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Raymond James Financial
RJF
#798
Rank
$31.41 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$159.07
Share price
0.21%
Change (1 day)
-1.71%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Raymond James Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2023 Q2

Raymond James Financial - 10-Q quarterly report FY2023 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to 
Commission File Number: 1-9109
RAYMOND JAMES FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Florida 59-1517485
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
880 Carillon Parkway, St. Petersburg, Florida 33716
(Address of principal executive offices)    (Zip Code)
(727) 567-1000
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueRJFNew York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred StockRJF PrBNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes x No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes x No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer☐
Non-accelerated filer ☐Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐                              No ☒
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
211,910,694 shares of common stock as of May 4, 2023

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

INDEX
  PAGE
PART I
FINANCIAL INFORMATION
 
Item 1.
Financial Statements (Unaudited)
3
 Condensed Consolidated Statements of Financial Condition (Unaudited)
3
 Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
4
 Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
5
 Condensed Consolidated Statements of Cash Flows (Unaudited)
6
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1 - Organization and basis of presentation
8
Note 2 - Update of significant accounting policies
8
Note 3 - Fair value
9
Note 4 - Available-for-sale securities
15
Note 5 - Derivative assets and derivative liabilities
18
Note 6 - Collateralized agreements and financings
20
Note 7 - Bank loans, net
23
Note 8 - Loans to financial advisors, net
30
Note 9 - Variable interest entities
30
Note 10 - Goodwill and identifiable intangible assets, net
31
Note 11 - Other assets
32
Note 12 - Leases
32
Note 13 - Bank deposits
33
Note 14 - Other borrowings
34
Note 15 - Income taxes
34
Note 16 - Commitments, contingencies and guarantees
35
Note 17 - Shareholders’ equity
37
Note 18 - Revenues
40
Note 19 - Interest income and interest expense
44
Note 20 - Share-based compensation
44
Note 21 - Regulatory capital requirements
45
Note 22 - Earnings per share
48
Note 23 - Segment information
49
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
51
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
94
Item 4.
Controls and Procedures
94
PART II
OTHER INFORMATION
Item 1.
Legal Proceedings
95
Item 1A.
Risk Factors
95
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
95
Item 3.
Defaults Upon Senior Securities
95
Item 4.Mine Safety Disclosures
95
Item 5.
Other Information
95
Item 6.
Exhibits
96
97
2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
$ in millions, except per share amountsMarch 31, 2023September 30, 2022
Assets:
Cash and cash equivalents$8,663 $6,178 
Assets segregated for regulatory purposes and restricted cash 4,697 8,481 
Collateralized agreements379 704 
Financial instruments, at fair value:
Trading assets ($935 and $1,188 pledged as collateral)
993 1,270 
Available-for-sale securities ($26 and $74 pledged as collateral)
9,773 9,885 
Derivative assets91 188 
Other investments ($21 and $14 pledged as collateral)
318 292 
Brokerage client receivables, net2,575 2,934 
Other receivables, net1,711 1,615 
Bank loans, net43,683 43,239 
Loans to financial advisors, net1,108 1,152 
Deferred income taxes, net
573 630 
Goodwill and identifiable intangible assets, net
1,932 1,931 
Other assets 2,684 2,452 
Total assets$79,180 $80,951 
Liabilities and shareholders’ equity:
Bank deposits$54,229 $51,357 
Collateralized financings327 466 
Financial instrument liabilities, at fair value:
Trading liabilities710 836 
Derivative liabilities351 530 
Brokerage client payables6,848 11,446 
Accrued compensation, commissions and benefits1,461 1,787 
Other payables1,597 1,768 
Other borrowings1,650 1,291 
Senior notes payable2,038 2,038 
Total liabilities69,211 71,519 
Commitments and contingencies (see Note 16)
Shareholders’ equity
Preferred stock120 120 
Common stock; $.01 par value; 650,000,000 shares authorized; 248,323,901 shares issued and 211,581,156 shares outstanding as of March 31, 2023; 248,018,564 shares issued and 215,122,523 shares outstanding as of September 30, 2022
2 2 
Additional paid-in capital3,035 2,987 
Retained earnings9,590 8,843 
Treasury stock, at cost; 36,742,745 and 32,896,041 common shares as of March 31, 2023 and September 30, 2022, respectively
(1,954)(1,512)
Accumulated other comprehensive loss(798)(982)
Total equity attributable to Raymond James Financial, Inc.9,995 9,458 
Noncontrolling interests(26)(26)
Total shareholders’ equity9,969 9,432 
Total liabilities and shareholders’ equity$79,180 $80,951 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
3

