RAYMOND JAMES FINANCIAL INC 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Table of Contents PAGE Report of Independent Registered Public Accounting Firm (PCAOB ID No. 185 ) 85 Consolidated Statements of Financial Condition 88 Consolidated Statements of Income and Comprehensive Income 89 Consolidated Statements of Changes in Shareholders’ Equity 90 Consolidated Statements of Cash Flows 91 Notes to Consolidated Financial Statements Note 1 - Organization and basis of presentation 93 Note 2 - Summary of significant accounting policies 93 Note 3 - Fair value 113 Note 4 - Available-for-sale securities 118 Note 5 - Derivative assets and derivative liabilities 121 Note 6 - Collateralized agreements and financings 123 Note 7 - Bank loans, net 124 Note 8 - Loans to financial advisors, net 132 Note 9 - Variable interest entities 132 Note 10 - Goodwill and identifiable intangible assets, net 134 Note 11 - Other assets 135 Note 12 - Property and equipment, net 136 Note 13 - Leases 136 Note 14 - Bank deposits 137 Note 15 - Other borrowings 139 Note 16 - Senior notes payable 140 Note 17 - Income taxes 141 Note 18 - Commitments, contingencies and guarantees 145 Note 19 - Shareholders’ equity 147 Note 20 - Revenues 150 Note 21 - Interest income and interest expense 153 Note 22 - Share-based and other compensation 153 Note 23 - Regulatory capital requirements 155 Note 24 - Earnings per share 157 Note 25 - Segment information 158 Note 26 - Condensed financial information (parent company only) 160 84 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors Raymond James Financial, Inc.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated statements of financial condition of Raymond James Financial, Inc. and subsidiaries (the Company) as of September 30, 2025 and 2024, the related consolidated statements of income and comprehensive income, changes in shareholders’ equity, and cash flows for each of the years in the three-year period ended September 30, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended September 30, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated November 25, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Assessment of the allowance for credit losses related to the commercial and industrial (C&I) and the commercial real estate (CRE) portfolio segments that are collectively evaluated for impairment As discussed in Note 2 and Note 7 to the consolidated financial statements, the Company’s allowance for credit losses on loans was $452 million as of September 30, 2025, a portion of which related to the Raymond James Bank (“Bank”) allowance for credit losses (ACL) on C&I and CRE portfolio segments evaluated on a collective basis (the collective ACL). The Company estimates the collective ACL using a current expected credit losses methodology which is based on relevant information about historical losses, current conditions, and reasonable and supportable forecasts of economic conditions that affect the collectability of loan balances. The collective ACL is a product of multiplying the Company’s 85 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index estimates of probability of default (PD), loss given default (LGD) and exposure at default. The Company uses third-party historical information combined with macroeconomic variables over the reasonable and supportable forecast periods based on a single economic forecast scenario to estimate the PDs and LGDs. After the reasonable and supportable forecast periods, for the C&I portfolio segment, the Company reverts to historical loss information over a one-year period using a straight-line reversion approach. For the CRE portfolio segment, the Company incorporates a reasonable and supportable forecast of various macroeconomic variables over the remaining life of the assets. The estimated PDs and LGDs are applied to estimated exposure at default considering the contractual loan term adjusted for expected prepayments to estimate expected losses. Adjustments are made to the collective ACL to reflect certain qualitative factors that are not incorporated into the quantitative models and related estimate. We identified the assessment of the September 30, 2025 collective ACL on Raymond James Bank loans related to the C&I and CRE portfolio segments as a critical audit matter. A high degree of audit effort, including specialized skills and knowledge, and subjective and complex auditor judgment was involved in the assessment due to significant measurement uncertainty. Specifically, the assessment encompassed the evaluation of the September 30, 2025 collective ACL methodology, including the methods and models used to estimate the PDs and LGDs and their significant assumptions. Such significant assumptions included portfolio segmentation, risk ratings, the selection of the single economic forecast scenario and macroeconomic variables, the reasonable and supportable forecast periods and the reversion periods, and third-party historical information. The assessment also included the evaluation of the qualitative factors by portfolio segment. The assessment also included an evaluation of the conceptual soundness and performance of the PD and LGD models. In addition, auditor judgment was required to evaluate the sufficiency of audit evidence obtained. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s measurement of the September 30, 2025 collective ACL estimate on Raymond James Bank loans related to the C&I and CRE portfolio segments, including controls over the: • development of the collective ACL methodology on Bank loans related to the C&I and CRE portfolio segments • development of the PD and LGD models • identification and determination of the significant assumptions used in the PD and LGD models • development of the qualitative methodology and factors • performance monitoring of the PD and LGD models • analysis of the collective ACL on Bank loans related to the C&I and CRE portfolio segments results, trends, and ratios. We evaluated the Company’s process to develop the September 30, 2025 collective ACL estimate on Bank loans related to the C&I and CRE portfolio segments by testing certain sources of data, factors, and assumptions that the Company used, and considered the relevance and reliability of such data, factors, and assumptions. In addition, we involved credit risk professionals with specialized skills and knowledge, who assisted in: • evaluating the Company’s collective ACL methodology for compliance with U.S. generally accepted accounting principles • evaluating judgments made by the Company relative to the development and performance testing of the PD and LGD models by comparing them to relevant Company-specific metrics and trends and the applicable industry and regulatory practices • assessing the conceptual soundness and performance of the PD and LGD models by inspecting the model documentation to determine whether the models are suitable for the intended use • evaluating the selection of the economic forecast scenario and underlying macroeconomic variables by comparing it to the Company’s business environment and relevant industry practices • evaluating the length of the reasonable and supportable forecast periods and the reversion periods by comparing them to specific portfolio segment risk characteristics and trends • determining whether the loan portfolio is segmented by similar risk characteristics by comparing to the Company’s business environment and relevant industry practices • evaluating the relevance of third-party historical information used by comparing to specific portfolio segment risk characteristics • performing credit file reviews on a selection of loans to assess loan characteristics or risk ratings by evaluating the financial performance of the borrower, sources of repayment, and any relevant guarantees or underlying collateral and • evaluating the methodology used to develop the qualitative factors and the effect of certain factors on the allowance for credit losses on Bank loans compared with relevant credit risk factors and consistency with credit trends and identified limitations of the underlying quantitative models. 86 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index We also assessed the sufficiency of the audit evidence obtained related to the September 30, 2025 collective ACL estimate on Bank loans related to the C&I and CRE portfolio segments by evaluating the: • cumulative results of the audit procedures • qualitative aspects of the Company’s accounting practices and potential bias in the accounting estimate. /s/ KPMG LLP We have served as the Company’s auditor since 2001. New York, New York November 25, 2025 87 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION September 30, $ in millions, except per share amounts 2025 2024 Assets: Cash and cash equivalents $ 11,389 $ 10,998 Assets segregated for regulatory purposes and restricted cash 3,398 3,350 Collateralized agreements 698 749 Financial instruments, at fair value: Trading assets ( $ 1,248 and $ 1,263 pledged as collateral) 1,538 1,480 Available-for-sale securities ( $ 9 and $ 11 pledged as collateral) 6,888 8,260 Derivative assets 68 103 Other investments ( $ 8 and $ 7 pledged as collateral) 390 302 Brokerage client receivables, net 2,821 2,711 Other receivables, net 1,814 1,825 Bank loans, net 51,567 45,994 Loans to financial advisors, net 1,626 1,326 Deferred income taxes, net 671 651 Goodwill and identifiable intangible assets, net 1,847 1,886 Other assets 3,515 3,357 Total assets $ 88,230 $ 82,992 Liabilities and shareholders’ equity: Bank deposits $ 58,897 $ 56,010 Collateralized financings 1,111 938 Financial instrument liabilities, at fair value: Trading liabilities 891 976 Derivative liabilities 190 224 Brokerage client payables 5,853 5,825 Accrued compensation, commissions and benefits 2,603 2,325 Other payables 1,961 1,938 Other borrowings 700 1,049 Senior notes payable 3,520 2,040 Total liabilities 75,726 71,325 Commitments and contingencies (see Note 18) Shareholders’ equity Preferred stock 79 79 Common stock; $ .01 par value; 650,000,000 shares authorized; 250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025; 249,972,182 shares issued and 203,291,449 shares outstanding as of September 30, 2024 3 2 Additional paid-in capital 3,235 3,251 Retained earnings 13,604 11,894 Treasury stock, at cost; 51,944,574 and 46,680,733 common shares as of September 30, 2025 and 2024, respectively ( 4,022 ) ( 3,051 ) Accumulated other comprehensive loss ( 396 ) ( 502 ) Total equity attributable to Raymond James Financial, Inc. 12,503 11,673 Noncontrolling interests 1 ( 6 ) Total shareholders’ equity 12,504 11,667 Total liabilities and shareholders’ equity $ 88,230 $ 82,992 See accompanying Notes to Consolidated Financial Statements. 88 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Year ended September 30, in millions, except per share amounts 2025 2024 2023 Revenues: Asset management and related administrative fees $ 7,078 $ 6,196 $ 5,363 Brokerage revenues: Securities commissions 1,775 1,651 1,459 Principal transactions 529 492 462 Total brokerage revenues 2,304 2,143 1,921 Account and service fees 1,262 1,314 1,125 Investment banking 1,069 858 648 Interest income 3,994 4,232 3,748 Other 205 180 187 Total revenues 15,912 14,923 12,992 Interest expense ( 1,847 ) ( 2,102 ) ( 1,373 ) Net revenues 14,065 12,821 11,619 Non-interest expenses: Compensation, commissions and benefits 9,072 8,213 7,299 Non-compensation expenses: Communications and information processing 752 662 599 Occupancy and equipment 308 296 271 Business development 291 257 242 Investment sub-advisory fees 223 182 151 Professional fees 163 150 145 Bank loan provision for credit losses 37 45 132 Other 505 373 500 Total non-compensation expenses 2,279 1,965 2,040 Total non-interest expenses 11,351 10,178 9,339 Pre-tax income 2,714 2,643 2,280 Provision for income taxes 579 575 541 Net income 2,135 2,068 1,739 Preferred stock dividends 5 5 6 Net income available to common shareholders $ 2,130 $ 2,063 $ 1,733 Earnings per common share – basic $ 10.53 $ 9.94 $ 8.16 Earnings per common share – diluted $ 10.30 $ 9.70 $ 7.97 Weighted-average common shares outstanding – basic 202.0 207.1 211.8 Weighted-average common and common equivalent shares outstanding – diluted 206.6 212.3 216.9 Net income $ 2,135 $ 2,068 $ 1,739 Other comprehensive income/(loss), net of tax: Available-for-sale securities 94 457 ( 40 ) Currency translations, net of the impact of net investment hedges 12 49 50 Cash flow hedges — ( 37 ) 1 Total other comprehensive income, net of tax 106 469 11 Total comprehensive income $ 2,241 $ 2,537 $ 1,750 See accompanying Notes to Consolidated Financial Statements. 89 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Year ended September 30, $ in millions, except per share amounts 2025 2024 2023 Preferred stock: Balance beginning of year $ 79 $ 79 $ 120 Redemption of preferred stock — — ( 41 ) Balance end of year 79 79 79 Common stock, par value $ .01 per share: Balance beginning of year 2 2 2 Share issuances 1 — — Balance end of year 3 2 2 Additional paid-in capital: Balance beginning of year 3,251 3,143 2,987 Share-based compensation amortization 248 248 230 Net activity under employee stock plans ( 264 ) ( 140 ) ( 74 ) Balance end of year 3,235 3,251 3,143 Retained earnings: Balance beginning of year 11,894 10,213 8,843 Net income attributable to Raymond James Financial, Inc. 2,135 2,068 1,739 Common and preferred stock cash dividends declared (see Note 19) ( 425 ) ( 387 ) ( 369 ) Balance end of year 13,604 11,894 10,213 Treasury stock: Balance beginning of year ( 3,051 ) ( 2,252 ) ( 1,512 ) Purchases ( 1,124 ) ( 921 ) ( 810 ) Reissuances under employee stock plans 153 122 70 Balance end of year ( 4,022 ) ( 3,051 ) ( 2,252 ) Accumulated other comprehensive income/(loss): Balance beginning of year ( 502 ) ( 971 ) ( 982 ) Other comprehensive income, net of tax 106 469 11 Balance end of year ( 396 ) ( 502 ) ( 971 ) Total equity attributable to Raymond James Financial, Inc. $ 12,503 $ 11,673 $ 10,214 Noncontrolling interests: Balance beginning of year $ ( 6 ) $ ( 27 ) $ ( 26 ) Net changes in noncontrolling interests 7 21 ( 1 ) Balance end of year 1 ( 6 ) ( 27 ) Total shareholders’ equity $ 12,504 $ 11,667 $ 10,187 See accompanying Notes to Consolidated Financial Statements. 90 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year ended September 30, $ in millions 2025 2024 2023 Cash flows from operating activities: Net income $ 2,135 $ 2,068 $ 1,739 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 195 179 165 Deferred income taxes, net ( 52 ) ( 83 ) ( 88 ) Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments ( 19 ) ( 36 ) ( 49 ) Provisions for credit losses and legal and regulatory matters 122 21 292 Share-based compensation expense 254 254 237 Unrealized gains on corporate-owned life insurance policies, net of expenses ( 133 ) ( 233 ) ( 96 ) Other 39 22 10 Net change in: Collateralized agreements, net of collateralized financings 223 270 157 Loans (provided to) financial advisors, net of repayments ( 328 ) ( 223 ) ( 7 ) Brokerage client receivables and other receivables, net ( 106 ) ( 362 ) 257 Trading instruments, net ( 145 ) ( 34 ) ( 33 ) Derivative instruments, net 46 ( 151 ) ( 130 ) Other assets 119 9 ( 52 ) Brokerage client payables and other payables 7 91 ( 6,088 ) Accrued compensation, commissions and benefits 279 404 123 Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale ( 202 ) ( 41 ) 49 Net cash provided by/(used in) operating activities 2,434 2,155 ( 3,514 ) Cash flows from investing activities: Increase in bank loans, net ( 5,711 ) ( 2,599 ) ( 1,262 ) Proceeds from sales of loans held for investment 245 415 680 Purchases of available-for-sale securities ( 582 ) ( 503 ) ( 611 ) Available-for-sale securities maturations, repayments and redemptions 1,976 2,010 1,262 Proceeds from sales of available-for-sale securities 78 — — Additions to property and equipment ( 188 ) ( 205 ) ( 173 ) Sales/(purchases) of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock, net 11 — ( 26 ) Renewable energy tax credit equity investments ( 20 ) ( 42 ) ( 69 ) Sales/(purchases) of other investments, net ( 73 ) 20 ( 6 ) Other investing activities, net ( 57 ) ( 64 ) ( 69 ) Net cash used in investing activities ( 4,321 ) ( 968 ) ( 274 ) Cash flows from financing activities: Increase in bank deposits 2,887 1,811 2,842 Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements ( 1,267 ) ( 984 ) ( 862 ) Dividends on common and preferred stock ( 416 ) ( 383 ) ( 355 ) Exercise of stock options and employee stock purchases 31 46 46 Redemption of preferred stock — — ( 40 ) Proceeds from senior notes issuance, net of debt issuance costs paid 1,480 — — Redemption of subordinated notes ( 98 ) — — Proceeds from FHLB advances 750 1,300 3,200 Repayments of FHLB advances ( 1,000 ) ( 1,350 ) ( 3,391 ) Other financing, net ( 6 ) ( 2 ) ( 2 ) Net cash provided by financing activities 2,361 438 1,438 See accompanying Notes to Consolidated Financial Statements. 91 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year ended September 30, $ in millions 2025 2024 2023 Currency adjustment: Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes ( 35 ) 175 239 Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash 439 1,800 ( 2,111 ) Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year 14,348 12,548 14,659 Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year $ 14,787 $ 14,348 $ 12,548 Cash and cash equivalents $ 11,389 $ 10,998 $ 9,313 Cash and cash equivalents segregated for regulatory purposes and restricted cash 3,398 3,350 3,235 Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year $ 14,787 $ 14,348 $ 12,548 Supplemental disclosures of cash flow information: Cash paid for interest $ 1,853 $ 2,119 $ 1,310 Cash paid for income taxes, net $ 651 $ 664 $ 565 Cash outflows for lease liabilities $ 133 $ 121 $ 123 Non-cash right-of-use (“ROU”) lease assets recorded for new and modified leases $ 101 $ 63 $ 143 See accompanying Notes to Consolidated Financial Statements. 92 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 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. For additional information about our business segments, see Note 25. 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 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 and in Note 9. 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 The preparation of consolidated financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the 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 consolidated financial statements. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recent accounting developments Accounting guidance recently adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued amended guidance related to disclosures for segment reporting (ASU 2023-07). The amendment requires a public entity to disclose on an annual and interim basis, for each reportable segment, the significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The guidance also requires a public entity to disclose, for each reportable segment, an amount for other segment items (those not captured as a significant expense) and the reported measure of a segment’s profit or loss. We adopted this guidance on a retrospective basis as of October 1, 2024. Since this amendment only requires additional disclosures, adoption did not have an impact on our financial position, results of operations, or cash flows. Refer to Note 25 for additional disclosures required by this guidance. Significant accounting policies Recognition of non-interest revenues Revenue from contracts with customers is recognized when promised services are delivered to our customers in an amount we expect to receive in exchange for those services (i.e., the transaction price). Contracts with customers can include multiple services, which are accounted for as separate “performance obligations” if they are determined to be distinct. Our performance obligations to our customers are generally satisfied when we transfer the promised service to our customer, either at a point in time or over time. Revenue from a performance obligation transferred at a point in time is recognized at the time that the customer obtains control over the promised service. Revenue from our performance obligations satisfied over time is 93 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index recognized in a manner that depicts our performance in transferring control of the service, which is generally measured based on time elapsed, as our customers receive the benefit of our services as they are provided. Payment for the majority of our services is considered to be variable consideration, as the amount of revenue we expect to receive is subject to factors outside of our control, including market conditions. Variable consideration is only included in revenue when amounts are not subject to significant reversal, which is generally when uncertainty around the amount of revenue to be received is resolved. We record deferred revenue from contracts with customers when payment is received prior to the performance of our obligation to the customer. We involve third parties in providing services to the customer for certain of our contracts with customers. We are generally deemed to control the promised services before they are transferred to the customer. Accordingly, we present the related revenues gross of the related costs. We have elected the practical expedient allowed by the accounting guidance to not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. See Note 20 for additional information on our revenues. Asset management and related administrative fees We earn asset management and related administrative fees for performing asset management, portfolio management and related administrative services to retail and institutional clients. Such fees are generally based on the values of our Private Client Group (“PCG”) client assets in fee-based accounts and fee-billable assets managed by our Raymond James Investment Management division (“Raymond James Investment Management”), with certain propriety mutual fund fees based on the net asset value of the fund. Asset values are impacted by market fluctuations and net inflows or outflows of assets. Fees are generally collected quarterly and are based on balances either at the beginning of the quarter or at the end of the quarter, or average balances throughout the quarter. Asset management and related administrative fees are recognized on a monthly basis (i.e., over time) as the services are performed. Revenues related to fee-based accounts under administration in PCG are shared by the PCG and Asset Management segments, the amount of which depends on whether clients are invested in “managed programs” that are overseen by our Asset Management segment (i.e., included in financial assets under management (“AUM”) in the Asset Management segment) and the administrative services provided. The Asset Management segment receives a higher portion of the revenues related to accounts invested in managed programs, as compared to the portion received for non-managed programs, as it is performing portfolio management services in addition to administrative services. Asset management revenues earned by Raymond James Investment Management for retail accounts managed on behalf of third-party institutions, institutional accounts and proprietary mutual funds that we manage are recorded entirely in the Asset Management segment. Brokerage revenues Securities commissions Mutual and other fund products and insurance and annuity products We earn revenues for distribution and related services performed related to mutual and other funds, fixed and variable annuities, and insurance products. Depending on the product sold, we may receive an upfront fee for our services, a trailing commission, or some combination thereof. Upfront commissions received are generally based on a fixed rate applied, as a percentage, to amounts invested or the value of the contract at the time of sale and are generally recognized at the time of sale. Trailing commissions are generally based on a fixed rate applied, as a percentage, to the net asset value of the fund, or the value of the insurance policy or annuity contract. Trailing commissions on eligible products are generally received monthly or quarterly over the period that our client holds the investment or holds the contract. As these trailing commissions are based on factors outside of our control, including market movements and client behavior (i.e., how long clients hold their investment, insurance policy, or annuity contract), such revenue is recognized when it is probable that a significant reversal will not occur. 