,249		319		249		11		(239)		2,589
Interest income (1)	122		26		3		868		30		1,049
Total revenues	2,371		345		252		879		(209)		3,638
Interest expense	(30)		(24)		—		(455)		(11)		(520)
Net revenues	$	2,341	$	321	$	252	$	424	$	(220)	$	3,118

(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


	Six months ended March 31, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	2,933	$	1	$	560	$	—	$	(26)	$	3,468
Brokerage revenues:
Securities commissions:
Mutual and other fund products	304		4		2		—		(1)		309
Insurance and annuity products	235		—		—		—		—		235
Equities, ETFs and fixed income products	256		76		2		—		(7)		327
Subtotal securities commissions	795		80		4		—		(8)		871
Principal transactions (1)	57		207		—		4		—		268
Total brokerage revenues	852		287		4		4		(8)		1,139
Account and service fees:
Mutual fund and annuity service fees	256		—		7		—		(1)		262
RJBDP fees	644		3		—		—		(373)		274
Client account and other fees	136		4		5		—		(18)		127
Total account and service fees	1,036		7		12		—		(392)		663
Investment banking:
Merger & acquisition and advisory	—		355		—		—		—		355
Equity underwriting	17		66		—		—		—		83
Debt underwriting	—		103		—		—		—		103
Total investment banking	17		524		—		—		—		541
Other:
Affordable housing investments business revenues	—		49		—		—		—		49
All other (1)	11		1		—		22		(4)		30
Total other	11		50		—		22		(4)		79
Total non-interest revenues	4,849		869		576		26		(430)		5,890
Interest income (1)	236		57		7		1,649		41		1,990
Total revenues	5,085		926		583		1,675		(389)		7,880
Interest expense	(51)		(50)		—		(816)		(23)		(940)
Net revenues	$	5,034	$	876	$	583	$	859	$	(412)	$	6,940

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


	Six months ended March 31, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	2,474	$	1	$	466	$	—	$	(18)	$	2,923
Brokerage revenues:
Securities commissions:
Mutual and other fund products	277		3		3		—		(3)		280
Insurance and annuity products	252		—		—		—		—		252
Equities, ETFs and fixed income products	202		68		—		—		(5)		265
Subtotal securities commissions	731		71		3		—		(8)		797
Principal transactions (1)	58		191		—		4		—		253
Total brokerage revenues	789		262		3		4		(8)		1,050
Account and service fees:
Mutual fund and annuity service fees	221		—		5		—		(1)		225
RJBDP fees	741		3		—		—		(432)		312
Client account and other fees	129		3		6		—		(21)		117
Total account and service fees	1,091		6		11		—		(454)		654
Investment banking:
Merger & acquisition and advisory	—		225		—		—		—		225
Equity underwriting	19		49		—		—		—		68
Debt underwriting	—		67		—		—		—		67
Total investment banking	19		341		—		—		—		360
Other:
Affordable housing investments business revenues	—		45		—		—		—		45
All other (1)	10		1		1		22		(10)		24
Total other	10		46		1		22		(10)		69
Total non-interest revenues	4,383		656		481		26		(490)		5,056
Interest income (1)	240		49		6		1,740		67		2,102
Total revenues	4,623		705		487		1,766		(423)		7,158
Interest expense	(56)		(46)		—		(901)		(24)		(1,027)
Net revenues	$	4,567	$	659	$	487	$	865	$	(447)	$	6,131

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.

At March 31, 2025 and September 30, 2024, net receivables related to contracts with customers were $456 million and $600 million, respectively.


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NOTE 19 – INTEREST INCOME AND INTEREST EXPENSE

The following table details the components of interest income and interest expense.