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
 Three months ended March 31,Six months ended March 31,
in millions, except per share amounts2023202220232022
Revenues:  
Asset management and related administrative fees$1,302 $1,464 $2,544 $2,846 
Brokerage revenues:
Securities commissions369 422 721 847 
Principal transactions127 142 259 275 
Total brokerage revenues496 564 980 1,122 
Account and service fees258 179 547 356 
Investment banking
154 235 295 660 
Interest income
915 242 1,742 467 
Other
32 27 76 78 
Total revenues
3,157 2,711 6,184 5,529 
Interest expense
(284)(38)(525)(75)
Net revenues
2,873 2,673 5,659 5,454 
Non-interest expenses:
  
Compensation, commissions and benefits
1,820 1,852 3,556 3,736 
Non-compensation expenses:
Communications and information processing
153 127 292 239 
Occupancy and equipment
68 62 134 121 
Business development
54 34 110 69 
Investment sub-advisory fees
36 40 70 78 
Professional fees
38 27 70 55 
Bank loan provision for credit losses28 21 42 10 
Other
119 77 176 155 
Total non-compensation expenses496 388 894 727 
Total non-interest expenses2,316 2,240 4,450 4,463 
Pre-tax income
557 433 1,209 991 
Provision for income taxes
130 110 273 222 
Net income427 323 936 769 
Preferred stock dividends2 — 4 — 
Net income available to common shareholders$425 $323 $932 $769 
Earnings per common share – basic
$1.97 $1.56 $4.33 $3.71 
Earnings per common share – diluted
$1.93 $1.52 $4.23 $3.61 
Weighted-average common shares outstanding – basic
214.3 207.7214.5207.0
Weighted-average common and common equivalent shares outstanding – diluted
219.2213.0219.7212.6
Net income
$427 $323 $936 $769 
Other comprehensive income/(loss), net of tax:  
Available-for-sale securities
97 (320)144 (375)
Currency translations, net of the impact of net investment hedges7 (11)53 (11)
Cash flow hedges
(11)29 (13)38 
Total other comprehensive income/(loss), net of tax93 (302)184 (348)
Total comprehensive income$520 $21 $1,120 $421 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
4

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
 Three months ended March 31,Six months ended March 31,
$ in millions, except per share amounts2023202220232022
Preferred stock:
Balance beginning of period
$120 $— $120 $— 
Shares issuances— — — — 
Balance end of period
120 — 120 — 
Common stock, par value $.01 per share:
  
Balance beginning of period
2 2 2 2 
Share issuances
— 

— — — 
Balance end of period
2 2 2 2 
Additional paid-in capital:
  
Balance beginning of period
2,975 

2,055 2,987 2,088 
Employee stock purchases
15 

14 22 22 
Distributions due to vesting of restricted stock units and exercise of stock options, net of forfeitures(11)

(17)(110)(122)
Share-based compensation amortization56 

41 136 105 
Balance end of period
3,035 2,093 3,035 2,093 
Retained earnings:
  
Balance beginning of period
9,254 

8,003 8,843 7,633 
Net income427 

323 936 769 
Common and preferred stock cash dividends declared (see Note 17)
(91)(70)(189)(146)
Balance end of period
9,590 8,256 9,590 8,256 
Treasury stock:
  
Balance beginning of period
(1,604)(1,373)(1,512)(1,437)
Purchases/surrenders
(358)— (505)(10)
Reissuances due to vesting of restricted stock units and exercise of stock options8 13 63 87 
Balance end of period
(1,954)(1,360)(1,954)(1,360)
Accumulated other comprehensive loss:  
Balance beginning of period
(891)(87)(982)(41)
Other comprehensive income/(loss), net of tax93 (302)184 (348)
Balance end of period
(798)(389)(798)(389)
Total equity attributable to Raymond James Financial, Inc.
$9,995 $8,602 $9,995 $8,602 
Noncontrolling interests:
Balance beginning of period
$(26)$52 $(26)$58 
Net loss attributable to noncontrolling interests— (2)— — 
Deconsolidations and sales— (43)— (51)
Balance end of period
(26)7 (26)7 
Total shareholders’ equity
$9,969 $8,609 $9,969 $8,609 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
5

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended March 31,
$ in millions20232022
Cash flows from operating activities:
  