94 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Equities, ETFs, and fixed income products We earn commissions for executing and clearing transactions for clients, primarily in listed and over-the-counter equity securities, including exchange traded funds (“ETFs”), options, and fixed income products. Such revenues primarily arise from transactions for retail clients in our PCG segment, as well as services related to sales and trading activities transacted on an agency basis in our Capital Markets segment. Commissions are recognized on trade date, generally received from the customer on settlement date, and we record a receivable between the trade date and the date collected from the customer. Principal transactions Principal transactions include revenues from clients’ purchases and sales of financial instruments in which we transact on a principal basis, including fixed income products, equity securities, and derivatives. We make markets in certain fixed income debt instruments and carry inventories to facilitate such transactions. The gains and losses on such inventories, as well as gains or losses on derivative transactions, both realized and unrealized, are reported as principal transactions revenues. Account and service fees Mutual fund and other investment products We earn servicing fees for providing sales and marketing support to third-party financial entities and for supporting the availability and distribution of their products on our platforms. We also earn servicing fees for accounting and administrative services provided to such parties. These fees, which are received monthly or quarterly, are generally based on the market value of the related assets, a fixed annual fee or, in certain cases, the number of positions in such programs, and are recognized over time as the services are performed. Raymond James Bank Deposit Program (“RJBDP”) fees We earn servicing fees from various banks for administrative services we provide related to our clients’ deposits that are swept to such banks as part of the Raymond James Bank Deposit Program, our multi-bank sweep program. The amounts received from third-party banks are variable in nature and fluctuate based on average client cash balances in the program, as well as the level of short-term interest rates and the interest paid to clients by the third-party banks on balances in the RJBDP. The fees are earned over time as the related administrative services are performed and are received monthly. Our PCG segment also earns servicing fees from our Bank segment, which is calculated as the greater of a base servicing fee or a net yield equivalent to the average yield that the firm would otherwise receive from third-party banks in the RJBDP. These intersegment fees, and the offsetting intersegment expense in the Bank segment, are eliminated in consolidation. Investment banking We earn revenues from investment banking transactions, including the underwriting and placement of public and private equity and debt securities, private capital fundraising, merger & acquisition advisory services, and other advisory services. The fees we earn are generally based on the amount of the transaction (e.g., the amount financed), as well as our role in the transaction. Underwriting revenues, which are typically deducted from the proceeds remitted to the issuer, are recognized on trade date if there is no uncertainty or contingency related to the amount to be received. Fees from merger & acquisition and advisory services are generally recognized at the time the services related to the transaction are completed under the terms of the engagement. Fees for merger & acquisition and advisory services are typically received upfront, as non-refundable retainer fees, and/or upon completion of a transaction as a success fee. Expenses related to investment banking transactions are generally deferred until the related revenues are recognized or the services are otherwise concluded. Such expenses, when recognized, are included in “Professional fees” on our Consolidated Statements of Income and Comprehensive Income. Cash and cash equivalents Our cash equivalents include money market funds or highly liquid investments with maturities of three months or less as of our date of purchase, other than those held for trading purposes. 95 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Assets segregated for regulatory purposes and restricted cash We segregate assets for regulatory and other purposes predominantly related to client activity. Our broker-dealers carrying client accounts are generally subject to requirements to maintain cash or qualified securities on deposit in a segregated reserve account for the exclusive benefit of their clients. Such amounts are included in “Assets segregated for regulatory purposes and restricted cash” on our Consolidated Statements of Financial Condition as of each respective period end. These amounts largely include cash and cash equivalents but may also include highly liquid securities, such as U.S. Treasury securities (“U.S. Treasuries”), which are carried at fair value on our Consolidated Statements of Financial Condition. These assets are classified as Level 1 in the fair value hierarchy. We may also from time to time be required to restrict cash for other corporate purposes. In addition, Raymond James Ltd. (“RJ Ltd.”) holds client Registered Retirement Savings Plan funds in trust in accordance with Canadian retirement plan regulations. Collateralized agreements and financings Securities purchased under agreements to resell and securities sold under agreements to repurchase We purchase securities under short-term agreements to resell (“reverse repurchase agreements”). Additionally, we sell securities under short-term agreements to repurchase (“repurchase agreements”). Reverse repurchase agreements and repurchase agreements are accounted for as collateralized agreements and collateralized financings, respectively, and are carried at contractual amounts plus accrued interest. We receive collateral with a fair value that is typically equal to or in excess of the principal amount loaned under reverse repurchase agreements to mitigate credit exposure. To ensure that the market value of the underlying collateral remains sufficient, collateral values are evaluated on a daily basis, and collateral is obtained from or returned to the counterparty when contractually required. Under repurchase agreements, we are required to post collateral in an amount that typically exceeds the carrying value of these agreements. In the event that the market value of the securities we pledge as collateral declines, we may have to post additional collateral or reduce borrowing amounts. Reverse repurchase agreements and repurchase agreements are included in “Collateralized agreements” and “Collateralized financings,” respectively, on our Consolidated Statements of Financial Condition. See Note 6 for additional information regarding collateralized agreements and financings. Securities borrowed and securities loaned We may act as an intermediary between broker-dealers and other financial institutions whereby we borrow securities from one counterparty and then either lend them to another counterparty or use them in our broker-dealer operations to cover short positions or finance certain firm activities. Where permitted, we have also loaned, to broker-dealers and other financial institutions, securities owned by the firm or our clients or others we have received as collateral. Securities borrowed and securities loaned transactions are accounted for as collateralized agreements and collateralized financings, respectively, and are recorded at the amount of cash advanced or received. In securities borrowed transactions, we are required to deposit cash with the lender in an amount which is generally in excess of the market value of securities borrowed. With respect to securities loaned, we generally receive cash in an amount in excess of the market value of securities loaned. We evaluate the market value of securities borrowed and loaned on a daily basis, with additional collateral exchanged as necessary. Securities borrowed and securities loaned are included in “Collateralized agreements” and “Collateralized financings,” respectively, on our Consolidated Statements of Financial Condition. See Note 6 for additional information regarding collateralized agreements and financings. 96 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Financial instruments, financial instrument liabilities, at fair value “Financial instruments” and “Financial instrument liabilities” are recorded at fair value. Fair value is defined by GAAP as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for the asset or liability. In determining the fair value of our financial instruments in accordance with GAAP, we use various valuation approaches, including market and/or income approaches. Our fair value measurements reflect assumptions that we believe market participants would use in pricing the asset or liability at the measurement date. GAAP provides for the following three levels to be used to classify our fair value measurements. Level 1 - Financial instruments included in Level 1 are highly liquid instruments valued using unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Financial instruments reported in Level 2 include those that have pricing inputs that are other than unadjusted quoted prices in active markets, but which are either directly or indirectly observable as of the reporting date (i.e., prices for similar instruments). Level 3 - Financial instruments reported in Level 3 have little, if any, market activity and are measured using one or more inputs that are significant to the fair value measurement and unobservable. These valuations require judgment and estimation. These instruments are generally valued using discounted cash flow techniques. GAAP requires that we maximize the use of observable inputs and minimize the use of unobservable inputs when performing our fair value measurements. The availability of observable inputs can vary by instrument and, in certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement of an instrument requires judgment and consideration of factors specific to the instrument. Valuation techniques and inputs The fair values of certain financial instruments are derived using pricing models and other valuation techniques that involve management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of our financial instruments. Financial instruments which are actively traded will generally have a higher degree of price transparency than financial instruments that are less frequently traded. In accordance with GAAP, the criteria used to determine whether the market for a financial instrument is active or inactive is based on the particular asset or liability. For debt securities, our definition of actively traded is based on security type, considering liquidity and price transparency. For equity securities, our definition of actively traded is based on average daily trading volume. We have determined the market for other types of financial instruments to be uncertain or inactive as of both September 30, 2025 and 2024. As a result, the valuation of these financial instruments included management judgment in determining the relevance and reliability of market information available. The level within the fair value hierarchy, specific valuation techniques, and other significant accounting policies pertaining to financial instruments at fair value on our Consolidated Statements of Financial Condition are described as follows. Trading assets and trading liabilities Trading assets and trading liabilities are comprised primarily of the financial instruments held by our broker-dealer subsidiaries and include debt securities, equity securities, brokered certificates of deposit, and other financial instruments. Trading assets and trading liabilities are recorded at fair value with realized and unrealized gains and losses reflected in “Principal transactions” in current period net income. When available, we use quoted prices in active markets to determine the fair value of our trading assets and trading liabilities. Such instruments are classified within Level 1 of the fair value hierarchy. When trading instruments are traded in secondary markets and quoted market prices for identical instruments do not exist, we utilize valuation techniques, including matrix pricing, to estimate fair value. Matrix pricing generally utilizes spread-based models periodically re-calibrated to observable inputs such as market trades or to dealer price bids in similar securities in order to derive the fair value of the instruments. Valuation techniques may also rely on other observable inputs such as yield curves, 97 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index interest rates and expected principal prepayments and default probabilities. We utilize prices from third-party pricing services to corroborate our estimates of fair value. Depending upon the type of security, the pricing service may provide a listed price, a matrix price or use other methods. Securities valued using these techniques are classified within Level 2 of the fair value hierarchy. Within each broker-dealer subsidiary, we offset our long and short positions for identical securities recorded at fair value as part of our trading assets (long positions) and trading liabilities (short positions). Available-for-sale securities Available-for-sale securities, which are held in our Bank segment, are classified at the date of purchase. They are comprised primarily of agency mortgage-backed securities (“MBS”), agency collateralized mortgage obligations (“CMOs”), U.S. Treasuries, and other securities which a re guaranteed by the U.S. government or its agencies. Available-for-sale securities are used as part of our interest rate risk and liquidity management strategies. The fair values of our available-for-sale securities are determined by obtaining prices from third-party pricing services, which are primarily based on valuation models. The third-party pricing services provide comparable price evaluations utilizing observable market data for similar securities. Such observable market data is comprised of benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data (including market research publications), and loan performance experience. We utilize other third-party pricing services to corroborate the pricing information obtained from the primary pricing service. The majority of our available-for-sale securities are classified within Level 2 of the fair value hierarchy; however, certain available-for-sale securities are classified within Level 1 of the fair value hierarchy. Interest on available-for-sale securities is recognized in interest income on an accrual basis, with the related accrued interest not yet received reflected in “Other receivables” on our Consolidated Statements of Financial Condition. Discounts are accreted and premiums are amortized as an adjustment to yield over the estimated average life of the security, after factoring in the impact of prepayments. Unrealized gains or losses due to market factors on available-for-sale securities are recorded through other comprehensive income/(loss) (“OCI”), net of applicable taxes, and are thereafter presented in equity as a component of accumulated other comprehensive income (“AOCI”) on our Consolidated Statements of Financial Condition. Realized gains and losses on sales of available-for-sale securities are recognized using the specific identification method and are reflected in “Other” revenue in the period sold. 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 Consolidated Statements of Financial Condition. To reduce credit exposure on certain of our derivative transactions, we may enter into a master netting arrangement that allows for net settlement of all derivative transactions with each counterparty within the same subsidiary. In addition, the credit support annex allows parties to the master netting agreement to mitigate their credit risk by requiring the party which is out of the money to post collateral. Generally the collateral we accept is in the form of either cash or marketable securities. Where permitted, we elect to net-by-counterparty certain derivatives entered into under a legally enforceable master netting agreement and, therefore, the fair value of those derivatives are netted by counterparty on our Consolidated Statements of Financial Condition. As we elect to net-by-counterparty the fair value of such derivatives, we also net-by-counterparty cash collateral exchanged as part of those derivative agreements. Collateral received in the form of marketable securities is not offset as part of such derivative agreements. We may also require certain counterparties to make a cash deposit at the inception of a derivative agreement, referred to as “initial margin.” This initial margin is included in “Cash and cash equivalents” and “Other payables” on our Consolidated Statements of Financial Condition. We are also required to maintain deposits with the clearing organizations we utilize to clear certain of our interest rate derivatives, for which we have generally posted securities as collateral. This initial margin is included as a component of “Other investments” and “Available-for-sale securities” on our Consolidated Statements of Financial Condition. On a daily basis, we also pay cash to, or receive cash from, these clearing organizations due to changes in the fair value of the derivatives which they clear. Such payments are referred to as “variation margin” and are considered to be settlement of the related derivatives. 98 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Interest rate derivatives We enter into interest rate derivatives as part of our trading activities in our fixed income business to facilitate client transactions or to actively manage risk exposures that arise from our client activity, including a portion of our trading inventory. In addition, we enter into interest rate derivatives with clients of our Bank segment, including clients with whom we have entered into loans or other lending arrangements, to facilitate their respective interest rate risk management strategies. The majority of these derivatives are traded in the over-the-counter market and are executed directly with another counterparty with certain of these derivatives cleared and settled through a clearing organization. Gains or losses related to the change in fair value of derivatives, including due to interest rates, are recorded in “Principal transactions” on our Consolidated Statements of Income and Comprehensive Income. The fair values of these interest rate derivatives are obtained from internal or third-party pricing models that consider current market trading levels and the contractual prices for the underlying financial instruments, as well as time value, yield curve and other volatility factors underlying the positions. Since these model inputs can be observed in liquid markets and the models do not require significant judgment, such derivatives are classified within Level 2 of the fair value hierarchy. We corroborate the output of our internal pricing models by preparing an independent calculation using a third-party model. Our fixed income business also holds to-be-announced security contracts that are accounted for as derivatives, which are classified within Level 1 of the fair value hierarchy. We enter into floating-rate advances from the Federal Home Loan Bank (“FHLB”) to, in part, fund lending and investing activities in our Bank segment and then enter into interest rate contracts which swap variable interest payments of such borrowings for fixed interest payments. We also enter into interest rate contracts which swap variable interest payments associated with certain money market and saving account deposits for fixed interest payments. These interest rate swaps are designated as cash flow hedges and effectively fix a portion of our Bank segment’s cost of funds and mitigate a portion of the market risk associated with its lending and investing activities. The gains or losses on our Bank segment’s cash flow hedges are recorded, net of tax, in shareholders’ equity as a component of AOCI and subsequently reclassified to earnings when the hedged transaction affects earnings, specifically upon the incurrence of interest expense on the hedged borrowings and deposits. Hedge effectiveness is assessed at inception and at each reporting period utilizing regression analysis. As the key terms of the hedging instrument and hedged transaction match at inception, management expects the hedges to be effective while they are outstanding. The fair value of these interest rate swaps is determined by obtaining valuations from a third-party pricing service. These third-party valuations are based on observable inputs such as time value and yield curves. We validate these observable inputs by preparing our own independent calculation using a secondary model. Cash flows from hedging activities are included in the same category as the items being hedged. Cash flows from derivative instruments used to manage interest rates are classified as operating activities. We classify these derivatives within Level 2 of the fair value hierarchy. Foreign-exchange derivatives We enter into three-month forward foreign exchange contracts primarily to hedge the risks related to Raymond James Bank’s investment in its Canadian subsidiary, as well as its risk resulting from transactions denominated in currencies other than the U.S. dollar. The majority of these derivatives are designated as net investment hedges. The gains or losses related to these designated net investment hedges are recorded, net of tax, in shareholders’ equity as part of the cumulative translation adjustment component of AOCI. In the event the net investment is sold or substantially liquidated, the associated cumulative translation adjustment, including amounts related to the net investment hedge, are reclassified to “Other” revenues. Gains and losses on undesignated foreign exchange derivative instruments are recorded in “Other” revenues on our Consolidated Statements of Income and Comprehensive Income. Hedge effectiveness is assessed at each reporting period using a method that is based on changes in forward rates and measured using the hypothetical derivatives method. As the terms of the hedging instrument and hypothetical derivative generally match at inception, the hedge is expected to be highly effective. The fair values of our forward foreign exchange contracts are determined by obtaining valuations from a third-party pricing service or model. These valuations are based on observable inputs such as spot rates, forward foreign exchange rates and both U.S. and foreign interest rate curves. We validate the observable inputs utilized in the third-party valuation model by preparing an independent calculation using a secondary valuation model. These forward foreign exchange contracts are classified within Level 2 of the fair value hierarchy. Other investments Other investments consist primarily of private equity investments, securities pledged as collateral with clearing organizations, and term deposits with Canadian financial institutions. Our securities pledged as collateral with clearing organizations, which primarily include U.S. Treasuries, and term deposits are categorized within Level 1 of the fair value hierarchy. 99 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Private equity investments consist primarily of investments in third-party private equity funds. The private equity funds in which we invest are primarily closed-end funds in which our investments are generally not eligible for redemption. We receive distributions from these funds as the underlying assets are liquidated or distributed. These investments are measured at fair value with any gains or losses recognized in “Other” revenues on our Consolidated Statements of Income and Comprehensive Income. The fair values of substantially all of our private equity investments are determined utilizing the net asset value (“NAV”) of the fund as a practical expedient with the remainder utilizing Level 3 valuation techniques. Client-owned fractional shares Within our broker-dealer subsidiaries, when dividend reinvestment programs or other corporate action events result in clients receiving a share quantity that is not a whole number, we transact in the fractional shares on a principal basis. We include these fractional shares in “Other assets” on our Consolidated Statements of Financial Condition and record an associated liability to the client in “Other payables” as we must fulfill our clients’ future fractional share redemptions. We account for the fractional share assets and related repurchase liabilities at fair value. The fair values of the fractional share assets and liabilities are determined based on quoted prices in active markets and are classified within Level 1 of the fair value hierarchy. Brokerage client receivables, net Brokerage client receivables include receivables from the clients of our broker-dealer subsidiaries and are principally for amounts due on cash and margin transactions. Such receivables are generally collateralized by securities owned by the clients. Securities beneficially owned by clients, including those that collateralize margin or other similar transactions, are not reflected on our Consolidated Statements of Financial Condition. See Note 6 for additional information regarding this collateral. Brokerage client receivables are reported at their outstanding principal balance, net of any allowance for credit losses. See the “Allowance for credit losses” section below for a discussion of our application of the practical expedient under the CECL guidance for financial assets secured by collateral. Other receivables, net Other receivables primarily include receivables from brokers, dealers and clearing organizations, receivables related to the RJBDP, accrued interest receivables, and accrued fees from product sponsors. Receivables from brokers, dealers and clearing organizations primarily consist of cash deposits placed with clearing organizations, which includes cash deposited as initial margin, as well as receivables related to sales of securities which have traded but not yet settled including amounts receivable for securities failed to deliver. We present “Other receivables, net” on our Consolidated Statements of Financial Condition, net of any allowance for credit losses. However, these receivables generally have minimal credit risk due to the low probability of clearing organization default and the short-term nature of receivables related to securities settlements and therefore, the allowance for credit losses on such receivables is not significant. Any allowance for credit losses for other receivables is estimated using assumptions based on historical experience, current facts and other factors. We update these estimates through periodic evaluations against actual trends experienced. We include accrued interest receivables related to our financial assets in “Other receivables, net” on the Consolidated Statements of Financial Condition. We reverse any uncollectible accrued interest against interest income when the related financial asset is moved to nonaccrual status. Given that we write off uncollectible amounts in a timely manner, we do not recognize an allowance for credit losses against accrued interest receivable. Bank loans, net Loans held for investment Bank loans are comprised of loans originated or purchased by our Bank segment and include securities-based loans (“SBL”), commercial and industrial (“C&I”) loans, commercial real estate (“CRE”) loans, real estate investment trust (“REIT”) loans, residential mortgage loans, and tax-exempt loans. The loans which we have the intent and the ability to hold until maturity or payoff are recorded at their unpaid principal balance plus any premium paid in connection with the purchase of the loan or less any discounts received in connection with the purchase of the loan, less the allowance for credit losses and charge-offs, and net of deferred fees and costs on originated loans. Loan origination fees and direct costs, as well as premiums and discounts on loans that are not revolving, are capitalized and recognized in interest income using the effective interest method, taking into consideration scheduled payments and prepayments. Loan discounts include fair value adjustments associated with our acquisition of TriState Capital Bank which are accreted into interest income over the weighted-average life of the underlying 100 