	Three months ended March 31,				Six months ended March 31,
$ in millions	2025		2024		2025		2024
Interest income:
Cash and cash equivalents	$	104	$	128	$	228	$	260
Assets segregated for regulatory purposes and restricted cash	36		47		78		94
Trading assets — debt securities	19		19		38		34
Available-for-sale securities	48		56		97		112
Brokerage client receivables	41		47		86		92
Bank loans, net	690		727		1,408		1,461
All other	25		25		55		49
Total interest income	$	963	$	1,049	$	1,990	$	2,102
Interest expense:
Bank deposits	$	370	$	441	790		$	872
Trading liabilities — debt securities	10		11		21		22
Brokerage client payables	17		21		37		41
Other borrowings	7		8		14		16
Senior notes payable	23		23		46		46
All other	15		16		32		30
Total interest expense	$	442	$	520	$	940	$	1,027
Net interest income	$	521	$	529	$	1,050	$	1,075
Less: Bank loan provision for credit losses	16		21		16		33
Net interest income after bank loan provision for credit losses	$	505	$	508	$	1,034	$	1,042

Interest expense related to bank deposits in the preceding table excludes interest expense associated with affiliate deposits, which has been eliminated in consolidation.

NOTE 20 – SHARE-BASED COMPENSATION

We have one share-based compensation plan, the Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (“the Plan”), for our employees, Board of Directors, and independent contractor financial advisors. We may utilize treasury shares for grants under the Plan, though we are also permitted to issue new shares. Our share-based compensation awards are primarily issued during the first quarter of each fiscal year. Our share-based compensation accounting policies are described in Note 2 of our 2024 Form 10-K. Other information related to our share-based awards is presented in Note 23 of our 2024 Form 10-K.

Restricted stock units

During the three and six months ended March 31, 2025, we granted approximately 572 thousand and 1.8 million RSUs, respectively, with a weighted-average grant-date fair value of $159.65 and $163.04, respectively, compared with approximately 87 thousand and 1.8 million RSUs granted during the three and six months ended March 31, 2024, respectively, with a weighted-average grant-date fair value of $117.55 and $107.21, respectively. For the three and six months ended March 31, 2025, total share-based compensation amortization related to RSUs was $52 million and $143 million, respectively, compared with $53 million and $140 million for the three and six months ended March 31, 2024, respectively.

As of March 31, 2025, there were $420 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the six months ended March 31, 2025. These costs are expected to be recognized over a weighted-average period of three years.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Restricted stock awards

Restricted stock awards (“RSAs”) were issued as a component of our total purchase consideration for TriState Capital Holdings, Inc. (“TriState Capital”) on June 1, 2022, in accordance with the terms of the acquisition. For the three and six months ended March 31, 2025, total share-based compensation amortization related to these RSAs was $1 million and $2 million, respectively, compared with $2 million and $4 million for the three and six months ended March 31, 2024, respectively. As of March 31, 2025, there were $3 million of total pre-tax compensation costs not yet recognized for these RSAs. These costs are expected to be recognized over a weighted-average period of 1.4 years. See Note 3 of our 2024 Form 10-K for additional information regarding the acquisition of TriState Capital.

NOTE 21 – REGULATORY CAPITAL REQUIREMENTS

RJF, as a bank holding company and financial holding company, as well as Raymond James Bank, TriState Capital Bank, our broker-dealer subsidiaries and our trust subsidiaries are subject to capital requirements by various regulatory authorities. Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements. Failure to meet applicable capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial results.

As a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”), that has made an election to be a financial holding company, RJF is subject to supervision, examination, and regulation by the Board of Governors of the Federal Reserve System (“the Fed”). We are subject to the Fed’s capital rules which establish an integrated regulatory capital framework and implement, in the U.S., the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. We apply the standardized approach for calculating risk-weighted assets and are also subject to the market risk provisions of the Fed’s capital rules (“market risk rule”).

Under these rules, requirements are established for both the quantity and quality of capital held by banking organizations. RJF, Raymond James Bank, and TriState Capital Bank are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, common equity tier 1 (“CET1”), and total capital to risk-weighted assets. These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make certain discretionary bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. As of March 31, 2025, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.”

For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 24 of our 2024 Form 10-K.

To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” RJF must maintain tier 1 leverage, tier 1 capital, CET1, and total capital amounts and ratios as set forth in the following table.


	Required ratio (1)		Well-capitalized		March 31, 2025				September 30, 2024
$ in millions			Ratio		Amount		Ratio		Amount
RJF:
Tier 1 leverage	4.0	%	N/A (2)		13.3	%	$	10,966	12.8	%	$	10,383
Tier 1 capital	8.5	%	6.0	%	23.5	%	$	10,966	22.8	%	$	10,383
CET1	7.0	%	N/A (2)		23.3	%	$	10,891	22.6	%	$	10,307
Total capital	10.5	%	10.0	%	24.8	%	$	11,585	24.1	%	$	11,001

(1)Requirements for tier 1 capital, CET1, and total capital included a required capital conservation buffer of 2.5%.