Net income
$936 $769 
Adjustments to reconcile net income to net cash used in operating activities:  
Depreciation and amortization81 69 
Deferred income taxes, net(4)12 
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gain/loss on other investments(23)24 
Provisions for credit losses and legal and regulatory proceedings78 16 
Share-based compensation expense138 109 
Unrealized (gain)/loss on company-owned life insurance policies, net of expenses(86)19 
Other(3)10 
Net change in:
  
Assets segregated for regulatory purposes excluding cash and cash equivalents— (8,294)
Collateralized agreements, net of collateralized financings186 59 
Loans (provided to) financial advisors, net of repayments34 (76)
Brokerage client receivables and other receivables, net145 (299)
Trading instruments, net163 160 
Derivative instruments, net(122)166 
Other assets(65)(39)
Brokerage client payables and other payables(4,892)6,556 
Accrued compensation, commissions and benefits(332)(278)
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale6 (153)
Net cash used in operating activities(3,760)(1,170)
Cash flows from investing activities:
  
Increase in bank loans, net
(621)(2,850)
Proceeds from sales of loans held for investment
142 134 
Purchases of available-for-sale securities
(325)(1,992)
Available-for-sale securities maturations, repayments and redemptions
639 952 
Cash and cash equivalents acquired in business acquisitions, including those segregated for regulatory purposes, net of cash paid for acquisitions— 1,671 
Additions to property and equipment
(69)(42)
Purchase of Federal Home Loan Bank stock, net(35)— 
Investment in note receivable— (125)
Purchases of other investments, net(6)(80)
Other investing activities, net(44)(71)
Net cash used in investing activities(319)(2,403)
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
6

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended March 31,
$ in millions20232022
Cash flows from financing activities:
Increase in bank deposits2,872 2,190 
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements(558)(59)
Dividends on preferred and common stock(174)(131)
Exercise of stock options and employee stock purchases25 32 
Proceeds from Federal Home Loan Bank advances1,650 850 
Repayments of Federal Home Loan Bank advances and other borrowed funds(1,291)(852)
Other financing, net(2)(5)
Net cash provided by financing activities2,522 2,025 
Currency adjustment:  
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes 258 (49)
Net decrease in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash(1,299)(1,597)
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year14,659 16,449 
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period$13,360 $14,852 
Cash and cash equivalents$8,663 $5,715 
Cash and cash equivalents segregated for regulatory purposes and restricted cash 4,697 9,137 
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period$13,360 $14,852 
Supplemental disclosures of cash flow information:  
Cash paid for interest$483 $76 
Cash paid for income taxes, net$389 $293 
Cash outflows for lease liabilities$60 $52 
Non-cash right-of-use assets recorded for new and modified leases$42 $26 

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
7

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 2023

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Organization

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

Basis of presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100%-owned subsidiaries. In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2022 Form 10-K”) for the year ended September 30, 2022, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 9 of this Quarterly Report on Form 10-Q (“Form 10-Q”). When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation.

Accounting estimates and assumptions

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

The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and Notes thereto included in our 2022 Form 10-K. To prepare condensed consolidated financial statements in accordance with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period’s presentation.


NOTE 2 – UPDATE OF SIGNIFICANT ACCOUNTING POLICIES

A summary of our significant accounting policies is included in Note 2 of our 2022 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2022.


8
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 3 – FAIR VALUE

Our “Financial instruments” and “Financial instrument liabilities” on our Condensed Consolidated Statements of Financial Condition are recorded at fair value. For further information about such instruments and our significant accounting policies related to fair value, see Notes 2 and 4 of our 2022 Form 10-K. The following tables present assets and liabilities measured at fair value on a recurring basis. Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition. See Note 5 for additional information.
$ in millionsLevel 1Level 2Level 3 Netting
adjustments		Balance as of March 31, 2023
Assets at fair value on a recurring basis:
    