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index loans, estimated to approximate four years as of the acquisition date, which may vary based on prepayments. For revolving loans, the straight-line method is used based on the contractual term. Syndicated loans purchased in the secondary market are recorded on the trade date. Interest income is recorded on an accrual basis. We segregate our loan portfolio into six loan portfolio segments, which also serve as classes of financing receivables for purposes of credit analysis. These portfolio segments are: SBL, C&I, CRE (primarily loans that are secured by income-producing properties and CRE construction loans), REIT (loans made to businesses that own or finance income-producing real estate), residential mortgage, and tax-exempt. Loans in our SBL portfolio segment are primarily collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of any applicable life insurance policies. An insignificant portion of our SBL portfolio is collateralized by private securities or other financial instruments with a limited trading market. See Note 7 for additional information on our bank loans held for investment. See the “Allowance for credit losses” section below for information on our allowance policies. Loans held for sale Certain residential mortgage loans originated and intended for sale in the secondary market due to their fixed interest rate terms are carried at the lower of cost or estimated fair value. The fair values of the residential mortgage loans held for sale are estimated using observable prices obtained from counterparties for similar loans. These nonrecurring fair value measurements are classified within Level 2 of the fair value hierarchy. We purchase t he guaranteed portions of Small Business Administration (“SBA”) loans and account f or these loans at the lower of cost or estimated fair value. We then aggregate SBA loans with similar characteristics into pools for securitization and sell these pools in the secondary market. Individual SBA loans may be sold prior to securitization. The fair values of the SBA loans which have not yet been securitized are determined based upon their committed sales price, third-party price quotes, or are determined using a third-party pricing service. These nonrecurring fair value measurements are classified within Level 2 of the fair value hierarchy. Once the SBA loans are securitized into a pool, the respective securities are classified as trading instruments based on our intention to sell the securities and are carried at fair value. Sales of the securitizations are accounted for as of settlement date, which is the date we have surrendered control over the transferred assets. We do not retain any interest in the securitizations once they are sold. Corporate loans, which include C&I, CRE and REIT loans, as well as tax-exempt loans are designated as held for investment upon inception and recorded in loans receivable. If we subsequently designate a corporate or tax-exempt loan as held for sale, which generally occurs as part of our credit management activities, we then write down the carrying value of the loan with a partial charge-off, if necessary, to carry it at the lower of cost or estimated fair value. The fair value estimate is based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent. These nonrecurring fair value measurements are classified within Level 2 or Level 3 of the fair value hierarchy. Gains and losses on sales of residential mortgage loans held for sale, SBA loans that are not part of a securitized pool, and corporate loans transferred from the held for investment portfolio, are included as a component of “Other” revenues on our Consolidated Statements of Income and Comprehensive Income, while interest collected on these assets is included in “Interest income.” Unfunded lending commitments 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 revolving lines of credit, standby letters of credit and loan purchases. Our policy is generally to require customers to pledge collateral at the time of closing. The amount of collateral pledged, if it is deemed necessary upon extension of credit, is based on our credit evaluation of the borrower. Collateral securing unfunded lending commitments varies but may include assets such as marketable securities, accounts receivable, inventory, real estate, and income-producing commercial properties. In the normal course of business, we issue or participate in the issuance of standby letters of credit whereby we provide an irrevocable guarantee of payment in the event the letter of credit is drawn down by the beneficiary. These standby letters of credit generally expire in one year or less. In the event that a letter of credit is drawn down, we would pursue repayment from the party under the existing borrowing relationship or would liquidate collateral, or both. The proceeds from repayment or liquidation of collateral are expected to satisfy the amounts drawn down under the existing letters of credit. 101 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index The allowance for potential credit losses associated with these unfunded lending commitments is included in “Other payables” on our Consolidated Statements of Financial Condition. Refer to the “Allowance for credit losses” section that follows for a discussion of the reserve calculation methodology and Note 18 for additional information about these commitments. We recognize the revenue associated with corporate syndicated standby letters of credit, which is generally received quarterly, on a cash basis, the effect of which does not differ significantly from recognizing the revenue in the period the fee is earned. Unused corporate line of credit fees are accounted for on an accrual basis. Loan modifications 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. Modifications of loans to borrowers experiencing financial difficulty are designed to reduce our loss exposure while providing borrowers with an opportunity to work through financial difficulties, often to avoid foreclosure or bankruptcy. Loan modifications to borrowers experiencing financial difficulty typically involve principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay (i.e., payment or maturity forbearance greater than six months), or a term extension, or any combination thereof. Modified loans to borrowers experiencing financial difficulty are subject to our nonaccrual policies. See the “Nonperforming assets” section below for information on our nonaccrual policies. Nonperforming assets Nonperforming assets are comprised of both nonperforming loans and other real estate owned. Nonperforming loans include those loans which have been placed on nonaccrual status and any accruing loans which are 90 days or more past due and in the process of collection. Loans of all classes are generally placed on nonaccrual status when we determine that full payment of all contractual principal and interest is in doubt or the loan is past due 90 days or more as to contractual interest or principal unless the loan, in our opinion, is well-secured and in the process of collection. When a loan is placed on nonaccrual status, the accrued and unpaid interest receivable is written-off against interest income and accretion of the net deferred loan origination fees ceases. Interest is recognized using the cash method for SBL and substantially all residential mortgage loans, and the cost recovery method for corporate and tax-exempt loans thereafter until the loan qualifies for return to accrual status. Most loans are returned to an accrual status when the loans have been brought contractually current with the original or amended terms and have been maintained on a current basis for a reasonable period, generally six months . However, corporate loans that have been partially charged off generally remain on nonaccrual status until such loans are fully repaid or sold. Other real estate acquired in the settlement of loans, including through, or in lieu of, loan foreclosure, is initially recorded at the lower of cost or fair value less estimated selling costs through a charge to the allowance for credit losses, thus establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed and the assets are carried at the lower of the carrying amount or fair value, as determined by a current appraisal or discounted cash flow valuation less estimated costs to sell, and are included in “Other assets” on our Consolidated Statements of Financial Condition. These nonrecurring fair value measurements are classified within Level 2 of the fair value hierarchy. Bank loan charge-off policies Corporate and tax-exempt loans are monitored on an individual basis, and loan grades are reviewed at least quarterly to ensure they reflect the loan’s current credit risk. When we determine that it is likely that a corporate or tax-exempt loan will not be collected in full, the loan is evaluated for a potential write down of the carrying value. After consideration of a number of factors, including the borrower’s ability to restructure the loan, alternative sources of repayment, and other factors affecting the borrower’s ability to repay the debt, the portion of the loan deemed to be a confirmed loss, if any, is charged-off. For collateral-dependent loans secured by real estate, the amount of the loan considered a confirmed loss and charged-off is generally equal to the difference between the recorded investment in the loan and the collateral’s appraised value less estimated costs to sell. For C&I and tax-exempt loans, we evaluate all sources of repayment to arrive at the amount considered to be a loss and charged-off. Corporate banking and credit risk managers also meet regularly to review criticized loans (i.e., loans that are rated special mention or worse as defined by bank regulators). Additional charge-offs are taken when the value of the collateral changes or there is an adverse change in the expected cash flows. A portion of our corporate loan portfolio is comprised of participations in either Shared National Credits (“SNCs”) or other large syndicated loans in the U.S. and Canada. The SNCs are U.S. loan syndications totaling over $ 100 million that are shared 102 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index between three or more regulated institutions. The agent bank’s regulator reviews a portion of SNC loans on a semi-annual basis and provides a synopsis of each loan’s regulatory classification, including loans that are designated for nonaccrual status and directed charge-offs. We must be at least as critical as the agent bank’s regulator with our nonaccrual designations, directed charge-offs, and classifications, potentially impacting our allowance for credit losses and charge-offs. Corporate loans are subject to our internal review procedures and regulatory review by the Board of Governors of the Federal Reserve System (“the Fed”) and either the Florida Office of Financial Regulation or the Pennsylvania Department of Banking and Securities as part of our respective banks’ regulatory examinations. Substantially all residential mortgage loans over 60 days past due are reviewed to determine loan status, collection strategy and charge-off recommendations. Charge-offs are typically considered on residential mortgage loans once the loans are delinquent 90 days or more and then generally taken before the loan is 120 days past due. A charge-off is taken against the allowance for credit losses for the difference between the loan amount and the amount that we estimate will ultimately be collected, based on the value of the underlying collateral less estimated costs to sell. We predominantly use broker price opinions for these valuations. If a loan remains in pre-foreclosure status for more than nine months , an updated valuation is obtained to determine if further charge-offs are necessary. Loans to financial advisors, net We offer loans to financial advisors for recruiting and retention purposes. The decision to extend credit to a financial advisor is generally based on their ability to generate future revenues. Loans offered are generally repaid over a five -to- ten year period, with interest recognized as earned, and are contingent upon continued affiliation with us. These loans are not assignable by the financial advisor and may only be assigned by us to a successor in interest. There is no fee income associated with these loans. In the event that the financial advisor is no longer affiliated with us, any unpaid balance of such loan becomes immediately due and payable to us and generally does not continue to accrue interest. Based upon the nature of these financing receivables, affiliation status (i.e., whether the advisor is actively affiliated with us or has terminated affiliation with us) is the primary credit risk factor within this portfolio. We present the outstanding balance of loans to financial advisors on our Consolidated Statements of Financial Condition, net of the allowance for credit losses. Refer to the allowance for credit losses section that follows for additional information related to our allowance for credit losses on our loans to financial advisors. See Note 8 for additional information on our loans to financial advisors. Loans to financial advisors who are actively affiliated with us are considered past due once they are 30 days or more delinquent as to the payment of contractual interest or principal. Such loans are placed on nonaccrual status when we determine that full payment of contractual principal and interest is in doubt, or the loan is past due 180 days or more as to contractual interest or principal. When a loan is placed on nonaccrual status, the accrued and unpaid interest receivable is written-off against interest income. Interest is recognized using the cash method for these loans thereafter until the loan qualifies for return to accrual status. Loans are returned to an accrual status when the loans have been brought contractually current with the original terms and have been maintained on a current basis for a reasonable period, generally six months. When we determine that it is likely a loan will not be collected in full, the loan is evaluated for a potential write down of the carrying value. After consideration of the borrower’s ability to restructure the loan, sources of repayment, and other factors affecting the borrower’s ability to repay the debt, the portion of the loan deemed a confirmed loss, if any, is charged-off. A charge-off is taken against the allowance for credit losses for the difference between the amortized cost and the amount we estimate will ultimately be collected. Additional charge-offs are taken if there is an adverse change in the expected cash flows. Allowance for credit losses We evaluate our held for investment bank loans, unfunded lending commitments, loans to financial advisors and certain other financial assets to estimate an allowance for credit losses (“ACL”) over the remaining life of the financial instrument. The remaining life of our financial assets is determined by considering contractual terms and expected prepayments, among other factors. We use multiple methodologies in estimating an allowance for credit losses and our approaches may differ by the subsidiary which holds the asset, the type of financial asset and the risk characteristics within each financial asset type. Our estimates are based on ongoing evaluations of the portfolio, the related credit risk characteristics, and the overall economic and environmental conditions affecting the financial assets. For certain of our financial assets with collateral maintenance provisions (e.g., SBL, collateralized agreements, and margin loans), we apply the practical expedient allowed under the CECL guidance in estimating an allowance for credit losses. We reasonably expect that borrowers (or counterparties, as applicable) will replenish the collateral as required. As a result, we estimate zero credit losses to the extent that the fair value of the collateral equals or exceeds the related carrying value of the financial asset. When the fair value of the collateral securing the 103 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index financial asset is less than the carrying value, qualitative factors such as historical experience (adjusted for current risk characteristics and economic conditions) as well as reasonable and supportable forecasts are considered in estimating the allowance for credit losses on the unsecured portion of the financial asset. Credit losses are charged-off against the allowance when we believe the uncollectibility of the financial asset is confirmed. Subsequent recoveries, if any, are credited to the allowance once received. A credit loss expense, or benefit, is recorded in earnings in an amount necessary to adjust the allowance for credit losses to our estimate as of the end of each reporting period. Our provision or benefit for credit losses for outstanding bank loans is included in “Bank loan provision/(benefit) for credit losses” on our Consolidated Statements of Income and Comprehensive Income and our provision or benefit for credit losses for all other financing receivables, including loans to financial advisors, and unfunded lending commitments, is included in “Other” expense. Loans We generally estimate the allowance for credit losses on our loan portfolios using credit risk models which incorporate relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable economic forecasts. After testing the reasonableness of a variety of economic forecast scenarios, each model is run using a single forecast scenario selected for such model. Our forecasts incorporate assumptions related to macroeconomic indicators including, but not limited to, U.S. gross domestic product (“GDP”), equity market indices, unemployment rates, and commercial real estate and residential home price indices. At the conclusion of our reasonable and supportable forecast period, which currently ranges from two to four years depending on the model and macroeconomic variables, we generally use a straight-line reversion approach over a one-year period, where applicable, to revert to historical loss information for C&I, REIT, and tax-exempt loans. For CRE and residential mortgage loans, we incorporate a reasonable and supportable forecast of various macroeconomic variables over the remaining life of the assets including an assumption that each macroeconomic variable will revert to a long-term expectation starting in years two to four of the forecast and largely completing within the first five years of the forecast. We assess the length of the reasonable and supportable forecast period and the reversion period, our reversion approach, our economic forecasts and our methodology for estimating the historical loss information on a quarterly basis. The allowance for credit losses on loans is generally evaluated and measured on a collective basis, based on the subsidiary which holds the asset, and then typically by loan portfolio segment, due to similar risk characteristics. When a loan does not share similar risk characteristics with other loans, the loan is evaluated for credit losses on an individual basis. Various risk characteristics are considered when determining whether the loan should be collectively evaluated including, but not limited to, financial asset type, internal risk ratings, collateral type, industry of the borrower, and historical or expected credit loss patterns. The allowance for credit losses on collectively evaluated loans for each respective subsidiary is comprised of two components: (a) a quantitative allowance; and (b) a qualitative allowance, which is based on an analysis of model limitations and other factors not considered by the quantitative models. There are several factors considered in estimating the quantitative allowance for credit losses on collectively evaluated loans which generally include, but are not limited to, the internal risk rating, historical loss experience (including adjustments due to current risk characteristics and economic conditions), prepayments, borrower-controlled extensions, and expected recoveries. We use third-party data for historical information on collectively evaluated corporate loans and residential mortgage loans. The qualitative portion of our allowance for credit losses includes certain factors that are not incorporated into the quantitative estimate and would generally require adjustments to the allowance for credit losses. These qualitative factors are intended to address developing trends related to each portfolio segment and would generally include, but are not limited to: changes in lending policies and procedures, including changes in underwriting standards and collection; our loan review process; volume and severity of delinquent loans; changes in the seasoning of the loan portfolio and the nature, volume and terms of loans; loan diversification and credit concentrations; changes in the value of underlying collateral; changes in legal and regulatory environments; local, regional, national and international economic conditions, or recent catastrophic events not already reflected in the quantitative estimate; and the routine time delay between when economic data is gathered, analyzed and distributed by our service providers and current macroeconomic developments. 104 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Held for investment bank loans Raymond James Bank: The allowance for credit losses for the C&I, CRE, REIT, residential mortgage, and tax-exempt portfolio segments is estimated using credit risk models that project a probability of default (“PD”), which is then multiplied by the loss given default (“LGD”) and the estimated exposure at default (“EAD”) at the loan-level for every period remaining in the loan’s expected life, including the maturity period. Historical information, combined with macroeconomic variables, are used in estimating the PD, LGD and EAD. Our credit risk models consider several factors when estimating the expected credit losses which may include, but are not limited to, financial performance and position, estimated prepayments, geographic location, industry or sector type, debt type, loan size, capital structure, initial risk levels and the economic outlook. Additional factors considered by the residential mortgage model include FICO scores and loan-to-value (“LTV”) ratios. TriState Capital Bank: The allowance for credit losses utilizes a lifetime or cumulative loss rate methodology, which identifies macroeconomic factors and asset-specific characteristics correlated with credit loss experience including loan age, loan type, and leverage. The lifetime loss rate is applied to the amortized cost of the loan and builds on default and recovery probabilities by utilizing pool-specific historical loss rates. These pool-specific historical loss rates may be adjusted for forecasted macroeconomic variables and other factors such as differences in underwriting standards, portfolio mix, or when historical asset terms do not reflect the contractual terms of the financial assets. Each quarter, the relevancy of historical loss information is assessed and management considers any necessary adjustments. Loss rates are based on historical averages for each loan pool, adjusted to reflect the impact of a single, forward-looking forecast of certain macroeconomic variables, including GDP, unemployment rates, corporate bond credit spreads, and commercial property values, which management considers to be both reasonable and supportable. See Note 7 for additional information about our bank loans, including credit quality indicators considered in developing the allowance for credit losses. Unfunded lending commitments We estimate credit losses on unfunded lending commitments using a methodology consistent with that used in the corresponding bank loan portfolio segment and also based on the expected funding probabilities for fully binding commitments. As a result, the allowance for credit losses for unfunded lending commitments will vary depending upon the mix of lending commitments and future funding expectations. All classes of individually evaluated unfunded lending commitments are analyzed in conjunction with the specific allowance process previously described. Loans to financial advisors The allowance for credit losses on loans to financial advisors is estimated using credit risk models that incorporate average annual loan-level loss rates and estimated prepayments based on historical data. The qualitative component of our estimate considers internal and external factors that are not incorporated into the quantitative estimate such as the reasonable and supportable forecast period. In estimating an allowance for credit losses on our individually-evaluated loans to financial advisors, we generally take into account the affiliation status of the financial advisor (i.e., whether the advisor is actively affiliated with us or has terminated affiliation with us), the borrower’s ability to restructure the loan, sources of repayment, and other factors affecting the borrower’s ability to repay the debt. Available-for-sale securities Credit losses on available-for-sale securities are limited to the difference between the security’s amortized cost basis and its fair value on the reporting date. Credit losses, if any, are recognized through an allowance for credit losses rather than as a direct reduction in amortized cost basis or the acquisition date fair value, as applicable. We expect zero credit losses on the portion of our available-for-sale securities portfolio that is comprised of U.S. government and government agency-backed securities and the related accrued interest receivable for which payments of both principal and interest are guaranteed, and for which we have not historically experienced any credit losses. Unrealized losses related to these available-for-sale securities are generally due to changes in market interest rates, and we have the ability and intent to hold these securities until recovery of the amortized cost basis. On a quarterly basis, we reassess our expectation of zero credit losses on such securities, giving consideration to any relevant changes in the securities or the issuer. On a quarterly basis, we also evaluate non-agency-backed available-for-sale securities in an unrealized loss position for expected credit losses. We first determine whether it is more likely than not that we will sell the impaired securities, giving consideration to current and forecasted liquidity requirements, regulatory and capital requirements, and our securities portfolio management. If it is more likely than not that we will sell an available-for-sale security with a fair value below amortized cost 105 