(2)The Fed’s regulations do not establish well-capitalized thresholds for these measures for BHCs.

As of March 31, 2025, RJF’s regulatory capital increased compared with September 30, 2024 driven by an increase in equity due to positive earnings, partially offset by share repurchases and dividends. RJF’s tier 1 capital and total capital ratios increased compared with September 30, 2024 resulting from the increase in regulatory capital, partially offset by an increase in risk-weighted assets largely due to an increase in bank loans. RJF’s tier 1 leverage ratio at March 31, 2025 increased compared


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

to September 30, 2024 due to the increase in regulatory capital, which was partially offset by higher average assets, primarily driven by increases in average bank loans, partially offset by a decline in our available-for-sale securities portfolio.

For RJF to maintain its status as a financial holding company, Raymond James Bank and TriState Capital Bank must, among other things, qualify as “well-capitalized.” To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” Raymond James Bank and TriState Capital Bank must maintain tier 1 leverage, tier 1 capital, CET1, and total capital amounts and ratios as set forth in the following table. Our banks’ failure to remain well-capitalized could result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material effect on our financial statements.


	Required ratio (1)		Well-capitalized		March 31, 2025				September 30, 2024
$ in millions			Ratio		Amount		Ratio		Amount
Raymond James Bank:
Tier 1 leverage	4.0	%	5.0	%	8.1	%	$	3,417	8.1	%	$	3,401
Tier 1 capital	8.5	%	8.0	%	14.1	%	$	3,417	14.4	%	$	3,401
CET1	7.0	%	6.5	%	14.1	%	$	3,417	14.4	%	$	3,401
Total capital	10.5	%	10.0	%	15.4	%	$	3,721	15.7	%	$	3,698
TriState Capital Bank:
Tier 1 leverage	4.0	%	5.0	%	7.5	%	$	1,576	7.5	%	$	1,505
Tier 1 capital	8.5	%	8.0	%	17.2	%	$	1,576	16.9	%	$	1,505
CET1	7.0	%	6.5	%	17.2	%	$	1,576	16.9	%	$	1,505
Total capital	10.5	%	10.0	%	17.8	%	$	1,633	17.5	%	$	1,558

(1)Requirements for tier 1 capital, CET1, and total capital included a capital conservation buffer of 2.5%.

Our bank subsidiaries may pay dividends to RJF out of retained earnings without prior approval of their regulators as long as the dividends do not exceed the sum of their current calendar year and the previous two calendar years’ retained net income and they satisfy applicable regulatory capital requirements. Dividends paid to RJF from our bank subsidiaries may be limited to the extent that capital is needed to support balance sheet growth or as part of our liquidity and capital management activities.

Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. The following table presents the net capital position of RJ&A.


$ in millions	March 31, 2025			September 30, 2024
Raymond James & Associates, Inc.:
(Alternative Method elected)
Net capital as a percent of aggregate debit items	32.8		%	33.6		%
Net capital	$	927		$	1,019
Less: required net capital	(57)			(61)
Excess net capital	$	870		$	958

As of March 31, 2025, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 22 – EARNINGS PER SHARE

The following table presents the computation of basic and diluted earnings per common share.


	Three months ended March 31,				Six months ended March 31,
in millions, except per share amounts	2025		2024		2025		2024
Income for basic earnings per common share:
Net income available to common shareholders	$	493	$	474	$	1,092	$	971
Less allocation of earnings and dividends to participating securities	(1)		(1)		(2)		(2)
Net income available to common shareholders after participating securities	$	492	$	473	$	1,090	$	969
Income for diluted earnings per common share:
Net income available to common shareholders	$	493	$	474	$	1,092	$	971
Less allocation of earnings and dividends to participating securities	(1)		(1)		(2)		(2)
Net income available to common shareholders after participating securities	$	492	$	473	$	1,090	$	969
Common shares:
Average common shares in basic computation	204.3		208.3		204.0		208.4
Dilutive effect of outstanding stock options and certain RSUs	4.4		5.1		4.9		5.1
Average common and common equivalent shares used in diluted computation	208.7		213.4		208.9		213.5
Earnings per common share:
Basic	$	2.41	$	2.27	$	5.34	$	4.65
Diluted	$	2.36	$	2.22	$	5.22	$	4.54
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive	1.0		—		1.4		0.1