Trading assets:     
Municipal and provincial obligations$— $177 $— $— $177 
Corporate obligations17 520 — — 537 
Government and agency obligations40 83 — — 123 
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”)— 27 — — 27 
Non-agency CMOs and ABS— 106 — — 106 
Total debt securities57 913 — — 970 
Equity securities8 2 — — 10 
Brokered certificates of deposit1 9 — — 10 
Other— — 3 — 3 
Total trading assets66 924 3 — 993 
Available-for-sale securities (1)
1,021 8,752 — — 9,773 
Derivative assets:
Interest rate9 361 — (279)91 
Total derivative assets9 361 — (279)91 
All other investments:
Government and agency obligations (2)
97 — — — 97 
Other93 1 28 — 122 
Total all other investments190 1 28 — 219 
Other assets - fractional shares92 — — — 92 
Subtotal1,378 10,038 31 (279)11,168 
Other investments - private equity - measured at net asset value (“NAV”)99 
Total assets at fair value on a recurring basis$1,378 $10,038 $31 $(279)$11,267 
Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations$1 $— $— $— $1 
Corporate obligations— 563 — — 563 
Government and agency obligations99 2 — — 101 
Non-agency CMOs and ABS— 4 — — 4 
Total debt securities100 569 — — 669 
Equity securities41 — — — 41 
Total trading liabilities141 569 — — 710 
Derivative liabilities:
Interest rate8 408 — (78)338 
Foreign exchange— 9 — — 9 
Other— — 4 — 4 
Total derivative liabilities8 417 4 (78)351 
Other payables - fractional shares92 — — — 92 
Total liabilities at fair value on a recurring basis $241 $986 $4 $(78)$1,153 



9
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
$ in millionsLevel 1Level 2Level 3 Netting
adjustments		Balance as of September 30, 2022
Assets at fair value on a recurring basis:
    
Trading assets:    
Municipal and provincial obligations
$— $269 $— $— $269 
Corporate obligations
16 579 — — 595 
Government and agency obligations
86 85 — — 171 
Agency MBS, CMOs, and ABS— 123 — — 123 
Non-agency CMOs and ABS— 61 — — 61 
Total debt securities
102 1,117 — — 1,219 
Equity securities
20 — — — 20 
Brokered certificates of deposit
— 30 — — 30 
Other
— — 1 — 1 
Total trading assets122 1,147 1 — 1,270 
Available-for-sale securities (1)
986 8,899 — — 9,885 
Derivative assets:
Interest rate42 484 — (348)178 
Foreign exchange— 10 — — 10 
Total derivative assets42 494 — (348)188 
All other investments:
Government and agency obligations (2)
79 — — — 79 
Other92 2 29 — 123 
Total all other investments171 2 29 — 202 
Other assets - fractional shares78 — — — 78 
Subtotal
1,399 10,542 30 (348)11,623 
Other investments - private equity - measured at NAV
90 
Total assets at fair value on a recurring basis
$1,399 $10,542 $30 $(348)$11,713 
Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations$5 $— $— $— $5 
Corporate obligations— 555 — — 555 
Government and agency obligations249 — — — 249 
Total debt securities254 555 — — 809 
Equity securities
27 — — — 27 
Total trading liabilities281 555 — — 836 
Derivative liabilities:
Interest rate40 547 — (65)522 
Foreign exchange
— 5 — — 5 
Other
— — 3 — 3 
Total derivative liabilities40 552 3 (65)530 
Other payables - fractional shares78 — — — 78 
Total liabilities at fair value on a recurring basis
$399 $1,107 $3 $(65)$1,444 

(1)    Our available-for-sale securities primarily consist of agency MBS, agency CMOs and U.S. Treasury securities (“U.S. Treasuries”). See Note 4 for further information.
(2)    These assets are primarily comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations.

10
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Level 3 recurring fair value measurements

The following tables present the changes in fair value for Level 3 assets and liabilities measured at fair value on a recurring basis. The realized and unrealized gains and losses in the tables may include changes in fair value that were attributable to both observable and unobservable inputs. In the following tables, gains/(losses) on trading and derivative instruments are reported in “Principal transactions” and gains/(losses) on other investments are reported in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income.
Three months ended March 31, 2023
Level 3 instruments at fair value
Financial assetsFinancial liabilities
Trading assetsOther investmentsDerivative liabilities
$ in millionsOtherAll otherOther
Fair value beginning of period
$6 $30 $(4)
Total gains/(losses) included in earnings— (2)— 
Purchases and contributions
11 — — 
Sales and distributions(14)— — 
Transfers:
  
Into Level 3— — — 
Out of Level 3— — — 
Fair value end of period
$3 $28 $(4)
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
$— $(2)$— 
Six months ended March 31, 2023
Level 3 instruments at fair value
Financial assetsFinancial liabilities
Trading assetsOther investmentsDerivative liabilities
$ in millionsOtherAll otherOther
Fair value beginning of period
$1 $29 $(3)
Total gains/(losses) included in earnings
— (1)(1)
Purchases and contributions
36 — — 
Sales and distributions(34)— — 
Transfers:
Into Level 3— — — 
Out of Level 3— — — 
Fair value end of period
$3 $28 $(4)
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
$— $(1)$(1)