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index before recovery, the security’s book basis is written down to fair value through earnings. For available-for-sale debt securities that it is more likely than not that we will not sell before recovery, a provision for credit losses is recorded through earnings for the amount of the valuation decline below book basis that is attributable to credit losses. We consider the extent to which fair value is less than amortized cost, credit ratings and other factors related to the security in assessing whether a credit loss exists, and we measure the credit loss by comparing the present value of cash flows expected to be collected to the book basis of the security limited by the amount that the fair value is less than the book basis. The remaining difference between the security’s fair value and its book basis (that is, the decline in fair value not attributable to credit losses) is recognized in OCI on an after-tax basis. Changes in the allowance for credit losses are recorded as provisions for credit losses. Losses are charged against the allowance when we believe the security is uncollectible or we intend to sell the security. At September 30, 2025, based on our assessment of those securities not guaranteed by the U.S government or its agencies, we did not recognize an allowance for credit losses. Identifiable intangible assets, net Certain identifiable intangible assets we acquire such as those related to customer relationships, core deposits, developed technology, trade names and non-compete agreements, are amortized over their estimated useful lives on a straight-line basis and are evaluated for potential impairment whenever events or changes in circumstances suggest that the carrying value of an asset or asset group may not be fully recoverable. Amortization expense and impairment losses, if any, related to our identifiable intangible assets are included in “Other” expenses on our Consolidated Statements of Income and Comprehensive Income. We also hold indefinite-lived identifiable intangible assets, which are not amortized. Rather, these assets are subject to an evaluation of potential impairment on an annual basis to determine whether the estimated fair value is in excess of its carrying value, or between annual impairment evaluation dates, if events or circumstances indicate there may be impairment. In the course of our evaluation of the potential impairment of such indefinite-lived assets, we may elect either a qualitative or a quantitative assessment. If after assessing the totality of events or circumstances, we determine it is more likely than not that the fair value is greater than its carrying amount, we are not required to perform a quantitative impairment analysis. However, if we conclude otherwise, we then perform a quantitative impairment analysis. We have elected January 1 as our annual impairment evaluation date, evaluating balances as of December 31. See Note 10 for additional information regarding the outcome of our impairment assessment. Goodwill Goodwill represents the cost of acquired businesses in excess of the fair value of the related net assets acquired. Indefinite lived intangible assets such as goodwill are not amortized, but rather evaluated for impairment at least annually, or between annual impairment evaluation dates whenever events or circumstances indicate potential impairment exists. Impairment exists when the carrying value of a reporting unit, which is generally at the level of or one level below our business segments, exceeds its respective fair value. In the course of our evaluation of a potential impairment to goodwill, we may elect either a qualitative or a quantitative assessment. Our qualitative assessments consider macroeconomic indicators, such as trends in equity and fixed income markets, GDP, labor markets, interest rates, and housing markets. We also consider 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. We assess these, and other, qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing a quantitative impairment analysis is not required. However, if we conclude otherwise, we then perform a quantitative impairment analysis. Alternatively, if we elect not to perform a qualitative assessment, we perform a quantitative evaluation. In the event of a quantitative assessment, we estimate the fair value of the reporting unit with which the goodwill is associated and compare it to the carrying value. We estimate the fair value of our reporting units using an income approach based on a discounted cash flow model that includes significant assumptions about future operating results and cash flows and, if appropriate, a market approach. If the carrying value of a reporting unit is greater than the estimated fair value, an impairment charge is recognized for the excess. We have elected January 1 as our annual goodwill impairment evaluation date, evaluating balances as of December 31. See Note 10 for additional information regarding the outcome of our goodwill impairment assessments. 106 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Other assets Other assets is primarily comprised of investments in corporate-owned life insurance, property and equipment, net, ROU lease assets, prepaid expenses, investments in FHLB and FRB stock, investments in real estate partnerships held by consolidated VIEs, and certain other investments which are not carried at fair value on a recurring basis. See Note 11 for additional information. Other assets also includes client-owned fractional shares for which we act in a principal capacity. See our client-owned fractional shares policy above for additional information. We maintain investments in corporate-owned life insurance policies primarily utilized to indirectly fund certain non-qualified deferred compensation plans and other employee benefit plans. These life insurance policies are recorded at cash surrender value as determined by the insurer. See Note 22 for information on the non-qualified deferred compensation plans. Ownership of FHLB and FRB stock is a requirement for all banks seeking membership into and access to the services provided by these banking systems. These investments are carried at cost. Raymond James Affordable Housing Investments, Inc. (“RJAHI”), a wholly-owned subsidiary of RJF, or one of its affiliates, acts as the managing member or general partner in Low-Income Housing Tax Credit (“LIHTC”) funds and other funds of a similar nature, some of which require consolidation. These funds invest in housing project limited partnerships or limited liability companies (“LLCs”) which purchase and develop affordable housing properties generally qualifying for federal and state low-income housing tax credits and/or provide a mechanism for banks and other institutions to meet certain regulatory obligations. The investments in project partnerships of all of the LIHTC and other fund VIEs which require consolidation are included in “Other assets” on our Consolidated Statements of Financial Condition. Our Bank segment holds investments which deliver tax benefits, including in LIHTC funds, some of which are managed by RJAHI. We also hold other investments in tax credit structures. These investments are included in “Other assets” on our Consolidated Statements of Financial Condition. See the “Income taxes” section of this Note 2 for a discussion of our accounting for investments which qualify for tax credits. See additional discussion in this Note 2 regarding our evaluation and conclusions around consolidation of such VIEs. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and software amortization. Property and equipment primarily consists of software, buildings, certain leasehold improvements, and furniture. Software includes both purchased software and internally developed software that has been placed in service, as well as certain software projects where development is in progress. Buildings primarily consists of owned facilities. Leasehold improvements are generally costs associated with lessee-owned interior office space improvements. Equipment primarily consists of communications and technology hardware. Depreciation of assets (other than land, which is not depreciated) is primarily calculated using the straight-line method over the estimated useful lives of the assets, generally within ranges outlined in the following table. Asset type Estimated useful life Buildings, building components and land improvements 15 to 40 years Furniture, fixtures and equipment 3 to 10 years Software 2 to 10 years Leasehold improvements (lessee-owned) Lesser of useful life or lease term Costs for significant internally developed software projects are capitalized when the costs relate to development of new applications or modification of existing internal-use software that results in additional functionality. Internally developed software project costs related to preliminary-project and post-project activities are expensed as incurred. Additions, improvements and expenditures that extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance, as well as all maintenance costs associated with software applications, are expensed in the period incurred. Depreciation expense associated with property and equipment is included in “Occupancy and equipment” expense on our Consolidated Statements of Income and Comprehensive Income. Amortization expense associated with computer software is included in “Communications and information processing” expense on our Consolidated Statements of Income and Comprehensive Income. Gains and losses on disposals of property and equipment are included in “Other” revenues on our Consolidated Statements of Income and Comprehensive Income in the period of disposal. See Note 12 for additional information regarding our property and equipment. 107 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Leases We have operating leases for the premises we occupy in many of our U.S. and foreign locations, including our employee-based branch office operations. At inception, we determine if an arrangement to utilize a building or piece of equipment is a lease and, if so, the appropriate lease classification. Substantially all of our leases are operating leases. If the arrangement is determined to be a lease, we recognize a ROU lease asset in “Other assets” and a corresponding lease liability in “Other payables” on our Consolidated Statements of Financial Condition. ROU lease assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. We elected the practical expedient, where leases with an initial or acquired term of 12 months or less are not recorded as a ROU lease asset or lease liability. Our lease terms include any noncancelable periods and may reflect periods covered by options to extend or terminate when it is reasonably certain that we will exercise those options. We record our ROU lease assets at the amount of the lease liability plus any prepaid rent, amounts paid for lessor-owned leasehold improvements, and initial direct costs, less any lease incentives and accrued rent. We record lease liabilities at commencement date (or acquisition date, for leases assumed through acquisitions) based on the present value of lease payments over the lease term, which is discounted using our commencement date or acquisition date incremental borrowing rate, or at the imputed rate within the lease, as appropriate. Our incremental borrowing rate considers the weighted-average yields on our senior notes payable, adjusted for collateralization and tenor. Payments that vary because of changes in facts or circumstances occurring after the commencement date, such as operating expense payments under a real estate lease, are considered variable and are expensed in the period incurred. For our real estate leases, we elected the practical expedient to account for the lease and non-lease components as a single lease. Lease expense for our lease payments is recognized on a straight-line basis over the lease term if the ROU lease asset has not been impaired or abandoned. See Note 13 for additional information on our leases. Bank deposits Bank deposits include money market accounts, savings accounts, interest-bearing and non-interest-bearing demand deposits, and certificates of deposit held at our Bank segment. Bank deposits include deposits that are swept from the investment accounts of PCG clients through the RJBDP which are primarily included in money market and savings accounts, as well as deposits associated with our Enhanced Savings Program (“ESP”), which are primarily included within interest-bearing demand deposits, and certificates of deposit. Deposits are stated at the principal amount outstanding. Interest on deposits is accrued and charged to interest expense daily and is paid or credited in accordance with the terms of the respective accounts. The interest rates on the vast majority of our deposits are determined based on market rates and, in certain cases, may be linked to an index, such as the effective federal funds rate. See Note 14 for additional detail regarding deposits. Contingent liabilities We recognize liabilities for contingencies when there is an exposure that, when fully analyzed, indicates it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. Whether a loss is probable, and if so, the estimated range of possible loss, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and uncertainties. When a loss is probable and a range of possible loss can be estimated, we accrue the most likely amount within that range; if the most likely amount of possible loss within that range is not determinable, the minimum amount in the range of loss is accrued. No liability is recognized for those matters which, in management’s judgment, the determination of a reasonable estimate of loss is not possible, or for which a loss is not determined to be probable. We record liabilities related to legal and regulatory matters in “Other payables” on our Consolidated Statements of Financial Condition. The determination of these liability amounts requires significant judgment on the part of management. Management considers many factors including, but not limited to: the amount of the claim; the amount of the loss experienced by the client; the basis and validity of the claim; the possibility of wrongdoing on the part of one of our employees or financial advisors; previous results in similar cases; and legal precedents and case law. Each legal and regulatory matter is reviewed in each accounting period and the liability balance is adjusted as deemed appropriate by management. Any change in the liability amount is recorded through “Other” expense on our Consolidated Statements of Income and Comprehensive Income. The actual costs of resolving legal or regulatory matters may be substantially higher or lower than the recorded liability amounts for such matters. Our costs of defense related to such matters are expensed in the period they are incurred. Such defense costs are primarily related to external legal fees which are included within “Professional fees” on our Consolidated Statements of Income and Comprehensive Income. See Note 18 for additional information. 108 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Share-based compensation We account for the compensation cost related to share-based payment awards made to employees, directors, and independent contractors based on the estimated fair values of the awards on the date of grant. The compensation cost of our share-based awards, net of estimated forfeitures, is amortized over the requisite service period of the awards. For share-based payment awards with performance conditions, we estimate the expected level of achievement of the award and recognize the compensation cost based on the level of achievement deemed probable. Changes in the estimated outcome of our share-based awards with a performance condition are reflected as a cumulative adjustment to expense in the period of the change in estimate. Share-based compensation amortization is included in “Compensation, commissions and benefits” expense on our Consolidated Statements of Income and Comprehensive Income. See Note 22 for additional information on our share-based compensation. Deferred compensation plans We maintain various deferred compensation plans for the benefit of certain employees and independent contractors that provide a return to the participant based upon the performance of various referenced investments. For the Voluntary Deferred Compensation Plan (“VDCP”), Long-Term Incentive Plan (“LTIP”), and certain other plans, we purchase and hold corporate-owned life insurance policies on the lives of certain current and former participants to provide a source of funds available to satisfy our obligations under the plan. See Note 11 for information regarding the carrying value of such policies. Compensation expense is recognized for all awards made under such plans with future service requirements over the requisite service period using the straight-line method. Changes in the value of the corporate-owned life insurance policies, as well as the expenses associated with the related deferred compensation plans, are recorded in “Compensation, commissions and benefits” expense on our Consolidated Statements of Income and Comprehensive Income. See Note 22 for additional information. Foreign currency translation The statements of financial condition of the foreign subsidiaries we consolidate are translated at exchange rates as of the period-end. The statements of income are translated either at an average exchange rate for the period or, in certain cases, at the exchange rate in effect on the date which transactions occur. The gains or losses resulting from translating foreign currency financial statements into U.S. dollar (“USD”) are included in OCI and are thereafter presented in equity as a component of AOCI. Gains and losses relating to transactions in currencies other than the respective subsidiaries’ functional currency are reported in “Other” revenues on our Consolidated Statements of Income and Comprehensive Income. Income taxes The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year. We utilize the asset and liability method to provide for income taxes on all transactions recorded in our consolidated financial statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the tax rates that we expect to be in effect when the underlying items of income and expense are realized. Our net deferred tax assets and net deferred tax liabilities presented on the financial statements are based upon the jurisdictional footprint of the firm. We consider our major jurisdictions for disclosure purposes to be federal, state, Canada, and the UK. Judgment is required in assessing the future tax consequences of events that have been recognized in our financial statements or tax returns, including the repatriation of undistributed earnings of foreign subsidiaries. Variations in the actual outcome of these future tax consequences could materially impact our financial position, results of operations, or liquidity. See Note 17 for additional information on our income taxes. We hold equity investments in certain structures which deliver tax benefits, including LIHTC funds, historic tax credit (“HTC”) funds, and renewable energy tax credit investments. For those LIHTC, HTC, and renewable energy tax credit equity investments that qualify for the application of the proportional amortization method, we apply such method. Under the proportional amortization method, such investment is amortized in proportion to the allocation of tax benefits received in each year, and the investment amortization and the tax benefits are presented on a net basis within “Provision for income taxes” on our Consolidated Statements of Income and Comprehensive Income. The income tax credits and other income tax benefits received related to such investments are included in “Cash flows from operating activities” on our Consolidated Statements of Cash Flows. When our tax credit equity investments do not qualify for the proportional amortization method, we record the investment amortization, through the application of the equity method of accounting, in “Other” expenses on our Consolidated Statements 109 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index of Income and Comprehensive Income and the federal tax credits that result from such investments are recorded using the flow-through method where the benefits reduce our provision for income taxes in the year the tax credits are earned. As a result, inclusion of these tax credits may not align to the year in which we amortize the related investments. Other income or losses generated from such investments are generally included in “Other” income or “Other” expenses, respectively, on our Consolidated Statements of Income and Comprehensive Income and in “ Cash flows from operations ” on our Consolidated Statements of Cash Flows. Earnings per share (“EPS”) Basic EPS is calculated by dividing earnings attributable to common shareholders by the weighted-average common shares outstanding. Earnings attributable to common shareholders represents net income reduced by preferred stock dividends as well as the allocation of earnings and dividends to participating securities. Diluted EPS is calculated similarly to basic EPS adjusted for the dilutive effect of share-based awards, primarily certain restricted stock units (“RSUs”), by application of the treasury stock method. Evaluation of VIEs to determine whether consolidation is required A VIE requires consolidation by the entity’s primary beneficiary. Examples of entities that may be VIEs include certain legal entities structured as corporations, partnerships or LLCs. 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. We hold variable interests primarily in the following VIEs: certain private equity investments, a trust fund established for employee retention purposes (“Restricted Stock Trust Fund”), certain LIHTC funds or funds of a similar nature, and certain other investment structures for which we receive tax credits. See Note 9 for additional information on our VIEs. Determination of the primary beneficiary of a VIE We consolidate VIEs when we are deemed to be the primary beneficiary of the VIE. The process for determining whether we are the primary beneficiary of the VIE is to conclude whether we are a party to the VIE holding a variable interest that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE, and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Our determination of the primary beneficiary of each entity in which an RJF subsidiary has a variable interest requires judgment and is based on an analysis of all relevant facts and circumstances, including: (1) an assessment of the characteristics of the variable interest and other involvement the subsidiary has with the entity, including involvement of related parties and any de facto agents, as well as the involvement of other variable interest holders, namely, limited partners or investor members, and (2) the entity’s purpose and design, including the risks that the entity was designed to create and pass through to its variable interest holders. LIHTC funds RJAHI is the managing member or general partner in a number of LIHTC funds having one or more investor members or limited partners. These LIHTC funds are organized as LLCs or limited partnerships for the purpose of investing in a number of project partnerships, which are limited partnerships or LLCs that purchase and develop, or hold, low-income housing properties qualifying for tax credits and/or provide a mechanism for banks and other institutions to meet their Community Reinvestment Act obligations throughout the U.S. In the design of most tax credit fund VIEs, the investor members invest solely for tax attributes associated with the portfolio of low-income housing properties held by the fund. However, certain fund VIEs which invest and hold project partnerships that have already delivered most of the tax credits to their investors hold the projects to monetize anticipated future tax benefits for which the project may ultimately qualify. In both instances, RJAHI, as the managing member or general partner of the fund, is responsible for overseeing the fund’s operations. RJAHI sponsors two general types of tax credit funds designed to deliver tax benefits to the investors. Generally, neither type meets the VIE consolidation criteria. These types of funds include single investor funds and multi-investor funds. RJAHI does not typically provide guarantees related to the delivery or funding of tax credits or other tax attributes to the investor members or limited partners of tax credit funds. The investor member(s) or limited partner(s) of the VIEs bear the risk of loss on their 110 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index investment. Additionally, under the tax credit fund’s designed structure, the investor member(s) or limited partner(s) receive nearly all of the tax credits and tax-deductible loss benefits designed to be delivered by the fund entity, as well as a majority of any proceeds upon a sale of a project partnership held by a tax credit fund (fund level residuals). RJAHI earns fees from the fund for its services in organizing the fund, identifying and acquiring the project partnership investments and ongoing asset management, and receives a share of any residuals arising from sale of project partnerships upon the termination of the fund. Such fees are recorded in “Other” revenues on our Consolidated Statements of Income and Comprehensive Income. In single investor funds that deliver tax benefits, RJAHI has concluded that the one single investor member or limited partner in such funds, in nearly all instances, has significant participating rights over the activities that most significantly impact the economics of the fund. Therefore RJAHI, as managing member or general partner of such funds, is not the one party with power over such activities and resultantly is not deemed to be the primary beneficiary of such single investor funds and, in nearly all cases, these funds are not consolidated. In multi-investor funds that deliver tax benefits, RJAHI has concluded that since the participating rights over the activities that most significantly impact the economics of the fund are not held by one single investor member or limited partner, RJAHI is deemed to have the power over such activities. RJAHI then assesses whether its projected benefits to be received from the multi-investor funds, primarily its share of any residuals upon the termination of the fund, are potentially significant to the fund. As such residuals received upon termination are not expected to be significant to the funds, in nearly all cases, these funds are not consolidated. RJAHI may also sponsor other funds designed to hold projects to monetize future tax benefits for which the projects may qualify in either single investor or multi-investor form. In single investor form, the limited partner has significant participating rights over the activities that most significantly impact the economics of the fund, and therefore RJAHI is not the primary beneficiary of such funds and such funds are not consolidated. In multi-investor form, we have concluded that we meet the power criteria since participating rights are not held by any one single investor and thus RJAHI is deemed to have the power over such activities; however, we have concluded that we do not meet the benefits criteria given we do not expect the benefits to be potentially significant and therefore we are not the primary beneficiary and we do not consolidate the funds. Direct investments in LIHTC project partnerships Raymond James Bank and TriState Capital Bank are the investor members of LIHTC funds that deliver tax benefits which we have determined to be VIEs, and in which RJAHI, or its subsidiary, is the managing member. For Raymond James Bank, we have determined that it is the primary beneficiary of one such VIE and therefore, we consolidate the fund. TriState Capital Bank also holds investments in other LIHTC funds for which we have determined that we are not the primary beneficiary. LIHTC funds which we consolidate are investor members in certain LIHTC project partnerships. Since unrelated third parties are the managing members of the investee project partnerships, we have determined that consolidation of these project partnerships is not required and the funds account for their project partnership investments under the equity method. These investments are included in “Other assets” on our Consolidated Statements of Financial Condition. See Note 18 for information regarding our commitments to these investments. Private Equity Interests As part of our private equity investments, we hold investments in certain third-party partnerships (our “Private Equity Interests”). We evaluated the characteristics of these Private Equity Interests and concluded that they are VIEs. In our analysis of the criteria to determine whether we were the primary beneficiary of the Private Equity Interests VIEs, we analyzed the power and benefits criteria. We have determined we are a passive limited partner investor, and thus, we do not have the power to make decisions that most significantly affect the economic performance of such VIEs. Accordingly, in such circumstances, we have determined we are not the primary beneficiary and therefore we do not consolidate these VIEs. Restricted Stock Trust Fund We utilize a trust in connection with certain of our RSU awards. This trust fund was established and funded for the purpose of acquiring our common stock in the open market to be used to settle RSUs granted as a retention vehicle for certain employees of our Canadian subsidiaries. We are deemed to be the primary beneficiary and, accordingly, consolidate this trust fund. 111 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Acquisitions Our financial statements include the operations of acquired businesses starting from the completion of the acquisition. Acquisitions are generally recorded as business combinations, whereby the assets acquired and liabilities assumed are recorded on the date of acquisition at their respective estimated fair values, including any identifiable intangible assets. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Significant judgment is required in estimating the fair value of certain acquired assets and liabilities. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management, but are inherently uncertain as they pertain to forward-looking views of our businesses, client behavior, and market conditions. We consider the income, market and cost approaches and place reliance on the approach or approaches deemed most appropriate to estimate the fair value of acquired intangible assets. Significant estimates and assumptions inherent in the valuations reflect a consideration of other marketplace participants and include the amount and timing of future cash flows (including expected growth rates and profitability) and the discount rate applied to the cash flows. Determining the useful life of an intangible asset also requires judgment. With the exception of certain customer relationships, the majority of our acquired intangible assets (e.g., customer relationships, trade names and non-compete agreements) are expected to have determinable useful lives. We estimate the useful lives of these intangible assets based on a number of factors including competitive environment, market share, trademark, brand history, underlying demand, and operating plans. Finite-lived intangible assets are amortized over their estimated useful life. Refer to Note 10 and our goodwill and intangible assets policies above for additional information. 112 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index NOTE 3 – FAIR VALUE Our “Financial instruments” and “Financial instrument liabilities” on our Consolidated Statements of Financial Condition are recorded at fair value. See Note 2 for additional 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 September 30, 2025 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ 6 $ 403 $ — $ — $ 409 Corporate obligations 11 659 — — 670 Government and agency obligations 41 108 — — 149 Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) — 231 — — 231 Non-agency CMOs and ABS — 36 — — 36 Total debt securities 58 1,437 — — 1,495 Equity securities 17 3 — — 20 Brokered certificates of deposit — 19 — — 19 Other — — 4 — 4 Total trading assets 75 1,459 4 — 1,538 Available-for-sale securities (2) 430 6,458 — — 6,888 Derivative assets: Interest rate 2 304 — ( 239 ) 67 Foreign exchange — 1 — — 1 Total derivative assets 2 305 — ( 239 ) 68 All other investments: Government and agency obligations (3) 92 — — — 92 Other 185 1 7 — 193 Total all other investments 277 1 7 — 285 Other assets - client-owned fractional shares 171 — — — 171 Subtotal 955 8,223 11 ( 239 ) 8,950 Other investments - private equity - measured at NAV 105 Total assets at fair value on a recurring basis $ 955 $ 8,223 $ 11 $ ( 239 ) $ 9,055 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 3 $ — $ — $ — $ 3 Corporate obligations — 651 — — 651 Government and agency obligations 164 — — — 164 Agency MBS and CMOs — 42 — — 42 Total debt securities 167 693 — — 860 Equity securities 31 — — — 31 Total trading liabilities 198 693 — — 891 Derivative liabilities: Interest rate 3 306 — ( 123 ) 186 Foreign exchange — 2 — — 2 Other — — 2 — 2 Total derivative liabilities 3 308 2 ( 123 ) 190 Other payables - repurchase liabilities related to client-owned fractional shares 171 — — — 171 Total liabilities at fair value on a recurring basis $ 372 $ 1,001 $ 2 $ ( 123 ) $ 1,252 113 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements 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 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. Treasuries. See Note 4 for additional information. (3) These assets are primarily comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations. 114 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements 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 Consolidated Statements of Income and Comprehensive Income. Year ended September 30, 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 year $ 3 $ 4 $ 7 $ — Total gains/(losses) included in earnings 3 ( 2 ) — ( 2 ) Purchases and contributions 98 — — — Sales and distributions ( 100 ) ( 2 ) — — Transfers: Into Level 3 — — — — Out of Level 3 — — — — Fair value end of year $ 4 $ — $ 7 $ ( 2 ) Unrealized gains/(losses) for the year included in earnings for instruments held at the end of the year $ — $ — $ — $ ( 2 ) Year ended September 30, 2024 Level 3 instruments at fair value Financial assets Trading assets Derivative assets Other investments $ in millions Other Other Other Fair value beginning of year $ 4 $ — $ 30 Total gains/(losses) included in earnings — 4 ( 3 ) Purchases and contributions 100 — — Sales and distributions ( 101 ) — ( 20 ) Transfers: Into Level 3 — — — Out of Level 3 — — — Fair value end of year $ 3 $ 4 $ 7 Unrealized gains/(losses) for the year included in earnings for instruments held at the end of the year $ ( 3 ) $ 4 $ — As of September 30, 2025, 10 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis. In comparison, 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 September 30, 2025 and 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 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 September 30, 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. 115 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index 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 September 30, 2025 Private equity investments measured at NAV $ 105 $ 38 Private equity investments not measured at NAV 7 Total private equity investments $ 112 September 30, 2024 Private equity investments measured at NAV $ 102 $ 26 Private equity investments not measured at NAV 7 Total private equity investments $ 109 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) September 30, 2025 Bank loans: Residential mortgage loans $ 5 $ 7 $ 12 Collateral or discounted cash flow (1) Prepayment rate 7 yrs. - 12 yrs. ( 10.5 yrs.) Corporate loans $ — $ 179 $ 179 Collateral or discounted cash flow (1) Recovery rate 24 % - 96 % ( 76 %) Loans held for sale $ 31 $ — $ 31 N/A 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 this 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. 116 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Financial instruments not recorded at fair value Many, but not all, of the financial instruments we hold were recorded at fair value on the 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 Consolidated Statements of Financial Condition at September 30, 2025 and 2024. This table excludes financial instruments that are carried at amounts which approximate fair value. $ in millions Level 2 Level 3 Total estimated fair value Carrying amount September 30, 2025 Financial assets: Bank loans, net $ 386 $ 50,362 $ 50,748 $ 51,345 Financial liabilities: Bank deposits - certificates of deposit $ 1,943 $ — $ 1,943 $ 1,937 Senior notes payable $ 3,299 $ — $ 3,299 $ 3,520 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 Short-term financial instruments: The carrying value of short-term financial instruments, such as cash and cash equivalents, including amounts segregated for regulatory purposes and restricted cash, and the majority of collateralized agreements and collateralized financings are recorded at amounts that approximate the fair value of these instruments. These financial instruments generally expose us to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market rates. Under the fair value hierarchy, cash and cash equivalents, including amounts segregated for regulatory purposes and restricted cash, are classified as Level 1 and collateralized agreements and financings are classified as Level 2. Bank loans, net: These financial instruments are primarily comprised of loans originated or purchased by our Bank segment and include SBL, C&I loans, commercial and residential real estate loans, REIT loans, and tax-exempt loans intended to be held until maturity or payoff. These financial instruments are primarily recorded at amounts that result from the application of the accounting methodologies for loans held for investment summarized in Note 2. Certain bank loans are held for sale, which are carried at the lower of cost or market value. A portion of these loans held for sale, as well as certain held for investment loans which have been written-down, are recorded at fair value as nonrecurring fair value measurements and therefore are excluded from the preceding table. The fair values for both variable and fixed-rate loans held for investment are estimated using a discounted cash flow analysis based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality, which includes our estimate of future credit losses expected to be incurred. The majority of these loans are classified as Level 3 under the fair value hierarchy. Refer to Note 2 for information regarding the fair value policies specific to loans held for sale. Receivables and other assets: Brokerage client receivables, other receivables, and certain other assets are recorded at amounts that approximate fair value and are classified as Levels 2 and 3 under the fair value hierarchy. As specified under GAAP, the FHLB and FRB stock are recorded at cost, which we have determined to approximate their estimated fair value, and are classified as Level 2 under the fair value hierarchy. Loans to financial advisors, net: These financial instruments are primarily comprised of loans to financial advisors, primarily offered for recruiting and retention purposes. Loans to financial advisors, net are recorded at amounts that approximate fair value and are classified as Level 2 under the fair value hierarchy. Refer to Note 2 for information regarding loans to financial advisors, net. 117 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Bank deposits: The fair values for demand deposits are equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of money market and savings accounts approximate their fair values as substantially all of these deposits are variable-rate accounts and short-term in nature. Demand deposits and money market and savings accounts are classified as Level 2 under the fair value hierarchy. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies current interest rates based on the remaining term of the deposit. Fixed-rate certificates of deposit were classified as Level 2 under the fair value hierarchy. Payables: Brokerage client payables, accrued compensation, commissions and benefits, and other payables are recorded at amounts that approximate fair value and are classified as Level 2 under the fair value hierarchy. Other borrowings: Other borrowings primarily included our Bank segment’s borrowings from the FHLB and, as of September 30, 2024, our 5.75 % fixed-to-floating subordinated notes due 2030, which were redeemed on August 15, 2025. FHLB advances generally reflect terms that approximate current market rates for similar loans and therefore, their carrying value approximates fair value. Our FHLB advances were classified as Level 2 under the fair value hierarchy. The fair value of the subordinated notes as of September 30, 2024 was estimated by discounting scheduled cash flows through the estimated maturity using market rates for borrowings of similar maturities and was classified as Level 2 under the fair value hierarchy. Senior notes payable: The fair value of our senior notes payable is calculated based upon recent trades of those debt securities in the market. Our senior notes payable are classified as Level 2 under the fair value hierarchy. 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 for a discussion of our accounting policies applicable to our available-for-sale securities. See Note 3 for additional information regarding the fair value of available-for-sale securities. $ in millions Cost basis Gross unrealized gains Gross unrealized losses Fair value September 30, 2025 Agency residential MBS $ 3,531 $ 3 $ ( 265 ) $ 3,269 Agency commercial MBS 1,223 — ( 85 ) 1,138 Agency CMOs 1,421 3 ( 147 ) 1,277 U.S. Treasuries 429 1 — 430 Other agency obligations 229 — ( 2 ) 227 Non-agency residential MBS 484 1 ( 32 ) 453 Corporate bonds 79 1 ( 1 ) 79 Other 14 1 — 15 Total available-for-sale securities $ 7,410 $ 10 $ ( 532 ) $ 6,888 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 $ 18 million and $ 23 million of accrued interest on available-for-sale securities as of September 30, 2025 and 2024, respectively, which was included in “ Other receivables, net ” on our Consolidated Statements of Financial Condition. See Note 6 for additional information regarding available-for-sale securities pledged with the FHLB and FRB. 118 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements 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 3.8 years as of September 30, 2025. September 30, 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 $ 1 $ 208 $ 1,581 $ 1,741 $ 3,531 Fair value $ 1 $ 198 $ 1,470 $ 1,600 $ 3,269 Weighted-average yield 2.00 % 1.44 % 1.32 % 2.45 % 1.88 % Agency commercial MBS Amortized cost $ 223 $ 816 $ 138 $ 46 $ 1,223 Fair value $ 219 $ 760 $ 121 $ 38 $ 1,138 Weighted-average yield 1.59 % 1.35 % 1.27 % 1.85 % 1.40 % Agency CMOs Amortized cost $ — $ — $ 33 $ 1,388 $ 1,421 Fair value $ — $ — $ 30 $ 1,247 $ 1,277 Weighted-average yield — % — % 1.35 % 2.34 % 2.31 % U.S. Treasuries Amortized cost $ 233 $ 196 $ — $ — $ 429 Fair value $ 233 $ 197 $ — $ — $ 430 Weighted-average yield 4.11 % 4.11 % — % — % 4.11 % Other agency obligations Amortized cost $ 88 $ 104 $ 28 $ 9 $ 229 Fair value $ 88 $ 103 $ 28 $ 8 $ 227 Weighted-average yield 2.80 % 3.63 % 2.42 % 3.07 % 3.14 % Non-agency residential MBS Amortized cost $ — $ — $ — $ 484 $ 484 Fair value $ — $ — $ — $ 453 $ 453 Weighted-average yield — % — % — % 4.14 % 4.14 % Corporate bonds Amortized cost $ 9 $ 47 $ 23 $ — $ 79 Fair value $ 10 $ 47 $ 22 $ — $ 79 Weighted-average yield 5.63 % 5.09 % 5.02 % — % 5.14 % Other Amortized cost $ — $ — $ 5 $ 9 $ 14 Fair value $ — $ — $ 5 $ 10 $ 15 Weighted-average yield — % — % 6.97 % 6.81 % 6.86 % Total available-for-sale securities Amortized cost $ 554 $ 1,371 $ 1,808 $ 3,677 $ 7,410 Fair value $ 551 $ 1,305 $ 1,676 $ 3,356 $ 6,888 Weighted-average yield 2.91 % 2.06 % 1.39 % 2.64 % 2.25 % 119 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements 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 September 30, 2025 Agency residential MBS $ 23 $ — $ 2,994 $ ( 265 ) $ 3,017 $ ( 265 ) Agency commercial MBS — — 1,129 ( 85 ) 1,129 ( 85 ) Agency CMOs 2 — 978 ( 147 ) 980 ( 147 ) U.S. Treasuries 215 — 9 — 224 — Other agency obligations — — 227 ( 2 ) 227 ( 2 ) Non-agency residential MBS — — 380 ( 32 ) 380 ( 32 ) Corporate bonds — — 15 ( 1 ) 15 ( 1 ) Other 1 — 5 — 6 — Total $ 241 $ — $ 5,737 $ ( 532 ) $ 5,978 $ ( 532 ) 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 September 30, 2025, of the 779 available-for-sale securities in an unrealized loss position, 15 were in a continuous unrealized loss position for less than 12 months and 764 securities were in a continuous unrealized loss position for greater than 12 months. At September 30, 2025, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Home Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $ 3.51 billion and $ 2.15 billion, respectively, and fair values of $ 3.24 billion and $ 1.95 billion, respectively. During the year ended September 30, 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 Consolidated Statements of Income and Comprehensive Income during the year ended September 30, 2025. There were no sales of available-for-sale securities during the years ended September 30, 2024 and 2023. 120 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements 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 Consolidated Statements of Financial Condition. Cash flows related to our derivatives are included within operating activities on the Consolidated Statements of Cash Flows. The significant accounting policies governing our derivatives, including our methodologies for determining fair value, are described in Note 2. 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 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. September 30, 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) $ 306 $ 309 $ 20,446 $ 336 $ 346 $ 20,629 Foreign exchange — 2 539 2 1 949 Other — 2 1,096 4 — 1,105 Subtotal 306 313 22,081 342 347 22,683 Derivatives designated as hedging instruments Interest rate — — 850 2 — 1,250 Foreign exchange 1 — 1,242 5 — 1,226 Subtotal 1 — 2,092 7 — 2,476 Total gross fair value/notional amount 307 313 $ 24,173 349 347 $ 25,159 Offset on the Consolidated Statements of Financial Condition Counterparty netting ( 92 ) ( 92 ) ( 86 ) ( 86 ) Cash collateral netting ( 147 ) ( 31 ) ( 160 ) ( 37 ) Total amounts offset ( 239 ) ( 123 ) ( 246 ) ( 123 ) Net amounts presented on the Consolidated Statements of Financial Condition 68 190 103 224 Gross amounts not offset on the Consolidated Statements of Financial Condition Financial instruments ( 1 ) — ( 5 ) — Total $ 67 $ 190 $ 98 $ 224 (1) Included to-be-announced security contracts that are accounted for as derivatives. The following table details the gains/(losses) included in 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 year. See Note 19 for additional information. Year ended September 30, $ in millions 2025 2024 2023 Interest rate (cash flow hedges) $ — $ ( 37 ) $ 1 Foreign exchange (net investment hedges) 39 2 ( 10 ) Total gains/(losses) included in AOCI, net of taxes $ 39 $ ( 35 ) $ ( 9 ) There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the years ended September 30, 2025, 2024, or 2023. We expect to reclassify $ 8 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 two years . 121 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Consolidated Statements of Income and Comprehensive Income. These amounts do not include any offsetting gains/(losses) on the related hedged item. Year ended September 30, $ in millions Location of gains/(losses) 2025 2024 2023 Interest rate Principal transactions/other revenue $ 15 $ 11 $ 20 Foreign exchange (1) Other revenue $ 13 $ ( 21 ) $ ( 23 ) Other Principal transactions $ ( 4 ) $ 4 $ 2 (1) The impacts included in our Consolidated Statements of Income and Comprehensive income of these gains/(losses) net of the gains/(losses) on the related hedged item were gains of $ 10 million, $ 7 million, and $ 6 million for the year ended September 30, 2025, 2024, and 2023 respectively. 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 September 30, 2025 or 2024. 122 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index NOTE 6 – COLLATERALIZED AGREEMENTS AND FINANCINGS Collateralized agreements are comprised of reverse repurchase agreements and securities borrowed. Collateralized financings are comprised of 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. 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 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 September 30, 2025 Gross amounts of recognized assets/liabilities $ 302 $ 396 $ 698 $ 325 $ 786 $ 1,111 Gross amounts offset on the Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Consolidated Statements of Financial Condition 302 396 698 325 786 1,111 Gross amounts not offset on the Consolidated Statements of Financial Condition ( 302 ) ( 372 ) ( 674 ) ( 325 ) ( 768 ) ( 1,093 ) Net amounts $ — $ 24 $ 24 $ — $ 18 $ 18 September 30, 2024 Gross amounts of recognized assets/liabilities $ 413 $ 336 $ 749 $ 402 $ 536 $ 938 Gross amounts offset on the Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Consolidated Statements of Financial Condition 413 336 749 402 536 938 Gross amounts not offset on the 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 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. September 30, $ in millions 2025 2024 Repurchase agreements: Government and agency obligations $ 125 $ 206 Agency MBS and agency CMOs 200 196 Total repurchase agreements 325 402 Securities loaned: Equity securities 786 536 Total collateralized financings $ 1,111 $ 938 123 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements 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 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. September 30, $ in millions 2025 2024 Collateral we received that was available to be delivered or repledged $ 4,003 $ 3,800 Collateral that we delivered or repledged $ 2,080 $ 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 and whether third parties had the right to deliver or repledge such assets. September 30, $ in millions 2025 2024 Had the right to deliver or repledge $ 1,265 $ 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 15. The following table presents information about our assets that have been pledged with the FHLB or FRB. September 30, $ in millions 2025 2024 Assets pledged with the FHLB or FRB: Available-for-sale securities $ 2,435 $ 3,979 Bank loans 31,014 11,794 Total assets pledged with the FHLB or FRB $ 33,449 $ 15,773 NOTE 7 – BANK LOANS, NET Bank client receivables are comprised of loans originated or purchased by our Bank segment and include SBL, C&I loans, CRE loans, 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 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 Consolidated Statements of Financial Condition at amortized cost less the allowance for credit losses or fair value where applicable. 124 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index The following table presents the balances for held for investment loans by portfolio segment and held for sale loans. September 30, $ in millions 2025 2024 SBL $ 19,775 $ 16,233 C&I loans 10,777 9,953 CRE loans 7,840 7,615 REIT loans 1,690 1,716 Residential mortgage loans 10,295 9,412 Tax-exempt loans 1,226 1,338 Total loans held for investment 51,603 46,267 Held for sale loans 416 184 Total loans held for sale and investment 52,019 46,451 Allowance for credit losses ( 452 ) ( 457 ) Bank loans, net $ 51,567 $ 45,994 ACL as a % of total loans held for investment 0.88 % 0.99 % Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 216 $ 214 See Note 6 for additional information regarding bank loans pledged with the FHLB and FRB and Note 15 for additional information regarding borrowings from the FHLB. Held for sale loans We originated or purchased $ 3.57 billion, $ 2.80 billion, and $ 2.74 billion of loans held for sale during the years ended September 30, 2025, 2024, and 2023, respectively. The majority of these loans were purchases of the guaranteed portions of 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 $ 1.08 billion, $ 618 million, and $ 835 million for the years ended September 30, 2025, 2024 and 2023, respectively. Net gains resulting from such sales were insignificant for each of the years ended September 30, 2025, 2024, and 2023. 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 Year ended September 30, 2025 Purchases $ 1,003 $ — $ 14 $ 287 $ 1,304 Sales $ 219 $ 13 $ — $ — $ 232 Year ended September 30, 2024 Purchases $ 1,038 $ — $ 5 $ 296 $ 1,339 Sales $ 376 $ — $ 9 $ — $ 385 Year ended September 30, 2023 Purchases $ 465 $ 39 $ 24 $ 456 $ 984 Sales $ 643 $ — $ — $ — $ 643 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, corporate loan sales generally occur as part of our credit management activities. 