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REGULATORY CAPITAL REQUIREMENTS | 9 Months Ended
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Jun. 30, 2026
Regulatory Capital Requirement [Abstract] |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTS RJF, as a bank holding company and financial holding company, as well as Raymond James Bank, TriState Capital Bank, our broker-dealer subsidiaries, and our trust subsidiaries are subject to capital requirements by various regulatory authorities. Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements. Failure to meet applicable capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial results. As a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”), that has made an election to be a financial holding company, RJF is subject to supervision, examination, and regulation by the Board of Governors of the Federal Reserve System (“the Fed”). We are subject to the Fed’s capital rules which establish an integrated regulatory capital framework and implement, in the U.S., the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. We apply the standardized approach for calculating risk-weighted assets and are also subject to the market risk provisions of the Fed’s capital rules (“market risk rule”). Under these rules, requirements are established for both the quantity and quality of capital held by banking organizations. RJF, Raymond James Bank, and TriState Capital Bank are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, common equity tier 1 (“CET1”) 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 June 30, 2026, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.” For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 23 of our 2025 Form 10-K. The following table presents regulatory capital ratio requirements for RJF as of June 30, 2026 and September 30, 2025.
|  | Required ratio (1) |  | Well-capitalized |  | June 30, 2026 |  | September 30, 2025
$ in millions |  |  |  | Ratio |  | Amount |  | Ratio |  | Amount
RJF: |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 leverage |  | 4.0 | % |  | N/A (2) |  | 11.7 | % |  | $ | 10,651 |  |  | 13.1 | % |  | $ | 11,156 |
Tier 1 capital |  | 8.5 | % |  | 6.0 | % |  | 21.5 | % |  | $ | 10,651 |  |  | 23.0 | % |  | $ | 11,156 |
CET1 capital |  | 7.0 | % |  | N/A (2) |  | 21.5 | % |  | $ | 10,651 |  |  | 22.9 | % |  | $ | 11,081 |
Total capital |  | 10.5 | % |  | 10.0 | % |  | 22.5 | % |  | $ | 11,126 |  |  | 24.1 | % |  | $ | 11,687 |
(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 June 30, 2026, RJF’s regulatory capital decreased compared with September 30, 2025, primarily due to share repurchases, dividends, goodwill and intangible assets arising from our current-year acquisitions (see Note 3 for further information), and the redemption of our Series B preferred stock, partially offset by positive earnings. RJF’s tier 1 capital and total capital ratios decreased compared with September 30, 2025 resulting from the decrease in regulatory capital and an increase in risk-weighted assets. The increase in risk-weighted assets was primarily driven by increases in other assets, including investments in corporate-owned life insurance policies. RJF’s tier 1 leverage ratio at June 30, 2026 decreased compared to September 30, 2025 due to an increase in average assets and the decrease in regulatory capital. The increase in average assets was primarily driven by increases in average bank loans. For RJF to maintain its status as a financial holding company, Raymond James Bank and TriState Capital Bank must, among other things, qualify as “well-capitalized.” The following table presents regulatory capital ratio requirements for RJB and TSC as of June 30, 2026 and September 30, 2025. 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 |  | June 30, 2026 |  | September 30, 2025
$ in millions |  |  |  | Ratio |  | Amount |  | Ratio |  | Amount
Raymond James Bank: |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 leverage |  | 4.0 | % |  | 5.0 | % |  | 8.0 | % |  | $ | 3,612 |  |  | 8.0 | % |  | $ | 3,434 |
Tier 1 capital |  | 8.5 | % |  | 8.0 | % |  | 15.1 | % |  | $ | 3,612 |  |  | 13.9 | % |  | $ | 3,434 |
CET1 capital |  | 7.0 | % |  | 6.5 | % |  | 15.1 | % |  | $ | 3,612 |  |  | 13.9 | % |  | $ | 3,434 |
Total capital |  | 10.5 | % |  | 10.0 | % |  | 16.4 | % |  | $ | 3,911 |  |  | 15.2 | % |  | $ | 3,743 |
TriState Capital Bank: |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 leverage |  | 4.0 | % |  | 5.0 | % |  | 7.4 | % |  | $ | 1,796 |  |  | 7.6 | % |  | $ | 1,661 |
Tier 1 capital |  | 8.5 | % |  | 8.0 | % |  | 18.5 | % |  | $ | 1,796 |  |  | 16.8 | % |  | $ | 1,661 |
CET1 capital |  | 7.0 | % |  | 6.5 | % |  | 18.5 | % |  | $ | 1,796 |  |  | 16.8 | % |  | $ | 1,661 |
Total capital |  | 10.5 | % |  | 10.0 | % |  | 19.1 | % |  | $ | 1,859 |  |  | 17.5 | % |  | $ | 1,732 |
(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. Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. The following table presents the net capital position of RJ&A.
$ in millions |  | June 30, 2026 |  | September 30, 2025
Raymond James & Associates, Inc.: |  |  |  |
(Alternative Method elected) |  |  |  |
Net capital as a percent of aggregate debit items |  | 21.4 | % |  | 30.3 | %
Net capital |  | $ | 984 |  |  | $ | 1,030 |
Less: required net capital |  | (92) |  |  | (68) |
Excess net capital |  | $ | 892 |  |  | $ | 962 |
As of June 30, 2026, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.

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