11
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Three months ended March 31, 2022
Level 3 instruments at fair value
Financial assetsFinancial liabilities
 Trading assetsDerivative assetsOther investmentsTrading liabilities
$ in millionsOtherOtherAll otherOther
Fair value beginning of period
$2 $1 $98 $— 
Total gains/(losses) included in earnings— (1)— (1)
Purchases and contributions
29 — 7 — 
Sales, distributions, and deconsolidations(18)— (40)— 
Transfers:
Into Level 3— — — — 
Out of Level 3— — (12)— 
Fair value end of period
$13 $— $53 $(1)
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
$(1)$(1)$— $(1)
Six months ended March 31, 2022
Level 3 instruments at fair value
Financial assetsFinancial liabilities
Trading assetsOther investmentsTrading liabilitiesDerivative liabilities
$ in millionsOtherAll otherOtherOther
Fair value beginning of period
$14 $98 $— $(1)
Total gains/(losses) included in earnings
2 — (1)1 
Purchases and contributions
54 7 — — 
Sales, distributions, and deconsolidations(57)(40)— — 
Transfers:
Into Level 3— — — — 
Out of Level 3— (12)— — 
Fair value end of period
$13 $53 $(1)$— 
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
$(1)$— $(1)$— 

As of both March 31, 2023 and September 30, 2022, 14% of our assets and 2% of our liabilities were measured at fair value on a recurring basis and Level 3 assets represented less than 1% of our assets measured at fair value on a recurring basis.

Investments in private equity measured at net asset value per share

As more fully described in Note 2 of our 2022 Form 10-K, as a practical expedient, we utilize NAV or its equivalent to determine the recorded value of a portion of our private equity investments portfolio. We utilize NAV when the fund investment does not have a readily determinable fair value and the NAV of the fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value.

Our private equity portfolio as of March 31, 2023 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments. Our investments cannot be redeemed directly with the funds. Our investments are monetized through the liquidation of underlying assets of fund investments, the timing of which is uncertain.

12
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following table presents the recorded value and unfunded commitments related to our private equity investments portfolio.
$ in millionsRecorded valueUnfunded commitment
March 31, 2023
Private equity investments measured at NAV$99 $35 
Private equity investments not measured at NAV5 
Total private equity investments
$104 
September 30, 2022
Private equity investments measured at NAV$90 $39 
Private equity investments not measured at NAV5 
Total private equity investments$95 

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 millionsLevel 2Level 3Total fair valueValuation technique(s)Unobservable inputRange
(weighted-average)
March 31, 2023
Bank loans:
Residential mortgage loans$2 $9 $11 
Collateral or
discounted cash flow (1)
Prepayment rate
7 yrs. - 12 yrs. (10.3 yrs.)
Corporate loans$— $76 $76 
Collateral or
 discounted cash flow (1)
Recovery rate
44% - 80% (63%)
Loans held for sale$93 $— $93 N/AN/AN/A
September 30, 2022
Bank loans:
Residential mortgage loans$2 $10 $12 
Collateral or
discounted cash flow (1)
Prepayment rate
7 yrs. - 12 yrs. (10.4 yrs.)
Corporate loans$— $57 $57 
Collateral or
 discounted cash flow (1)
Recovery rate
24% - 66% (47%)
Loans held for sale$3 $— $3 N/AN/AN/A

(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.

13
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Financial instruments not recorded at fair value

Many, but not all, of the financial instruments we hold were recorded at fair value on the Condensed Consolidated Statements of Financial Condition. The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at March 31, 2023 and September 30, 2022. This table excludes financial instruments that are carried at amounts which approximate fair value. Refer to Note 4 of our 2022 Form 10-K for a discussion of the fair value hierarchy classifications of our financial instruments that are not recorded at fair value.
$ in millionsLevel 2Level 3Total estimated fair valueCarrying amount
March 31, 2023
Financial assets:
    
Bank loans, net
$26 $42,926 $42,952 $43,503 
Financial liabilities:
 
Bank deposits - certificates of deposit$2,643 $— $2,643 $2,656 
Other borrowings - subordinated notes payable$92 $— $92 $100 
Senior notes payable$1,779 $— $1,779 $2,038 
September 30, 2022
Financial assets:
Bank loans, net
$134 $42,336 $42,470 $43,167 
Financial liabilities:
 
Bank deposits - certificates of deposit$400 $579 $979 $999 
Other borrowings - subordinated notes payable$95 $— $95 $100 
Senior notes payable$1,706 $— $1,706 $2,038 


14
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 4 – AVAILABLE-FOR-SALE SECURITIES

Refer to Note 2 of our 2022 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities.