125 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index 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 September 30, 2025 SBL $ 1 $ — $ 1 $ — $ — $ 19,774 $ 19,775 C&I loans 1 — 1 39 5 10,732 10,777 CRE loans — — — 101 9 7,730 7,840 REIT loans — — — 19 — 1,671 1,690 Residential mortgage loans 5 — 5 — 13 10,277 10,295 Tax-exempt loans — — — — — 1,226 1,226 Total loans held for investment $ 7 $ — $ 7 $ 159 $ 27 $ 51,410 $ 51,603 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 included $ 109 million and $ 89 million at September 30, 2025 and 2024, respectively, of nonaccrual loans which were current pursuant to their contractual terms. As more fully described in Note 2, in the normal course of business, we may 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 years ended September 30, 2025 and 2024 were not significant. 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. September 30, $ in millions Nature of collateral 2025 2024 C&I loans Commercial real estate and other business assets $ 13 $ 9 CRE loans Office, hospitality, multi-family residential, industrial, healthcare, and medical office real estate $ 165 $ 115 REIT loans Office real estate $ 113 $ — Residential mortgage loans Single family homes $ 9 $ 8 126 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index 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. 127 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements 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 year ended September 30, 2025 Loans by origination fiscal year $ in millions 2025 2024 2023 2022 2021 Prior Revolving loans Total SBL Risk rating: Pass $ 21 $ 62 $ 30 $ 20 $ 29 $ 43 $ 19,485 $ 19,690 Special mention (1) — — — — — — 85 85 Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL $ 21 $ 62 $ 30 $ 20 $ 29 $ 43 $ 19,570 $ 19,775 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — C&I loans Risk rating: Pass $ 746 $ 743 $ 366 $ 1,016 $ 849 $ 3,495 $ 3,455 $ 10,670 Special mention — — 16 1 — — 3 20 Substandard — 1 — — 2 64 20 87 Doubtful — — — — — — — — Total C&I loans $ 746 $ 744 $ 382 $ 1,017 $ 851 $ 3,559 $ 3,478 $ 10,777 Gross charge-offs $ — $ — $ — $ — $ — $ 32 $ 1 $ 33 CRE loans Risk rating: Pass $ 1,333 $ 789 $ 1,023 $ 1,698 $ 599 $ 1,473 $ 612 $ 7,527 Special mention — — 25 90 — 7 — 122 Substandard — — 27 86 — 55 — 168 Doubtful — — — — — 23 — 23 Total CRE loans $ 1,333 $ 789 $ 1,075 $ 1,874 $ 599 $ 1,558 $ 612 $ 7,840 Gross charge-offs $ — $ — $ — $ — $ — $ 11 $ 1 $ 12 REIT loans Risk rating: Pass $ 289 $ 128 $ 158 $ 59 $ 113 $ 241 $ 570 $ 1,558 Special mention — — — — — — — — Substandard — — 19 — 113 — — 132 Doubtful — — — — — — — — Total REIT loans $ 289 $ 128 $ 177 $ 59 $ 226 $ 241 $ 570 $ 1,690 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential mortgage loans Risk rating: Pass $ 1,810 $ 1,206 $ 1,465 $ 2,511 $ 1,389 $ 1,849 $ 42 $ 10,272 Special mention — — — 1 1 3 — 5 Substandard — — — 6 — 12 — 18 Doubtful — — — — — — — — Total residential mortgage loans $ 1,810 $ 1,206 $ 1,465 $ 2,518 $ 1,390 $ 1,864 $ 42 $ 10,295 Gross charge-offs $ — $ — $ — $ — $ — $ 1 $ — $ 1 Tax-exempt loans Risk rating: Pass $ 49 $ 62 $ 57 $ 215 $ 144 $ 699 $ — $ 1,226 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 49 $ 62 $ 57 $ 215 $ 144 $ 699 $ — $ 1,226 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) As of September 30, 2025, this balance related to a loan which was collateralized by private securities. 128 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index 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, this balance related to a loan which was collateralized by certain securities with a limited trading market. 129 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index We also monitor the credit quality of the residential mortgage loan portfolio utilizing FICO scores and 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. September 30, 2025 Loans by origination fiscal year $ in millions 2025 2024 2023 2022 2021 Prior Revolving loans Total FICO score: Below 600 $ 5 $ 5 $ 11 $ 17 $ 7 $ 18 $ — $ 63 600 - 699 74 60 66 96 43 90 5 434 700 - 799 1,424 747 815 1,419 744 1,026 29 6,204 800 + 306 392 572 986 594 727 8 3,585 FICO score not available 1 2 1 — 2 3 — 9 Total $ 1,810 $ 1,206 $ 1,465 $ 2,518 $ 1,390 $ 1,864 $ 42 $ 10,295 LTV ratio: Below 80% $ 1,271 $ 874 $ 1,037 $ 1,926 $ 1,100 $ 1,432 $ 41 $ 7,681 80%+ 539 332 428 592 290 432 1 2,614 Total $ 1,810 $ 1,206 $ 1,465 $ 2,518 $ 1,390 $ 1,864 $ 42 $ 10,295 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 $ 9,412 130 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements 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 Year ended September 30, 2025 Balance at beginning of year $ 6 $ 173 $ 188 $ 23 $ 65 $ 2 $ 457 Provision/(benefit) for credit losses 2 4 6 29 ( 3 ) ( 1 ) 37 Net (charge-offs)/recoveries: Charge-offs — ( 33 ) ( 12 ) — ( 1 ) — ( 46 ) Recoveries — 4 1 — — — 5 Net (charge-offs)/recoveries — ( 29 ) ( 11 ) — ( 1 ) — ( 41 ) Foreign exchange translation adjustment — — ( 1 ) — — — ( 1 ) Balance at end of year $ 8 $ 148 $ 182 $ 52 $ 61 $ 1 $ 452 ACL by loan portfolio segment as a % of total ACL 1.8 % 32.7 % 40.3 % 11.5 % 13.5 % 0.2 % 100.0 % Year ended September 30, 2024 Balance at beginning of year $ 7 $ 214 $ 161 $ 16 $ 74 $ 2 $ 474 Provision/(benefit) for credit losses ( 1 ) 1 48 7 ( 10 ) — 45 Net (charge-offs)/recoveries: Charge-offs — ( 45 ) ( 21 ) — — — ( 66 ) Recoveries — 3 — — 1 — 4 Net (charge-offs)/recoveries — ( 42 ) ( 21 ) — 1 — ( 62 ) Foreign exchange translation adjustment — — — — — — — Balance at end of year $ 6 $ 173 $ 188 $ 23 $ 65 $ 2 $ 457 ACL by loan portfolio segment as a % of total ACL 1.3 % 38.0 % 41.1 % 5.0 % 14.2 % 0.4 % 100.0 % Year ended September 30, 2023 Balance at beginning of year $ 3 $ 226 $ 87 $ 21 $ 57 $ 2 $ 396 Provision/(benefit) for credit losses 4 32 84 ( 5 ) 17 — 132 Net (charge-offs)/recoveries: Charge-offs — ( 45 ) ( 13 ) — — — ( 58 ) Recoveries — 1 3 — — — 4 Net (charge-offs)/recoveries — ( 44 ) ( 10 ) — — — ( 54 ) Foreign exchange translation adjustment — — — — — — — Balance at end of year $ 7 $ 214 $ 161 $ 16 $ 74 $ 2 $ 474 ACL by loan portfolio segment as a % of total ACL 1.5 % 45.1 % 34.0 % 3.4 % 15.6 % 0.4 % 100.0 % The allowance for credit losses on bank loans held for investment decreased $ 5 million during the year ended September 30, 2025, primarily resulting from net-charges off during the year, partially offset by the bank loan provision for credit losses of $ 37 million during the year. The bank loan provision for credit losses for the year ended September 30, 2025 primarily reflected the impacts of loan downgrades, charge-offs, and specific reserves on certain loans, partially offset by the favorable impacts of an improved economic forecast and reserve releases related to certain loan sales and paydowns. The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Consolidated Statements of Financial Condition, was $ 24 million at September 30, 2025 and $ 22 million at both September 30, 2024 and 2023. 131 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements 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 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. September 30, $ in millions 2025 2024 Affiliated with the firm as of year end (1) $ 1,658 $ 1,350 No longer affiliated with the firm as of year end (2) 7 16 Total loans to financial advisors 1,665 1,366 Allowance for credit losses ( 39 ) ( 40 ) Loans to financial advisors, net $ 1,626 $ 1,326 Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) $ 12 $ 9 Allowance for credit losses as a percent of total loans to financial advisors 2.34 % 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 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 LIHTC funds and other funds that qualify for tax credits and 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 September 30, 2025 LIHTC funds $ 74 $ 20 Restricted Stock Trust Fund 19 19 Total $ 93 $ 39 September 30, 2024 LIHTC funds $ 136 $ 60 Restricted Stock Trust Fund 19 19 Total $ 155 $ 79 132 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements 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 Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and are not reflected in the following table. September 30, $ in millions 2025 2024 Assets: Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 19 $ 17 Other assets 55 119 Total assets $ 74 $ 136 Liabilities: Other payables $ 13 $ 37 Total liabilities $ 13 $ 37 Noncontrolling interests $ 1 $ ( 6 ) VIEs where we hold a variable interest but are not the primary beneficiary As discussed in Note 2, 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, certain other investments for which we receive tax credits, our interests in certain limited partnerships which are part of our 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. September 30, 2025 2024 $ in millions Aggregate assets Aggregate liabilities Our risk of loss Aggregate assets Aggregate liabilities Our risk of loss LIHTC funds $ 9,680 $ 3,031 $ 133 $ 9,049 $ 3,079 $ 116 Private Equity Interests 3,043 948 105 2,824 873 102 Other 596 217 115 204 146 64 Total $ 13,319 $ 4,196 $ 353 $ 12,077 $ 4,098 $ 282 133 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index NOTE 10 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET Our goodwill and identifiable intangible assets result from various acquisitions. See Note 2 for a discussion of our goodwill and intangible assets accounting policies. The following table presents our goodwill and net identifiable intangible asset balances as of the dates indicated. September 30, $ in millions 2025 2024 Goodwill $ 1,451 $ 1,451 Identifiable intangible assets, net 396 435 Total goodwill and identifiable intangible assets, net $ 1,847 $ 1,886 Goodwill The following table summarizes our goodwill by segment and the balances and activity for the years indicated. $ in millions Private Client Group Capital Markets Asset Management Bank Total Year ended September 30, 2025 Goodwill as of beginning of year $ 578 $ 275 $ 69 $ 529 $ 1,451 Foreign currency translations ( 1 ) 1 — — — Goodwill as of end of year $ 577 $ 276 $ 69 $ 529 $ 1,451 Year ended September 30, 2024 Goodwill as of beginning of year $ 564 $ 275 $ 69 $ 529 $ 1,437 Foreign currency translations 14 — — — 14 Goodwill as of end of year $ 578 $ 275 $ 69 $ 529 $ 1,451 Qualitative assessments As described in Note 2, we perform goodwill 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. We performed our latest annual goodwill impairment testing 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. Based upon the outcome of our qualitative assessments, no impairment was identified. No events have occurred since our annual assessment date that would cause us to update this impairment testing. Identifiable intangible assets, net The following table sets forth our identifiable intangible asset balances by segment, net of accumulated amortization, and activity for the years indicated. $ in millions Private Client Group Capital Markets Asset Management Bank Total Year ended September 30, 2025 Net identifiable intangible assets as of beginning of year $ 162 $ 40 $ 125 $ 108 $ 435 Amortization expense ( 14 ) ( 8 ) ( 7 ) ( 12 ) ( 41 ) Foreign currency translations 2 — — — 2 Net identifiable intangible assets as of end of year $ 150 $ 32 $ 118 $ 96 $ 396 Year ended September 30, 2024 Net identifiable intangible assets as of beginning of year $ 168 $ 50 $ 132 $ 120 $ 470 Amortization expense ( 15 ) ( 10 ) ( 7 ) ( 12 ) ( 44 ) Foreign currency translations 9 — — — 9 Net identifiable intangible assets as of end of year $ 162 $ 40 $ 125 $ 108 $ 435 134 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index The following table summarizes our identifiable intangible assets by type. September 30, 2025 2024 $ in millions Gross carrying value Accumulated amortization Gross carrying value Accumulated amortization Customer relationships $ 347 $ ( 143 ) $ 349 $ ( 127 ) Core deposit intangible 89 ( 30 ) 89 ( 21 ) Trade names 59 ( 17 ) 59 ( 13 ) Developed technology 58 ( 24 ) 58 ( 17 ) Non-amortizing customer relationships 57 — 57 — All other 2 ( 2 ) 3 ( 2 ) Total $ 612 $ ( 216 ) $ 615 $ ( 180 ) The following table sets forth the projected amortization expense by fiscal year associated with our identifiable intangible assets with finite lives. Fiscal year ended September 30, $ in millions 2026 $ 39 2027 38 2028 37 2029 37 2030 35 Thereafter 153 Total $ 339 Qualitative assessments As described in Note 2, we perform impairment testing for our non-amortizing customer relationship intangible assets on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of the assets below their carrying value. We performed our latest annual impairment testing as of our January 1, 2025 evaluation date, evaluating the balance as of December 31, 2024. In that testing, we performed qualitative assessments for our non-amortizing customer relationship intangible assets. 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. NOTE 11 - OTHER ASSETS The following table details the components of other assets as of the dates indicated. See Note 2 for a discussion of our accounting policies related to certain of these components. September 30, $ in millions 2025 2024 Investments in corporate-owned life insurance policies $ 1,575 $ 1,396 Property and equipment, net 670 635 ROU lease assets 583 568 Prepaid expenses 218 220 Investments in FHLB and FRB stock 103 114 Client-owned fractional shares 171 133 All other 195 291 Total other assets $ 3,515 $ 3,357 See Note 12 for additional information regarding our property and equipment and Note 13 for additional information regarding our leases. 135 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index NOTE 12 - PROPERTY AND EQUIPMENT, NET The following table presents the components of our property and equipment, net as of the dates indicated. September 30, 2025 2024 $ in millions Gross carrying value Accumulated depreciation/ software amortization Property and equipment, net Gross carrying value Accumulated depreciation/ software amortization Property and equipment, net Land $ 30 $ — $ 30 $ 30 $ — $ 30 Software, including development in progress 959 ( 648 ) 311 870 ( 568 ) 302 Buildings, building components, leasehold and land improvements 488 ( 279 ) 209 465 ( 263 ) 202 Furniture, fixtures and equipment 516 ( 396 ) 120 456 ( 355 ) 101 Total $ 1,993 $ ( 1,323 ) $ 670 $ 1,821 $ ( 1,186 ) $ 635 Depreciation expense associated with property and equipment was $ 68 million, $ 58 million, and $ 51 million for the years ended September 30, 2025, 2024, and 2023, respectively, and is included in “Occupancy and equipment” expense on our Consolidated Statements of Income and Comprehensive Income. Amortization expense associated with computer software was $ 86 million, $ 77 million, and $ 69 million for the years ended September 30, 2025, 2024, and 2023, respectively, and is included in “Communications and information processing” expense on our Consolidated Statements of Income and Comprehensive Income. We also incur software licensing fees, which are included in “Communications and information processing” expense on our Consolidated Statements of Income and Comprehensive Income. NOTE 13 - LEASES The following table presents the balances related to our leases on our Consolidated Statements of Financial Condition. See Note 2 for a discussion of our accounting policies related to leases. September 30, $ in millions 2025 2024 ROU lease assets (included in “Other assets”) $ 583 $ 568 Lease liabilities (included in “Other payables”) $ 538 $ 533 The weighted-average remaining lease term and discount rate for our leases is presented in the following table. September 30, 2025 2024 Weighted-average remaining lease term 5.8 years 6.3 years Weighted-average discount rate 4.85 % 4.87 % Lease expense The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Consolidated Statements of Income and Comprehensive Income. Year ended September 30, $ in millions 2025 2024 2023 Lease costs $ 148 $ 142 $ 133 Variable lease costs $ 28 $ 37 $ 31 Variable lease costs in the preceding table included 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. 136 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Lease liabilities The maturities by fiscal year of our lease liabilities as of September 30, 2025 are presented in the following table. Fiscal year ended September 30, $ in millions 2026 $ 133 2027 118 2028 103 2029 86 2030 73 Thereafter 111 Gross lease payments 624 Less: interest ( 86 ) Present value of lease liabilities $ 538 Lease liabilities as of September 30, 2025 excluded $ 55 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced. These leases are estimated to commence in fiscal 2026 with lease terms ranging from 3 to 11 years. NOTE 14 – 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. September 30, 2025 2024 $ in millions Balance Weighted-average rate Balance Weighted-average rate Money market and savings accounts $ 33,881 1.60 % $ 32,304 2.18 % Interest-bearing demand deposits 22,532 3.86 % 20,570 4.56 % Certificates of deposit 1,937 4.21 % 2,612 4.70 % Non-interest-bearing demand deposits 547 — 524 — Total bank deposits $ 58,897 2.56 % $ 56,010 3.18 % Total bank deposits included $ 26.56 billion and $ 23.98 billion as of September 30, 2025 and 2024, respectively, of cash balances 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 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 $ 13.47 billion and $ 14.02 billion of deposits as of September 30, 2025 and 2024, respectively, associated with our 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 excluded affiliate deposits) that are FDIC-insured, as well as the amount that exceeded the FDIC insurance limit at each respective period end. $ in millions September 30, 2025 September 30, 2024 FDIC-insured bank deposits $ 49,117 $ 48,964 Bank deposits exceeding FDIC insurance limit (1) (2) 9,780 7,046 Total bank deposits $ 58,897 $ 56,010 FDIC-insured bank deposits as a % of total bank deposits 83 % 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 $ 1.24 billion and $ 1.05 billion as of September 30, 2025 and 2024, respectively. 137 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index 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 September 30, 2025. $ in millions September 30, 2025 Three months or less $ 83 Over three through six months 40 Over six through twelve months 29 Over twelve months 19 Total certificates of deposit that exceeded the FDIC insurance limit (1) $ 171 (1) Total certificates of deposit that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements. The maturities by fiscal year of our certificates of deposit as of September 30, 2025 are presented in the following table. Fiscal year ended September 30, $ in millions 2026 $ 1,610 2027 192 2028 70 2029 35 2030 30 Total certificates of deposit $ 1,937 Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table. Year ended September 30, $ in millions 2025 2024 2023 Money market and savings accounts $ 586 $ 664 $ 527 Interest-bearing demand deposits 871 993 469 Certificates of deposit 91 123 84 Total interest expense on deposits $ 1,548 $ 1,780 $ 1,080 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 Notes 2 and 5 for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge. 138 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index NOTE 15 – OTHER BORROWINGS The following table details the components of our other borrowings. September 30, 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 4.44 % December 2025 - December 2026 $ 500 5.14 % March 2025 - December 2025 $ 650 Fixed rate 4.10 % December 2028 200 4.47 % December 2024 - December 2028 300 Total FHLB advances 700 950 Subordinated notes - fixed-to-floating (including an unaccreted premium of $ — and $ 1 , respectively) N/A N/A — 5.75 % May 2030 99 Total other borrowings $ 700 $ 1,049 FHLB advances We have entered into advances from the FHLB at our Bank segment, which are secured by certain of our bank loans and available-for-sale securities. The interest rates on our floating-rate advances are based on a Secured Overnight Financing Rate (“SOFR”) and reset daily. 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 Notes 2 and 5 for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges. See Note 6 for additional information regarding bank loans and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings. Subordinated notes Our subordinated notes due May 2030, incurred interest at a fixed rate of 5.75 % until May 15, 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. On August 15, 2025, we redeemed our subordinated notes, pursuant to the applicable indenture provisions. The subordinated notes were redeemed at their principal amount of $ 98 million, plus accrued and unpaid interest to, but excluding the redemption date utilizing cash on hand. 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 both RJ&A and RJF have the ability to borrow. In September 2025, we amended the Credit Facility, extending the term to September 2030, increasing the borrowing capacity to $ 1 billion from $ 750 million, and incorporating a lower cost of borrowing under the Credit Facility. 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 September 30, 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 September 30, 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 year were generally day-to-day and there were no borrowings outstanding on these arrangements as of September 30, 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 139 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates. While we had borrowings outstanding as of September 30, 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 16 – SENIOR NOTES PAYABLE The following table summarizes our senior notes payable. September 30, $ in millions 2025 2024 4.65 % senior notes, due 2030 $ 500 $ 500 4.90 % senior notes, due 2035 650 — 4.95 % senior notes, due 2046 800 800 3.75 % senior notes, due 2051 750 750 5.65 % senior notes, due 2055 850 — Total principal amount 3,550 2,050 Net unaccreted premiums/(discounts) — 5 Unamortized debt issuance costs ( 30 ) ( 15 ) Total senior notes payable $ 3,520 $ 2,040 In March 2020, we sold $ 500 million in aggregate principal amount of 4.65 % senior notes due April 2030 in a registered underwritten public offering. Interest on these senior notes is payable semi-annually. We may redeem some or all of these senior notes at any time prior to January 1, 2030, at a redemption price equal to the greater of (i) 100 % of the principal amount of the notes redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the redemption date at a discount rate equal to a designated U.S. Treasury rate, plus 50 basis points; and on or after January 1, 2030, at 100 % of the principal amount of the notes redeemed; plus, in each case, accrued and unpaid interest thereon to the redemption date. In July 2016, we sold $ 300 million in aggregate principal amount of 4.95 % senior notes due July 2046 in a registered underwritten public offering. In May 2017, we reopened the offering and sold, in a registered underwritten public offering, an additional $ 500 million in aggregate principal amount of 4.95 % senior notes due July 2046. These additional senior notes were consolidated, formed into a single series, and are fully fungible with the $ 300 million in aggregate principal amount of 4.95 % senior notes issued in July 2016. Interest on these senior notes is payable semi-annually. We may redeem some or all of these senior notes at any time prior to their maturity, at a redemption price equal to the greater of (i) 100 % of the principal amount of the notes redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the redemption date at a discount rate equal to a designated U.S. Treasury rate, plus 45 basis points, plus accrued and unpaid interest thereon to the redemption date. In April 2021, we sold $ 750 million in aggregate principal amount of 3.75 % senior notes due April 2051 in a registered underwritten public offering. Interest on these senior notes is payable semi-annually. We may redeem some or all of these senior notes at any time prior to October 1, 2050, at a redemption price equal to the greater of (i) 100 % of the principal amount of the notes redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the redemption date at a discount rate equal to a designated U.S. Treasury rate, plus 20 basis points; and on or after October 1, 2050, at 100 % of the principal amount of the notes redeemed; plus, in each case, accrued and unpaid interest thereon to the redemption date. In September 2025, we sold $ 650 million in aggregate principal amount of 4.90 % senior notes due September 2035 and $ 850 million in aggregate principal amount of 5.65 % senior notes due September 2055 in a registered underwritten public offering. Interest on these senior notes is payable semi-annually. We may redeem some or all of these senior notes at any time prior to June 11, 2035 and March 11, 2055, respectively, at a redemption price equal to the greater of (i) 100 % of the principal amount of the notes redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the redemption date at a discount rate equal to a designated U.S. Treasury rate, plus 15 basis points; and on or after June 11, 2035 and March 11, 2055, respectively, at 100 % of the principal amount of the notes redeemed; plus, in each case, accrued and unpaid interest thereon to the redemption date. 140 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index NOTE 17 – INCOME TAXES For a discussion of our income tax accounting policies and other income tax-related information see Note 2. The following table presents our U.S. and foreign components of pre-tax income for each respective period. Year ended September 30, $ in millions 2025 2024 2023 U.S. $ 2,608 $ 2,534 $ 2,193 Foreign 106 109 87 Pre-tax income $ 2,714 $ 2,643 $ 2,280 The following table details the total income tax provision/(benefit) allocation for each respective period. Year ended September 30, $ in millions 2025 2024 2023 Included in: Net income $ 579 $ 575 $ 541 Equity, arising from available-for-sale securities recorded through OCI 30 149 3 Equity, arising from cash flow hedges recorded through OCI ( 2 ) ( 12 ) — Equity, arising from currency translations, net of the impact of net investment hedges recorded through OCI 13 — ( 4 ) Total provision for income taxes $ 620 $ 712 $ 540 The following table details our provision/(benefit) for income taxes included in net income for each respective period. Year ended September 30, $ in millions 2025 2024 2023 Current: Federal $ 463 $ 486 $ 468 State and local 126 131 122 Foreign 42 41 39 Total current $ 631 $ 658 $ 629 Deferred: Federal ( 