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of RSAs and certain RSUs, plus an allocation of undistributed earnings to such participating securities. Participating securities and related dividends paid on these participating securities were insignificant for each of the three and six months ended March 31, 2025 and 2024. Undistributed earnings are allocated to participating securities based upon their right to share in earnings as if all earnings for the period had been distributed.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 23 – SEGMENT INFORMATION

We currently operate through the following five segments: PCG; Capital Markets; Asset Management; Bank; and Other.

The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources. For a further discussion of our segments, see Note 26 of our 2024 Form 10-K.

The following table presents information concerning operations in these segments.


	Three months ended March 31,				Six months ended March 31,
$ in millions	2025		2024		2025		2024
Net revenues:
Private Client Group	$	2,486	$	2,341	$	5,034	$	4,567
Capital Markets	396		321		876		659
Asset Management	289		252		583		487
Bank	434		424		859		865
Other	13		17		25		43
Intersegment eliminations	(215)		(237)		(437)		(490)
Total net revenues	$	3,403	$	3,118	$	6,940	$	6,131
Pre-tax income/(loss):
Private Client Group	$	431	$	444	$	893	$	883
Capital Markets	36		(17)		110		(14)
Asset Management	121		100		246		193
Bank	117		75		235		167
Other	(34)		7		(64)		10
Total pre-tax income	$	671	$	609	$	1,420	$	1,239

No individual client accounted for more than ten percent of revenues in any of the periods presented.

The following table presents our net interest income on a segment basis.


	Three months ended March 31,				Six months ended March 31,
$ in millions	2025		2024		2025		2024
Net interest income:
Private Client Group (1)	$	86	$	92	$	185	$	184
Capital Markets	4		2		7		3
Asset Management	3		3		7		6
Bank	419		413		833		839
Other (1)	9		19		18		43
Net interest income	$	521	$	529	$	1,050	$	1,075

(1)Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reallocation of interest income from the Other segment to the PCG segment. Prior-period segment results have not been conformed to the current-period presentation.

The following table presents our total assets on a segment basis.


$ in millions	March 31, 2025		September 30, 2024
Total assets:
Private Client Group	$	13,254	$	13,413
Capital Markets	3,354		3,518
Asset Management	595		616
Bank	62,700		62,367
Other	3,229		3,078
Total	$	83,132	$	82,992


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The following table presents goodwill, which was included in our total assets, on a segment basis.


$ in millions	March 31, 2025		September 30, 2024
Goodwill:
Private Client Group	$	571	$	578
Capital Markets	275		275
Asset Management	69		69
Bank	529		529
Total	$	1,444	$	1,451

We have operations in the U.S., Canada, and Europe. The vast majority of our long-lived assets are located in the U.S. The following table presents our net revenues and pre-tax income/(loss) classified by major geographic area in which they were earned.


	Three months ended March 31,				Six months ended March 31,
$ in millions	2025		2024		2025		2024
Net revenues:
U.S.	$	3,116	$	2,846	$	6,338	$	5,607
Canada	161		155		325		294
Europe	126		117		277		230
Total net revenues	$	3,403	$	3,118	$	6,940	$	6,131
Pre-tax income/(loss):
U.S.	$	637	$	581	$	1,329	$	1,186
Canada	35		37		74		64
Europe	(1)		(9)		17		(11)
Total pre-tax income	$	671	$	609	$	1,420	$	1,239

The following table presents our total assets by major geographic area in which they were held.


$ in millions	March 31, 2025		September 30, 2024
Total assets:
U.S.	$	77,092	$	77,033
Canada	3,347		3,347
Europe	2,693		2,612
Total	$	83,132	$	82,992

The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.


$ in millions	March 31, 2025		September 30, 2024
Goodwill:
U.S.	$	1,250	$	1,250
Canada	23		25
Europe	171		176
Total	$	1,444	$	1,451


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES						Index

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