The following table details the amortized costs and fair values of our available-for-sale securities. See Note 3 for additional information regarding the fair value of available-for-sale securities.
$ in millionsCost basisGross
unrealized gains		Gross
unrealized losses		Fair value
March 31, 2023    
Agency residential MBS$5,272 $1 $(520)$4,753 
Agency commercial MBS1,477 — (178)1,299 
Agency CMOs1,545 — (218)1,327 
Other agency obligations760 — (23)737 
Non-agency residential MBS518 — (39)479 
U.S. Treasuries1,043 — (22)1,021 
Corporate bonds145 — (5)140 
Other17 — — 17 
Total available-for-sale securities$10,777 $1 $(1,005)$9,773 
September 30, 2022    
Agency residential MBS$5,662 $— $(668)$4,994 
Agency commercial MBS1,518 — (208)1,310 
Agency CMOs1,637 — (233)1,404 
Other agency obligations613 — (31)582 
Non-agency residential MBS492 — (41)451 
U.S. Treasuries1,014 — (28)986 
Corporate bonds146 — (5)141 
Other18 — (1)17 
Total available-for-sale securities$11,100 $— $(1,215)$9,885 

The amortized costs and fair values in the preceding table exclude $25 million and $24 million of accrued interest on available-for-sale securities as of March 31, 2023 and September 30, 2022, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

See Note 6 for more information regarding available-for-sale securities pledged with the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank of Atlanta (“FRB”).

15
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following table details the contractual maturities, amortized costs, carrying 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, as of March 31, 2023, the weighted-average life of our available-for-sale securities portfolio was approximately 4.38 years.
 March 31, 2023
$ in millionsWithin one yearAfter one but
within five years		After five but
within ten years		After ten yearsTotal
Agency residential MBS
     
Amortized cost
$— $138 $2,332 $2,802 $5,272 
Carrying value
$— $134 $2,120 $2,499 $4,753 
Weighted-average yield
— %2.47 %1.30 %1.90 %1.65 %
Agency commercial MBS
Amortized cost
$— $876 $550 $51 $1,477 
Carrying value
$— $797 $459 $43 $1,299 
Weighted-average yield
— %1.63 %1.25 %1.87 %1.50 %
Agency CMOs
 
Amortized cost
$— $11 $41 $1,493 $1,545 
Carrying value
$— $10 $37 $1,280 $1,327 
Weighted-average yield
— %2.28 %1.51 %1.61 %1.61 %
Other agency obligations
Amortized cost
$35 $609 $105 $11 $760 
Carrying value
$34 $594 $99 $10 $737 
Weighted-average yield
2.16 %3.42 %3.58 %3.07 %3.38 %
Non-agency residential MBS
Amortized cost
$— $— $— $518 $518 
Carrying value
$— $— $— $479 $479 
Weighted-average yield
— %— %— %4.13 %4.13 %
U.S. Treasuries
Amortized cost
$191 $852 $— $— $1,043 
Carrying value
$188 $833 $— $— $1,021 
Weighted-average yield
2.28 %2.78 %— %— %2.69 %
Corporate bonds
Amortized cost
$1 $116 $28 $— $145 
Carrying value
$1 $112 $27 $— $140 
Weighted-average yield
2.88 %5.80 %4.95 %— %5.61 %
Other
Amortized cost
$— $5 $5 $7 $17 
Carrying value
$— $5 $4 $8 $17 
Weighted-average yield
— %6.66 %5.23 %7.47 %6.67 %
Total available-for-sale securities
Amortized cost
$227 $2,607 $3,061 $4,882 $10,777 
Carrying value
$223 $2,485 $2,746 $4,319 $9,773 
Weighted-average yield
2.27 %2.66 %1.42 %2.06 %2.03 %