26 ) ( 68 ) ( 59 ) State and local ( 21 ) ( 12 ) ( 16 ) Foreign ( 5 ) ( 3 ) ( 13 ) Total deferred $ ( 52 ) $ ( 83 ) $ ( 88 ) Total provision for income taxes included in net income $ 579 $ 575 $ 541 141 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index The following table details a reconciliation of the provision for income taxes at the U.S. federal statutory income tax rate to our actual provision for income taxes and the effective income tax rate for each respective period. Year ended September 30, 2025 2024 2023 $ in millions Amount Rate Amount Rate Amount Rate Provision calculated at statutory rate $ 570 21.0 % $ 555 21.0 % $ 479 21.0 % State income tax, net of federal benefit 79 2.9 % 87 3.3 % 83 3.6 % Nondeductible executive compensation 18 0.7 % 13 0.5 % 13 0.6 % Foreign tax rate differential 14 0.5 % 10 0.4 % 8 0.4 % Excess tax benefits related to share-based compensation (1) ( 44 ) ( 1.6 ) % ( 20 ) ( 0.8 ) % ( 21 ) ( 0.9 ) % Gains on corporate-owned life insurance policies which are not subject to tax ( 28 ) ( 1.0 ) % ( 51 ) ( 1.9 ) % ( 22 ) ( 1.0 ) % Federal tax credits ( 26 ) ( 1.0 ) % ( 23 ) ( 1.0 ) % ( 14 ) ( 0.7 ) % Nondeductible fines and penalties (2) — — % ( 6 ) ( 0.2 ) % 18 0.8 % Other, net ( 4 ) ( 0.2 ) % 10 0.5 % ( 3 ) ( 0.1 ) % Total $ 579 21.3 % $ 575 21.8 % $ 541 23.7 % (1) Excess tax benefits related to share-based compensation were primarily attributable to the increase in fair value of our RSUs between grant date and delivery date which was $ 200 million, $ 91 million, and $ 95 million for the years ended September 30, 2025, 2024, and 2023, respectively. (2) The year ended September 30, 2024, reflected the favorable impact of a legal and regulatory matters reserve release while the year ended September 30, 2023, reflected the impact of provisions for legal and regulatory matters. For the years ended September 30, 2025, 2024, and 2023, respectively, we had investment tax credits of $ 10 million, $ 20 million, and $ 11 million primarily related to our equity investments in LIHTC funds and historic tax credit funds, as well as certain renewable energy tax structures. Such tax credits were included in “Federal tax credits” in the preceding table. We also hold equity investments in certain structures which deliver tax credits and other tax benefits that qualify for the application of the proportional amortization method. Such investments are amortized in proportion to the tax benefits received in each year, and the investment amortization and the tax benefits are presented on a net basis within “ Provision for income taxes ” on our Consolidated Statements of Income and Comprehensive Income. See Note 2 for additional information. For the years ended September 30, 2025, 2024, and 2023, the amortization of renewable energy tax credit investments accounted for under the proportional amortization method was $ 43 million, $ 28 million and $ 86 million, respectively, and we recognized offsetting tax credits of $ 44 million, $ 28 million, and $ 81 million, respectively. For the year ended September 30, 2023, we also recognized other tax benefits related to such investments of $ 9 million. Such amounts were insignificant for the years ended September 30, 2025 and 2024. For each of the years ended September 30, 2025, 2024, and 2023, the amortization of LIHTC investments accounted for under the proportional amortization method was $ 3 million, and we recognized offsetting tax credits of $ 3 million in each year. The amortization of all tax credit investments accounted for under the proportional amortization method, as well as the offsetting tax credits and other related tax benefits were reflected in “Other, net” in the preceding table. As of September 30, 2025, we had $ 47 million of remaining commitments related to a renewable energy tax credit investment accounted for under the proportional amortization method, which was accrued within “Other payables” on our Consolidated Statements of Financial Condition and is expected to be funded in our fiscal 2026 upon the project satisfying certain conditions. The unamortized equity investment related to this investment was $ 23 million and was included in “ Other assets ” on our Consolidated Statements of Financial Condition as of September 30, 2025. 142 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the financial statements. These temporary differences result in taxable or deductible amounts in future years. The cumulative effects of temporary differences that give rise to significant portions of the deferred tax asset/(liability) items are detailed in the following table. September 30, $ in millions 2025 2024 Deferred tax assets: Deferred compensation $ 455 $ 433 Allowances for credit losses 143 140 Lease liabilities 135 123 Unrealized loss associated with available-for-sale securities 131 161 Accrued expenses 43 46 Net operating losses and credit carryforwards 30 26 Unrealized loss associated with loan portfolios 23 32 Property and equipment 3 — Other 19 19 Total deferred tax assets 982 980 Less: valuation allowance ( 9 ) ( 9 ) Total deferred tax assets, net of valuation allowance 973 971 Deferred tax liabilities: ROU lease assets ( 148 ) ( 134 ) Goodwill and identifiable intangible assets ( 144 ) ( 138 ) Property and equipment — ( 44 ) Other ( 10 ) ( 8 ) Total deferred tax liabilities ( 302 ) ( 324 ) Net deferred tax assets $ 671 $ 647 Classified as follows in the Consolidated Statements of Financial Condition: Deferred income taxes, net $ 671 $ 651 Other payables — ( 4 ) Net deferred tax assets $ 671 $ 647 We have various tax loss carryforwards that may provide future tax benefits. Related valuation allowances are established in accordance with accounting guidance for income taxes if it is management’s opinion that it is more likely than not that these benefits will not be realized. The following table presents deferred tax assets and valuation allowances relating to carryforwards for the periods indicated. Year ended September 30, $ in millions 2025 2024 Expires beginning of fiscal year Deferred tax asset: U.S. Federal net operating losses (1) $ 5 $ 8 Indefinitely U.S. State net operating losses (1) 5 5 2028 Foreign net operating losses 20 13 2042 Total deferred tax asset related to carryforwards $ 30 $ 26 Valuation allowance: U.S. Federal net operating losses $ 1 $ 2 U.S. State net operating losses 5 5 Foreign net operating losses 3 2 Net valuation allowance $ 9 $ 9 (1) Both the federal and state net operating loss carryforwards relate to separate company entity filings. As a result, these losses are not able to be utilized in our consolidated filings. As of September 30, 2025, total deferred tax assets, net of the valuation allowance, aggregated to $ 973 million. We continue to believe that the realization of our deferred tax assets is more likely than not based on expectations of future taxable income. 143 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index As of September 30, 2024, there were $ 4 million of net deferred tax liabilities included in “Other payables” on our Consolidated Statements of Financial Condition, which primarily arose from entities in the UK, and accordingly were not netted against balances arising from our U.S. entities. As of September 30, 2025, we considered substantially all undistributed earnings of non-U.S. subsidiaries to be permanently reinvested and have not provided for any U.S. deferred income taxes related to such subsidiaries as we expect our incremental tax cost of repatriating such offshore earnings to not be significant. As of September 30, 2025, we had approximately $ 669 million of cumulative undistributed earnings attributable to foreign subsidiaries. Because the time and manner of repatriation is uncertain, we cannot determine the impact of local taxes, withholding taxes, and foreign tax credits associated with the future repatriation of such earnings, and therefore cannot quantify the tax liability that would be payable in the event all such foreign earnings are repatriated. As of September 30, 2025, the current tax receivable, which was included in “Other receivables, net” on our Consolidated Statements of Financial Condition, was $ 79 million, and the current tax payable, which was included in “Other payables,” was $ 5 million. As of September 30, 2024, the current tax receivable was $ 28 million, and there was no current tax payable. Uncertain tax positions We recognize the accrual of interest and penalties related to income tax matters in “Interest expense” and “Other” expense, respectively. As of September 30, 2025 and 2024, accrued interest and penalties were $ 9 million and $ 14 million, respectively. The following table presents the aggregate changes in the balances for uncertain tax positions. Year ended September 30, $ in millions 2025 2024 2023 Uncertain tax positions beginning of year $ 48 $ 41 $ 43 Increases for tax positions related to the current year 15 6 5 Increases for tax positions related to prior years 6 9 4 Decreases for tax positions related to prior years — ( 2 ) ( 2 ) Decreases due to statute of limitations expirations ( 16 ) ( 6 ) ( 8 ) Decreases related to settlements ( 6 ) — ( 1 ) Uncertain tax positions end of year $ 47 $ 48 $ 41 The total amount of uncertain tax positions that, if recognized, would impact the effective tax rate (the items included in the preceding table after considering the federal tax benefit associated with any state tax provisions) was $ 41 million at both September 30, 2025 and 2024, and $ 35 million at September 30, 2023. We anticipate that the uncertain tax position liability balance will decrease by approximately $ 11 million over the next 12 months due to expiration of statutes of limitations of federal and state tax returns. RJF and its domestic subsidiaries are included in the consolidated income tax returns of RJF in the U.S. federal jurisdiction and various consolidated states. Our subsidiaries also file separate income tax returns in various state, local, and foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations by tax authorities for fiscal years prior to fiscal 2022. With limited exceptions, we are no longer subject to income tax examinations by tax authorities for foreign jurisdictions for fiscal years prior to fiscal 2022 and state and local jurisdictions for fiscal years prior to fiscal 2021. Certain state and local and foreign tax returns are currently under various stages of audit and appeals processes. 144 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index NOTE 18 – 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 September 30, 2025, we had four 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. September 30, $ in millions 2025 2024 SBL and other consumer lines of credit $ 56,048 $ 44,057 Commercial lines of credit $ 5,441 $ 4,630 Unfunded lending commitments $ 716 $ 640 Standby letters of credit $ 217 $ 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. These amounts reflect the maximum credit availability, contingent upon borrowers meeting applicable collateral posting requirements. 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 unconditionally cancelable and 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 CECL model provides for potential losses related to the unfunded lending commitments. See Notes 2 and 7 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 Notes 2 and 8 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. We have unfunded commitments of $ 38 million for loans to financial advisors who have met such conditions as of September 30, 2025. Investment commitments We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $ 102 million as of September 30, 2025. 145 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Other commitments 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 are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships. As of September 30, 2025, RJAHI had committed approximately $ 65 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. On October 14, 2025, we announced we had reached an agreement to acquire a majority stake in GreensLedge Holdings LLC (“GreensLedge”), a boutique investment bank specializing in structured credit and securitization. The transaction, which is subject to the satisfaction of customary closing conditions, including regulatory approvals, is currently expected to close in our fiscal 2026. The acquisition of GreensLedge will add securitization and advisory capabilities to our existing fixed income operations. We currently have the ability to utilize our cash on hand to fund the acquisition. GreensLedge will operate within our Capital Markets segment upon completion of the acquisition. For information regarding our lease commitments, including the maturities of our lease liabilities, see Note 13. 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 146 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index 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 September 30, 2025, the estimated upper end of the range of reasonably possible aggregate loss was approximately $ 10 million in excess of the aggregate accruals for such matters. See Note 2 for a discussion of our criteria for recognizing liabilities for contingencies. NOTE 19 – SHAREHOLDERS’ EQUITY Preferred stock As a component of our total purchase consideration for TriState Capital on June 1, 2022, we issued two series of preferred stock to replace previously issued and outstanding preferred stock of TriState Capital. The preferred stock issuance included 1.61 million depositary shares, each representing a 1/40th interest in a share of 6.75 % Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”), par value of $ 0.10 per share, with a liquidation preference of $ 1,000 per share (equivalent of $ 25 per depositary share) and 3.22 million depositary shares, each representing a 1/40th interest in a share of 6.375 % Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”), par value of $ 0.10 per share, with a liquidation preference of $ 1,000 per share (equivalent of $ 25 per depositary share). We redeemed all outstanding shares of our Series A Preferred Stock on April 3, 2023. Dividends on Series B Preferred Stock are non-cumulative and, if declared, payable quarterly at a rate of 6.375 % per annum from original issue date up to, but excluding, July 1, 2026, and thereafter at a floating rate equal to 3-month CME Term SOFR plus a spread adjustment of 4.35 % per annum. Under certain circumstances, the aforementioned fixed rate may apply in lieu of the floating rate. Subject to requisite regulatory approvals, we may redeem the Series B Preferred Stock, in whole or in part, at the liquidation preference plus declared and unpaid dividends. The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock. $ in millions September 30, 2025 September 30, 2024 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 A and Series B preferred stock for the years ended September 30, 2025, 2024, and 2023. Dividends declared Dividends paid $ in millions, except per share amounts Total dividends Per preferred share amount Total dividends Per preferred share amount Year ended September 30, 2025 Series B Preferred Stock $ 5 $ 63.76 $ 5 $ 63.76 Year ended September 30, 2024 Series B Preferred Stock 5 $ 63.76 5 $ 63.76 Year ended September 30, 2023 Series A Preferred Stock (1) $ 2 $ 33.76 $ 2 $ 50.64 Series B Preferred Stock 5 $ 63.76 5 $ 63.76 Total $ 7 $ 7 (1) On April 3, 2023, we redeemed all 40,250 outstanding shares of our Series A Preferred Stock with a carrying value of $ 41 million, which triggered the redemption of the related depositary shares, each representing a 1/40th interest of a share of Series A Preferred Stock, for an aggregate redemption value of $ 40 million. Preferred stock dividends on our Consolidated Statements of Income and Comprehensive Income for the year ended September 30, 2023 included dividends declared during the year, as well as the $ 1 million excess of the carrying value of our Series A Preferred Stock over the redemption value, which was reported as an offset to preferred dividends and increased net income available to common shareholders. 147 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Common equity The following table presents the changes in our common shares outstanding for the years ended September 30, 2025, 2024, and 2023. Year ended September 30, Shares in millions 2025 2024 2023 Balance beginning of year 203.3 208.8 215.1 Repurchases of common stock under the Board of Directors’ common stock repurchase authorization ( 7.4 ) ( 7.7 ) ( 8.4 ) Issuances due to vesting of RSUs, employee stock purchases, and exercise of stock options, net of forfeitures 2.2 2.2 2.1 Balance end of year 198.1 203.3 208.8 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 22 for additional information on these programs. 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 year ended September 30, 2025, we repurchased 7.4 million shares of our common stock for $ 1.1 billion at an average price of $ 148 per share. As of September 30, 2025, $ 399 million 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. Year ended September 30, 2025 2024 2023 Dividends per common share - declared $ 2.00 $ 1.80 $ 1.68 Dividends per common share - paid $ 1.95 $ 1.77 $ 1.60 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. Year ended September 30, 2025 2024 2023 Dividend payout ratio 19.4 % 18.6 % 21.1 % 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 23 for additional information on our regulatory capital requirements. 148 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Accumulated other comprehensive income/(loss) All of the components of 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 Year ended September 30, 2025 AOCI as of beginning of year $ 145 $ ( 169 ) $ ( 24 ) $ ( 485 ) $ 7 $ ( 502 ) OCI: OCI before reclassifications and taxes 52 ( 27 ) 25 122 12 159 Amounts reclassified from AOCI, before tax — — — 2 ( 14 ) ( 12 ) Pre-tax net OCI 52 ( 27 ) 25 124 ( 2 ) 147 Income tax effect ( 13 ) — ( 13 ) ( 30 ) 2 ( 41 ) OCI for the year, net of tax 39 ( 27 ) 12 94 — 106 AOCI as of end of year $ 184 $ ( 196 ) $ ( 12 ) $ ( 391 ) $ 7 $ ( 396 ) Year ended September 30, 2024 AOCI as of beginning of year $ 143 $ ( 216 ) $ ( 73 ) $ ( 942 ) $ 44 $ ( 971 ) OCI: OCI before reclassifications and taxes 2 47 49 606 ( 14 ) 641 Amounts reclassified from AOCI, before tax — — — — ( 35 ) ( 35 ) Pre-tax net OCI 2 47 49 606 ( 49 ) 606 Income tax effect — — — ( 149 ) 12 ( 137 ) OCI for the year, net of tax 2 47 49 457 ( 37 ) 469 AOCI as of end of year $ 145 $ ( 169 ) $ ( 24 ) $ ( 485 ) $ 7 $ ( 502 ) Year ended September 30, 2023 AOCI as of beginning of year $ 153 $ ( 276 ) $ ( 123 ) $ ( 902 ) $ 43 $ ( 982 ) OCI: OCI before reclassifications and taxes ( 14 ) 60 46 ( 37 ) 33 42 Amounts reclassified from AOCI, before tax — — — — ( 32 ) ( 32 ) Pre-tax net OCI ( 14 ) 60 46 ( 37 ) 1 10 Income tax effect 4 — 4 ( 3 ) — 1 OCI for the year, net of tax ( 10 ) 60 50 ( 40 ) 1 11 AOCI as of end of year $ 143 $ ( 216 ) $ ( 73 ) $ ( 942 ) $ 44 $ ( 971 ) Reclassifications from AOCI to net income, excluding taxes, for the year ended September 30, 2025 were recorded in “Other” revenue and “Interest expense” on the Consolidated Statements of Income and Comprehensive Income. Reclassifications from AOCI to net income, excluding taxes, for the years ended September 30, 2024, and 2023 were recorded in “Interest expense” on the Consolidated Statements of Income and Comprehensive Income. Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment. See Notes 2 and 5 for additional information on these derivatives. 149 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index NOTE 20 - REVENUES The following tables present our sources of revenues by segment. See Note 2 for additional information about our significant accounting policies related to revenue recognition. See Note 25 for additional information on our segments. Year ended September 30, 2025 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 5,980 $ 1 $ 1,143 $ — $ ( 46 ) $ 7,078 Brokerage revenues: Securities commissions: Mutual and other fund products 605 7 4 — ( 2 ) 614 Insurance and annuity products 511 — — — — 511 Equities, ETFs and fixed income products 501 159 3 — ( 13 ) 650 Subtotal securities commissions 1,617 166 7 — ( 15 ) 1,775 Principal transactions (1) 120 399 — 10 — 529 Total brokerage revenues 1,737 565 7 10 ( 15 ) 2,304 Account and service fees: Mutual fund and other investment products 518 — 13 — ( 1 ) 530 RJBDP fees 1,240 6 — — ( 760 ) 486 Client account and other fees 275 8 10 — ( 47 ) 246 Total account and service fees 2,033 14 23 — ( 808 ) 1,262 Investment banking: Merger & acquisition and advisory — 623 — — — 623 Equity underwriting 35 150 — — — 185 Debt underwriting — 263 — — ( 2 ) 261 Total investment banking 35 1,036 — — ( 2 ) 1,069 Other: Affordable housing investments business revenues — 140 — — — 140 All other (1) 29 2 2 51 ( 19 ) 65 Total other 29 142 2 51 ( 19 ) 205 Total non-interest revenues 9,814 1,758 1,175 61 ( 890 ) 11,918 Interest income (1) 468 111 13 3,315 87 3,994 Total revenues 10,282 1,869 1,188 3,376 ( 803 ) 15,912 Interest expense ( 100 ) ( 99 ) — ( 1,600 ) ( 48 ) ( 1,847 ) Net revenues $ 10,182 $ 1,770 $ 1,188 $ 1,776 $ ( 851 ) $ 14,065 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. 150 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Year ended September 30, 2024 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 5,246 $ 1 $ 983 $ — $ ( 34 ) $ 6,196 Brokerage revenues: Securities commissions: Mutual and other fund products 567 6 5 — ( 3 ) 575 Insurance and annuity products 519 — — — — 519 Equities, ETFs and fixed income products 433 133 — — ( 9 ) 557 Subtotal securities commissions 1,519 139 5 — ( 12 ) 1,651 Principal transactions (1) 112 371 — 9 — 492 Total brokerage revenues 1,631 510 5 9 ( 12 ) 2,143 Account and service fees: Mutual fund and other investment products 461 — 10 — ( 1 ) 470 RJBDP fees 1,431 5 — — ( 829 ) 607 Client account and other fees 264 8 12 — ( 47 ) 237 Total account and service fees 2,156 13 22 — ( 877 ) 1,314 Investment banking: Merger & acquisition and advisory — 521 — — — 521 Equity underwriting 38 131 — — — 169 Debt underwriting — 168 — — — 168 Total investment banking 38 820 — — — 858 Other: Affordable housing investments business revenues — 118 — — — 118 All other (1) 27 4 3 51 ( 23 ) 62 Total other 27 122 3 51 ( 23 ) 180 Total non-interest revenues 9,098 1,466 1,013 60 ( 946 ) 10,691 Interest income (1) 480 109 14 3,494 135 4,232 Total revenues 9,578 1,575 1,027 3,554 ( 811 ) 14,923 Interest expense ( 119 ) ( 103 ) — ( 1,838 ) ( 42 ) ( 2,102 ) Net revenues $ 9,459 $ 1,472 $ 1,027 $ 1,716 $ ( 853 ) $ 12,821 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. 151 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index Year ended September 30, 2023 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 4,545 $ 2 $ 846 $ — $ ( 30 ) $ 5,363 Brokerage revenues: Securities commissions: Mutual and other fund products 540 5 6 — ( 4 ) 547 Insurance and annuity products 439 — — — — 439 Equities, ETFs and fixed income products 347 129 — — ( 3 ) 473 Subtotal securities commissions 1,326 134 6 — ( 7 ) 1,459 Principal transactions (1) 108 341 — 15 ( 2 ) 462 Total brokerage revenues 1,434 475 6 15 ( 9 ) 1,921 Account and service fees: Mutual fund and other investment products 415 — 1 — ( 2 ) 414 RJBDP fees 1,591 4 — — ( 1,097 ) 498 Client account and other fees 231 6 20 — ( 44 ) 213 Total account and service fees 2,237 10 21 — ( 1,143 ) 1,125 Investment banking: Merger & acquisition and advisory — 418 — — — 418 Equity underwriting 35 85 — — — 120 Debt underwriting — 110 — — — 110 Total investment banking 35 613 — — — 648 Other: Affordable housing investments business revenues — 109 — — — 109 All other (1) 48 2 2 41 ( 15 ) 78 Total other 48 111 2 41 ( 15 ) 187 Total non-interest revenues 8,299 1,211 875 56 ( 1,197 ) 9,244 Interest income (1) 455 88 10 3,098 97 3,748 Total revenues 8,754 1,299 885 3,154 ( 1,100 ) 12,992 Interest expense ( 100 ) ( 85 ) — ( 1,141 ) ( 47 ) ( 1,373 ) Net revenues $ 8,654 $ 1,214 $ 885 $ 2,013 $ ( 1,147 ) $ 11,619 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. At September 30, 2025 and September 30, 2024, net receivables related to contracts with customers were $ 532 million and $ 600 million, respectively. 152 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index NOTE 21 – INTEREST INCOME AND INTEREST EXPENSE We recognize interest in the period earned generally based upon average daily balances and contractual interest rates. See Note 2 for additional information about our interest-earning assets and interest-bearing liabilities. The following table details the components of interest income and interest expense. Year ended September 30, $ in millions 2025 2024 2023 Interest income: Cash and cash equivalents $ 439 $ 509 $ 358 Assets segregated for regulatory purposes and restricted cash 149 183 197 Trading assets — debt securities 75 73 57 Available-for-sale securities 185 220 219 Brokerage client receivables 171 187 170 Bank loans, net 2,860 2,952 2,671 All other 115 108 76 Total interest income 3,994 4,232 3,748 Interest expense: Bank deposits 1,548 1,780 1,080 Trading liabilities — debt securities 44 44 36 Brokerage client payables 66 83 78 Other borrowings 28 30 37 Senior notes payable 96 92 92 All other 65 73 50 Total interest expense 1,847 2,102 1,373 Net interest income 2,147 2,130 2,375 Less: Bank loan provision for credit losses 37 45 132 Net interest income after bank loan provision for credit losses $ 2,110 $ 2,085 $ 2,243 Interest expense related to bank deposits in the preceding table excluded interest expense associated with affiliate deposits, which has been eliminated in consolidation. NOTE 22 - SHARE-BASED AND OTHER COMPENSATION Share-based compensation plan 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. The Plan authorizes us to grant 96.4 million shares (including the shares available for grant under six predecessor plans). As of September 30, 2025, 11.1 million shares remained available for grant under the Plan. We may utilize treasury shares for grants under the Plan, though we are also permitted to issue new shares. Our share-based compensation accounting policies are described in Note 2. Restricted stock units We may grant RSU awards under the Plan in connection with initial employment or under various retention programs for individuals who are responsible for contributing to our management, growth, and/or profitability. We may also grant RSU awards in lieu of cash for a portion of the annual bonus awarded to officers and certain other employees who receive an annual bonus in excess of $ 275,000 . We also grant performance-based RSU awards to certain executives which vest based on the firm’s achievement of certain financial or other targets. Under the Plan, RSU awards are generally restricted for a three - to five-year period. RSUs are generally forfeitable in the event of termination other than for death, disability, or qualifying retirement. We grant RSUs annually to non-employee members of our Board of Directors. The RSUs granted to these Directors vest over a one-year period from their grant date or upon retirement from our Board. 