16
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
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 months12 months or moreTotal
$ in millionsEstimated
fair value		Unrealized
losses		Estimated
fair value		Unrealized
losses		Estimated
fair value		Unrealized
losses
March 31, 2023
Agency residential MBS
$673 $(40)$4,018 $(480)$4,691 $(520)
Agency commercial MBS
145 (4)1,154 (174)1,299 (178)
Agency CMOs
40 (1)1,287 (217)1,327 (218)
Other agency obligations386 (11)301 (12)687 (23)
Non-agency residential MBS469 (39)— — 469 (39)
U.S. Treasuries749 (16)247 (6)996 (22)
Corporate bonds125 (5)— — 125 (5)
Other 13 — — — 13 — 
Total$2,600 $(116)$7,007 $(889)$9,607 $(1,005)
September 30, 2022
Agency residential MBS
$2,165 $(226)$2,829 $(442)$4,994 $(668)
Agency commercial MBS
494 (41)816 (167)1,310 (208)
Agency CMOs
337 (32)1,067 (201)1,404 (233)
Other agency obligations582 (31)— — 582 (31)
Non-agency residential MBS451 (41)— — 451 (41)
U.S. Treasuries982 (28)4 — 986 (28)
Corporate bonds128 (5)— — 128 (5)
Other17 (1)— — 17 (1)
Total
$5,156 $(405)$4,716 $(810)$9,872 $(1,215)

At March 31, 2023, of the 1,072 available-for-sale securities in an unrealized loss position, 395 were in a continuous unrealized loss position for less than 12 months and 677 securities were in a continuous unrealized loss position for greater than 12 months.

At March 31, 2023, 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 $5.07 billion and $3.05 billion, respectively, and fair values of $4.52 billion and $2.70 billion, respectively.

During the three and six months ended March 31, 2023 and March 31, 2022, there were no sales of available-for-sale securities.
17
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 5 – DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES

Our derivative assets and derivative liabilities are recorded at fair value and are included in “Derivative assets” and “Derivative liabilities” on our Condensed Consolidated Statements of Financial Condition. Cash flows related to our derivatives are included within operating activities on the Condensed Consolidated Statements of Cash Flows. The significant accounting policies governing our derivatives, including our methodologies for determining fair value, are described in Note 2 of our 2022 Form 10-K.

Derivative balances included on our financial statements

The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP.
March 31, 2023September 30, 2022
$ in millionsDerivative assetsDerivative liabilitiesNotional amountDerivative assetsDerivative liabilitiesNotional amount
Derivatives not designated as hedging instruments
Interest rate - other (1)
$353 $407 $16,404 $462 $535 $14,647 
Interest rate - matched book8 8 170 52 52 1,340 
Foreign exchange— 4 1,128 4 5 958 
Other— 4 582 — 3 531 
Subtotal361 423 18,284 518 595 17,476 
Derivatives designated as hedging instruments
Interest rate - other (2)
9 1 1,300 12 — 1,050 
Foreign exchange
— 5 1,149 6 — 1,092 
Subtotal
9 6 2,449 18 — 2,142 
Total gross fair value/notional amount
370 429 $20,733 536 595 $19,618 
Offset on the Condensed Consolidated Statements of Financial Condition
Counterparty netting
(36)(36)(35)(35)
Cash collateral netting
(243)(42)(313)(30)
Total amounts offset
(279)(78)(348)(65)
Net amounts presented on the Condensed Consolidated Statements of Financial Condition
$91 $351 $188 $530 
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition
Financial instruments (3)
(14)(8)(60)(52)
Total
$77 $343 $128 $478 

(1)    Relates to interest rate derivatives entered into as part of our fixed income business operations, including to-be-announced security contracts that are accounted for as derivatives, as well as our banking operations.
(2)    During the six months ended March 31, 2023, we entered into an interest rate swap to manage our 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. Such interest rate swap has been designated and accounted for as a cash flow hedge. Refer to Note 13 of this Form 10-Q for information regarding these bank deposits.
(3)    Although the matched book derivative arrangements do not meet the definition of a master netting arrangement as specified by GAAP, the agreement with the third-party intermediary includes terms that are similar to a master netting agreement. As a result, we present the matched book amounts net in the preceding table.


18
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following table details the gains/(losses) included in accumulated other comprehensive income/(loss) (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 17 for additional information.
 Three months ended March 31,Six months ended March 31,
$ in millions2023202220232022
Interest rate (cash flow hedges)$(11)$29 $(13)$38 
Foreign exchange (net investment hedges)(3)(9)(17)(10)
Total gains/(losses) included in AOCI, net of taxes$(14)$20 $(30)$28 

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and six months ended March 31, 2023 and 2022. We expect to reclassify $29 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 five years.