153 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index The following table presents the RSU award activity, which includes grants to employees, independent contractor financial advisors, and members of our Board of Directors, for the year ended September 30, 2025. Shares/Units (in millions) Weighted-average grant date fair value (per share) Non-vested as of beginning of year 8.1 $ 97.97 Granted 2.0 $ 162.24 Vested ( 3.0 ) $ 86.94 Forfeited ( 0.1 ) $ 120.22 Non-vested as of end of year 7.0 $ 120.21 The following table presents expense and income tax benefits related to our RSUs granted to our employees, independent contractor financial advisors, and members of our Board of Directors for the periods indicated. Year ended September 30, $ in millions 2025 2024 2023 RSU share-based compensation amortization $ 245 $ 242 $ 220 Income tax benefits related to share-based compensation expense $ 57 $ 41 $ 51 As of September 30, 2025, there were $ 338 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs granted to employees, independent contractor financial advisors, and members of our Board of Directors. These costs are expected to be recognized over a weighted-average period of three years . The following RSU activity occurred for the periods indicated. Year ended September 30, $ in millions, except per unit award amounts 2025 2024 2020 Weighted-average grant date fair value per unit award $ 162.24 $ 108.28 $ 115.79 Total grant date fair value of RSUs vested $ 261 $ 169 $ 111 Restricted stock awards RSAs were issued as a component of our total purchase consideration for TriState Capital on June 1, 2022, in accordance with the terms of the acquisition. For the years ended September 30, 2025, 2024, and 2023, total share-based compensation amortization related to these RSAs was $ 3 million, $ 6 million, and $ 9 million, respectively. As of September 30, 2025, there were $ 2 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 one year . Employee stock purchase plan Under the 2003 Employee Stock Purchase Plan, we are authorized to issue up to 13.1 million shares of common stock to eligible employees. Under the terms of the plan, share purchases in any calendar year are limited to the lesser of 1,000 shares or shares with a fair value of $ 25,000 . The purchase price of the stock is 85 % of the average high and low market price on the day prior to the purchase date. Under the plan, we sold approximately 176 thousand, 361 thousand and 428 thousand shares to employees during the years ended September 30, 2025, 2024, and 2023, respectively. The related compensation expense is calculated as the value of the 15 % discount from market value and was $ 6 million, $ 6 million, and $ 7 million for the years ended September 30, 2025, 2024 and 2023, respectively. Other compensation Our profit-sharing plan and employee stock ownership plan (“ESOP”) are qualified plans that provide certain death, disability, or retirement benefits for our U.S.-based employees who meet certain service requirements. The plans are noncontributory and our contributions, if any, are determined annually by our Board of Directors, or a committee thereof, on a discretionary basis and are recognized as compensation expense throughout the year. Benefits become fully vested after five years of qualified service, age 65, or if a participant separates from service due to death or disability. All shares owned by the ESOP are included in earnings per share calculations. Cash dividends paid to the ESOP are reflected as a reduction of retained earnings. The number of shares of our common stock held by the ESOP was 6.3 million and 6.5 million at September 30, 2025 and 2024, respectively. The market value of our common stock held by the ESOP at September 30, 2025 was $ 1.09 billion, of which $ 11 million was unearned (not yet vested) by ESOP plan participants. 154 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index We also offer a plan pursuant to section 401(k) of the Internal Revenue Code, which is a qualified plan that may provide for a discretionary contribution or a matching contribution each year. Matching contributions are 75 % of the first $ 1,000 and 25 % of the next $ 1,000 of eligible compensation deferred by each participant annually. Our LTIP is a non-qualified deferred compensation plan that provides benefits to certain employees who meet certain compensation or production requirements. Corporate-owned life insurance is the primary source of funding for this plan. See Note 11 for information regarding the carrying value of these corporate-owned life insurance policies. Contributions to the qualified plans and the LTIP are approved annually by the Board of Directors or a committee thereof. The VDCP is a non-qualified deferred compensation plan for certain employees and independent contractor financial advisors, in which eligible participants may elect to defer a percentage or specific dollar amount of their compensation. Corporate-owned life insurance is the primary source of funding for this plan. Compensation expense associated with all other employee compensation plans, including those previously described, totaled $ 230 million, $ 254 million and $ 223 million for the fiscal years ended September 30, 2025, 2024 and 2023, respectively. NOTE 23 – 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 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”) capital, 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 September 30, 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.” 155 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index The following table presents regulatory capital ratio requirements for RJF as of September 30, 2025 and 2024. Required ratio (1) Well-capitalized September 30, 2025 September 30, 2024 $ in millions Ratio Amount Ratio Amount RJF: Tier 1 leverage 4.0 % N/A (2) 13.1 % $ 11,156 12.8 % $ 10,383 Tier 1 capital 8.5 % 6.0 % 23.0 % $ 11,156 22.8 % $ 10,383 CET1 capital 7.0 % N/A (2) 22.9 % $ 11,081 22.6 % $ 10,307 Total capital 10.5 % 10.0 % 24.1 % $ 11,687 24.1 % $ 11,001 (1) The required ratio for tier 1 capital, CET1 capital, and total capital reflect our minimum risk-based capital requirements plus a capital conservation buffer of 2.5%. (2) The Fed’s regulations do not establish well-capitalized thresholds for these measures for BHCs. As of September 30, 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 ratio 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 September 30, 2025 increased compared to September 30, 2024 due to the increase in regulatory capital, which was partially offset by higher average assets. The increase in average assets was 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 (“RJB”) and TriState Capital Bank (“TSC”) must, among other things, qualify as “well-capitalized.” The following table presents regulatory capital ratio requirements for RJB and TSC as of September 2025 and September 2024. 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 September 30, 2025 September 30, 2024 $ in millions Ratio Amount Ratio Amount Raymond James Bank: Tier 1 leverage 4.0 % 5.0 % 8.0 % $ 3,434 8.1 % $ 3,401 Tier 1 capital 8.5 % 8.0 % 13.9 % $ 3,434 14.4 % $ 3,401 CET1 capital 7.0 % 6.5 % 13.9 % $ 3,434 14.4 % $ 3,401 Total capital 10.5 % 10.0 % 15.2 % $ 3,743 15.7 % $ 3,698 TriState Capital Bank: Tier 1 leverage 4.0 % 5.0 % 7.6 % $ 1,661 7.5 % $ 1,505 Tier 1 capital 8.5 % 8.0 % 16.8 % $ 1,661 16.9 % $ 1,505 CET1 capital 7.0 % 6.5 % 16.8 % $ 1,661 16.9 % $ 1,505 Total capital 10.5 % 10.0 % 17.5 % $ 1,732 17.5 % $ 1,558 (1) The required ratio for tier 1 capital, CET1 capital, and total capital reflect our minimum risk-based capital requirements plus 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. 156 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index 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. As a member firm of the Financial Industry Regulatory Authority (“FINRA”), RJ&A is subject to FINRA’s capital requirements, which are substantially the same as Rule 15c3-1. Rule 15c3-1 provides for an “alternative net capital requirement,” which RJ&A has elected. Regulations require that minimum net capital, as defined, be equal to the greater of $1.5 million or 2% of aggregate debit items arising from client balances. FINRA may impose certain restrictions, such as restricting withdrawals of equity capital, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements. As of September 30, 2025, RJ&A had excess net capital available to remit dividends to RJF, subject to applicable regulatory requirements, including, in certain cases, regulatory approval. The following table presents the net capital position of RJ&A. September 30, $ in millions 2025 2024 Raymond James & Associates, Inc.: (Alternative Method elected) Net capital as a percent of aggregate debit items 30.3 % 33.6 % Net capital $ 1,030 $ 1,019 Less: required net capital ( 68 ) ( 61 ) Excess net capital $ 962 $ 958 As of September 30, 2025, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements. NOTE 24 – EARNINGS PER SHARE The following table presents the computation of basic and diluted earnings per common share. Year ended September 30, $ in millions, except per share amounts 2025 2024 2023 Income for basic earnings per common share: Net income available to common shareholders $ 2,130 $ 2,063 $ 1,733 Less allocation of earnings and dividends to participating securities ( 3 ) ( 4 ) ( 5 ) Net income available to common shareholders after participating securities $ 2,127 $ 2,059 $ 1,728 Income for diluted earnings per common share: Net income available to common shareholders $ 2,130 $ 2,063 $ 1,733 Less allocation of earnings and dividends to participating securities ( 3 ) ( 4 ) ( 5 ) Net income available to common shareholders after participating securities $ 2,127 $ 2,059 $ 1,728 Common shares: Average common shares in basic computation 202.0 207.1 211.8 Dilutive effect of outstanding stock options and certain RSUs 4.6 5.2 5.1 Average common and common equivalent shares used in diluted computation 206.6 212.3 216.9 Earnings per common share: Basic $ 10.53 $ 9.94 $ 8.16 Diluted $ 10.30 $ 9.70 $ 7.97 Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive 0.1 0.1 0.5 The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the year 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 the years ended September 30, 2025, 2024 and 2023. 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. 157 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index NOTE 25 – SEGMENT INFORMATION We currently operate through the following five segments: PCG; Capital Markets; Asset Management; Bank; and Other. The segments are determined based on the manner in which financial information is evaluated by management as well as the services provided and the distribution channels served. Our Chief Executive Officer is the firm’s chief operating decision maker (“CODM”). The CODM regularly reviews segment pre-tax income and its significant components in comparison to expected results as part of evaluating segment performance and determining how to allocate our resources. The financial results of our segments are presented using the same policies as those described in Note 2. Segment results include allocations of most corporate expenses to each segment. Refer to the following discussion of the Other segment for a description of the corporate expenses that are not allocated to segments. Intersegment revenues, expenses, receivables, and payables are eliminated upon consolidation. The PCG segment provides financial planning, investment advisory, and securities transaction services in the U.S., Canada, and the U.K. for which we generally charge either asset-based fees or sales commissions. The PCG segment also earns revenues for distribution and related services performed related to mutual and other funds, fixed and variable annuities, and insurance products. The segment includes servicing fee revenues from third-party mutual fund and annuity companies whose products we distribute and from banks to which we sweep a portion of our clients’ cash deposits as part of the RJBDP, our multi-bank sweep program. The segment also includes net interest earnings primarily on assets segregated for regulatory purposes, margin loans provided to clients, cash balances, and securities borrowing transactions, net of interest paid on client cash balances in the Client Interest Program and securities lending transactions. In the following table, “All other” non-interest expenses for our PCG segment primarily included communications and information processing expenses, occupancy and equipment expenses, business development expenses, and professional fees. Our Capital Markets segment conducts investment banking, institutional sales, securities trading, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature that generally qualify for tax credits. We primarily conduct these activities in the U.S., Canada, and Europe. In the following table, “All other” non-interest expenses for our Capital Markets segment primarily included communications and information processing expenses, business development expenses, provisions for certain legal and regulatory matters, professional fees, and occupancy and equipment expenses. Our Asset Management segment earns asset management and related administrative fees for providing asset management, portfolio management, and related administrative services to retail and institutional clients. This segment oversees a portion of our fee-based assets under administration for our PCG clients through our Asset Management Services division. This segment also provides asset management services through Raymond James Investment Management for certain retail accounts managed on behalf of third-party institutions, institutional accounts, and proprietary mutual funds that we manage. This segment also earns asset management and related administrative fees through services provided by Raymond James Trust, N.A. and Raymond James Trust Company of New Hampshire. In the following table, “All other” non-interest expenses for our Asset Management segment primarily included investment sub-advisory fees and communications and information processing expenses. Our Bank segment provides various types of loans, including SBL, corporate loans, residential mortgage loans, and tax-exempt loans. This segment is active in corporate loan syndications and participations and lending directly to clients. This segment also provides FDIC-insured deposit accounts, including to clients of our broker-dealer subsidiaries, and other retail and corporate deposit and liquidity management products and services. This segment generates net interest income principally through the interest income earned on loans and an investment portfolio of available-for-sale securities, which is offset by the interest expense it pays on client deposits and on its borrowings. In the following table, “All other” non-interest expenses for our Bank segment primarily included RJBDP fees paid to PCG and communications and information processing expenses. The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to operating segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. 158 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index The following table presents information concerning operations in these segments, inclusive of our acquisitions. $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Year ended September 30, 2025 Revenues: Non-interest revenues (1) $ 9,814 $ 1,758 $ 1,175 $ 61 $ ( 890 ) $ 11,918 Net interest income (2) 368 12 13 1,715 39 2,147 Net revenues 10,182 1,770 1,188 1,776 ( 851 ) 14,065 Non-interest expenses: Compensation, commissions and benefits 7,384 1,128 229 184 147 9,072 Bank loan provision for credit losses — — — 37 — 37 All other (1) 1,078 496 456 1,064 ( 852 ) 2,242 Total non-interest expense 8,462 1,624 685 1,285 ( 705 ) 11,351 Total pre-tax income/(loss) $ 1,720 $ 146 $ 503 $ 491 $ ( 146 ) $ 2,714 Year ended September 30, 2024 Revenues: Non-interest revenues (1) $ 9,098 $ 1,466 $ 1,013 $ 60 $ ( 946 ) $ 10,691 Net interest income 361 6 14 1,656 93 2,130 Net revenues 9,459 1,472 1,027 1,716 ( 853 ) 12,821 Non-interest expenses: Compensation, commissions and benefits 6,700 1,002 223 180 108 8,213 Bank loan provision for credit losses — — — 45 — 45 All other (1) 974 403 383 1,111 ( 951 ) 1,920 Total non-interest expense 7,674 1,405 606 1,336 ( 843 ) 10,178 Total pre-tax income/(loss) $ 1,785 $ 67 $ 421 $ 380 $ ( 10 ) $ 2,643 Year ended September 30, 2023 Revenues: Non-interest revenues (1) $ 8,299 $ 1,211 $ 875 $ 56 $ ( 1,197 ) $ 9,244 Net interest income 355 3 10 1,957 $ 50 2,375 Net revenues 8,654 1,214 885 2,013 $ ( 1,147 ) 11,619 Non-interest expenses: Compensation, commissions and benefits 5,927 902 198 177 95 7,299 Bank loan provision for credit losses — $ — — 132 — 132 All other (1) 964 403 336 1,333 $ ( 1,128 ) 1,908 Total non-interest expense 6,891 1,305 534 1,642 $ ( 1,033 ) 9,339 Total pre-tax income/(loss) $ 1,763 $ ( 91 ) $ 351 $ 371 $ ( 114 ) $ 2,280 (1) “Non-interest revenues” and “All other” non-interest expenses for the PCG and Bank segments, respectively, included $ 754 million, $ 824 million, and $ 1.09 billion of RJBDP fees paid to PCG for the years ended September 30, 2025, 2024, and 2023, respectively. Such fees were eliminated in consolidation. (2) 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. No individual client accounted for more than 10% of revenues in any of the years presented. 159 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index The following table presents our total assets on a segment basis. September 30, $ in millions 2025 2024 Total assets: Private Client Group $ 14,007 $ 13,413 Capital Markets 3,426 3,518 Asset Management 632 616 Bank 65,263 62,367 Other 4,902 3,078 Total $ 88,230 $ 82,992 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. Year ended September 30, $ in millions 2025 2024 2023 Net revenues: U.S. $ 12,871 $ 11,728 $ 10,609 Canada 645 599 563 Europe 549 494 447 Total net revenues $ 14,065 $ 12,821 $ 11,619 Pre-tax income/(loss): U.S. $ 2,608 $ 2,534 $ 2,193 Canada 122 125 108 Europe ( 16 ) ( 16 ) ( 21 ) Total pre-tax income $ 2,714 $ 2,643 $ 2,280 The following table presents our total assets by major geographic area in which they were held. September 30, $ in millions 2025 2024 Total assets: U.S. $ 82,289 $ 77,033 Canada 3,182 3,347 Europe 2,759 2,612 Total $ 88,230 $ 82,992 NOTE 26 – CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) As more fully described in Note 1, RJF (or the “Parent”) is a financial holding company whose subsidiaries are engaged in various financial services activities. The Parent’s primary activities include investments in subsidiaries and corporate investments, including cash management and corporate-owned life insurance policies. The primary source of operating cash available to the Parent is provided by dividends from its subsidiaries. The broker-dealer subsidiaries of the Parent, including RJ&A our principal domestic broker-dealer, and certain other subsidiaries are required to maintain a minimum amount of net capital due to regulatory requirements. RJ&A is further required by certain covenants in its borrowing agreements to maintain minimum net capital equal to 10 % of aggregate debit balances. At September 30, 2025, each of these subsidiaries exceeded their minimum net capital requirements (see Note 23 for additional information). Of the Parent’s net assets as of September 30, 2025, approximately $ 119 million of its investment in RJ&A, Raymond James Financial Services, Inc., and SumRidge Partners, LLC (our largest U.S. broker-dealer subsidiaries) was available for distribution to the Parent without further regulatory approvals. As of September 30, 2025, approximately $ 4.01 billion of the net assets of our U.S. broker-dealer subsidiaries and bank subsidiaries were restricted from distribution to the Parent due to regulatory or other restrictions without prior approval of the respective entity’s regulator. In addition, a large portion of our non-U.S. subsidiaries’ net assets was held to meet regulatory requirements and was not available for use by the Parent. 160 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index RJF corporate cash of $ 3.67 billion and $ 2.16 billion as of September 30, 2025 and 2024, respectively, included cash and cash equivalents held directly by the Parent and cash loaned by the Parent to RJ&A which is included in “Intercompany receivables from subsidiaries” in the following table. As of September 30, 2025 and 2024, the amount loaned by the Parent to RJ&A, which RJ&A had invested on behalf of RJF or otherwise deployed in its normal business activities, was $ 1.40 billion and $ 1.43 billion, respectively. Cash and cash equivalents in the following table included investments in short-term U.S. Treasuries, cash held directly by RJF in depository accounts at third-party financial institutions, and unrestricted cash held in depository accounts at Raymond James Bank. RJF maintained depository accounts at Raymond James Bank and TriState Capital Bank totaling $ 302 million and $ 298 million as of September 30, 2025 and 2024, respectively. The portion of this total that was available on demand without restrictions, which amounted to $ 270 million and $ 253 million as of September 30, 2025 and 2024, was included in “Cash and cash equivalents” in the following table. See Notes 15, 16, 18 and 23 for additional information regarding borrowings, commitments, contingencies and guarantees, and regulatory capital requirements of the Parent and its subsidiaries. In the following tables, “bank subsidiaries” refers to Raymond James Bank and TriState Capital Bank, including its holding company which is a subsidiary of RJF. The following table presents the Parent’s statements of financial condition. September 30, $ in millions 2025 2024 Assets: Cash and cash equivalents $ 2,296 $ 761 Assets segregated for regulatory purposes and restricted cash ( $ 1 and $ 1 at fair value) 33 46 Intercompany receivables from subsidiaries (primarily non-bank subsidiaries) 1,738 1,682 Investments in consolidated subsidiaries: Bank subsidiaries 5,806 4,829 Non-bank subsidiaries 6,064 6,322 Goodwill and identifiable intangible assets, net 85 68 All other 1,638 1,418 Total assets $ 17,660 $ 15,126 Liabilities and equity: Accrued compensation, commissions and benefits $ 1,347 $ 1,168 Intercompany payables to subsidiaries (non-bank subsidiaries) 28 8 Senior notes payable 3,520 2,040 All other 262 237 Total liabilities 5,157 3,453 Equity 12,503 11,673 Total liabilities and equity $ 17,660 $ 15,126 161 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index The following table presents the Parent’s statements of income. Year ended September 30, $ in millions 2025 2024 2023 Revenues: Dividends from non-bank subsidiaries $ 1,191 $ 911 $ 874 Dividends from bank subsidiaries 575 500 375 Interest from subsidiaries 92 98 84 Interest income 25 25 20 All other 27 21 18 Total revenues 1,910 1,555 1,371 Interest expense ( 96 ) ( 94 ) ( 93 ) Net revenues 1,814 1,461 1,278 Non-interest expenses: Compensation, commissions and benefits 151 96 86 Non-compensation expenses: Communications and information processing 8 8 9 Occupancy and equipment 1 1 1 Business development 28 23 21 Intercompany allocations and charges 16 7 2 Professional fees 18 7 7 Other 41 38 3 Total non-compensation expenses 112 84 43 Total non-interest expenses 263 180 129 Pre-tax income before equity in undistributed net income of subsidiaries 1,551 1,281 1,149 Income tax benefit ( 83 ) ( 98 ) ( 35 ) Income before equity in undistributed net income of subsidiaries 1,634 1,379 1,184 Equity in undistributed net income of subsidiaries 501 689 555 Net income 2,135 2,068 1,739 Preferred stock dividends 5 5 6 Net income available to common shareholders $ 2,130 $ 2,063 $ 1,733 162 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements Index The following table presents the Parent’s statements of cash flows. Year ended September 30, $ in millions 2025 2024 2023 Cash flows from operating activities: Net income $ 2,135 $ 2,068 $ 1,739 Adjustments to reconcile net income to net cash provided by operating activities: Unrealized gains on corporate-owned life insurance policies, net of expenses ( 127 ) ( 224 ) ( 95 ) Equity in undistributed net income of subsidiaries ( 501 ) ( 689 ) ( 555 ) Other 229 147 160 Net change in: Intercompany receivables ( 104 ) ( 54 ) 1 Other assets ( 17 ) — 93 Intercompany payables 16 ( 47 ) 24 Other payables 2 45 34 Accrued compensation, commissions and benefits 178 289 164 Net cash provided by operating activities 1,811 1,535 1,565 Cash flows from investing activities: Investments in subsidiaries, net ( 121 ) ( 50 ) ( 149 ) Repayments from/(advances to) subsidiaries, net 49 ( 66 ) ( 40 ) Purchase of investments in corporate-owned life insurance policies, net ( 43 ) ( 51 ) ( 65 ) Other investing activities ( 2 ) — — Net cash (used in) investing activities ( 117 ) ( 167 ) ( 254 ) Cash flows from financing activities: Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements ( 1,267 ) ( 984 ) ( 862 ) Dividends on common and preferred stock ( 416 ) ( 383 ) ( 355 ) Redemption of preferred stock — — ( 40 ) Exercise of stock options and employee stock purchases 31 46 46 Proceeds from senior note issuances, net of debt issuance costs paid 1,480 — — Net cash used in financing activities ( 172 ) ( 1,321 ) ( 1,211 ) Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash 1,522 47 100 Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year 806 759 659 Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year $ 2,328 $ 806 $ 759 Cash and cash equivalents $ 2,296 $ 761 $ 717 Cash and cash equivalents segregated for regulatory purposes and restricted cash 32 45 42 Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year $ 2,328 $ 806 $ 759 Supplemental disclosures of cash flow information: Cash paid for interest $ 94 $ 94 $ 65 Cash paid for income taxes, net of refunds received (1) $ ( 12 ) $ 40 $ 9 (1) Represented payments, net of refunds, made by the Parent to various taxing authorities and included taxes paid on behalf of certain of its subsidiaries. 163 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.