The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income. These amounts do not include any offsetting gains/(losses) on the related hedged item.
$ in millionsThree months ended March 31,Six months ended March 31,
Location of gain/(loss)2023202220232022
Interest rate
Principal transactions/other revenues$5 $7 $11 $10 
Foreign exchangeOther revenues$(6)$(2)$(36)$(3)
OtherPrincipal transactions$— $(2)$(1)$1 

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 to which Raymond James Bank and TriState Capital Bank 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 $7 million as of March 31, 2023 and $8 million as of September 30, 2022.

19
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 6 – COLLATERALIZED AGREEMENTS AND FINANCINGS

Collateralized agreements are comprised of securities purchased under agreements to resell (“reverse repurchase agreements”) and securities borrowed. Collateralized financings are comprised of securities sold under agreements to repurchase (“repurchase agreements”) and securities loaned. We enter into these transactions in order to facilitate client activities, acquire securities to cover short positions and finance certain firm activities. The significant accounting policies governing our collateralized agreements and financings are described in Note 2 of our 2022 Form 10-K.

Our reverse repurchase agreements, repurchase agreements, securities borrowing, and securities lending transactions are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course, as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the parties to the transaction. For financial statement purposes, we do not offset our reverse repurchase agreements, repurchase agreements, securities borrowed, and securities loaned because the conditions for netting as specified by GAAP are not met. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table.
Collateralized agreementsCollateralized financings
$ in millionsReverse repurchase agreementsSecurities borrowedTotalRepurchase agreementsSecurities loanedTotal
March 31, 2023
Gross amounts of recognized assets/liabilities$167 $212 $379 $150 $177 $327 
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition— — — — — — 
Net amounts included in the Condensed Consolidated Statements of Financial Condition167 212 379 150 177 327 
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition(167)(211)(378)(150)(173)(323)
Net amounts$— $1 $1 $— $4 $4 
September 30, 2022
Gross amounts of recognized assets/liabilities$367 $337 $704 $294 $172 $466 
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition— — — — — — 
Net amounts included in the Condensed Consolidated Statements of Financial Condition367 337 704 294 172 466 
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition(367)(327)(694)(294)(162)(456)
Net amounts$— $10 $10 $— $10 $10 

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

20
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Repurchase agreements and securities loaned accounted for as secured borrowings

The following table presents the remaining contractual maturity of repurchase agreements and securities lending transactions accounted for as secured borrowings.
$ in millionsOvernight and continuousUp to 30 days30-90 daysGreater than 90 daysTotal
March 31, 2023
Repurchase agreements:
Government and agency obligations$115 $— $— $— $115 
Agency MBS and agency CMOs35 — — — 35 
Total repurchase agreements
150 — — — 150 
Securities loaned:
Equity securities177 — — — 177 
Total collateralized financings$327 

$— 

$— 

$— 

$327 
September 30, 2022
Repurchase agreements:
Government and agency obligations$183 $— $— $— $183 
Agency MBS and agency CMOs111 — — — 111 
Total repurchase agreements
294 — — — 294 
Securities loaned:
Equity securities172 — — — 172 
Total collateralized financings$466 $— $— $— $466 

Collateral received and pledged

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

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

The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described.
$ in millionsMarch 31, 2023September 30, 2022
Collateral we received that was available to be delivered or repledged$2,993 $3,812 
Collateral that we delivered or repledged $766 $947 

21
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Encumbered assets

We pledge certain of our assets to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, to maintain our ability to hold certain deposits, 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. 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. During the quarter ended March 31, 2023, Raymond James Bank increased its borrowing capacity with the FHLB through the pledge of additional available-for-sale securities. The FHLB does not have the ability to sell or repledge such securities until they are borrowed against. For additional information regarding our outstanding FHLB advances see Note 14.

The following table presents information about our assets that have been pledged for one of the purposes previously described.
$ in millionsMarch 31, 2023September 30, 2022
Had the right to deliver or repledge$982 $1,276 
Did not have the right to deliver or repledge$4,753 $63 
Bank loans, net pledged with the:
FHLB$8,768 $8,009 
FRB793 791 
Total bank loans, net pledged with the FHLB and FRB$9,561 $8,800 


22
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 7 – BANK LOANS, NET

Bank client receivables are comprised of loans originated or purchased by our Bank segment and include securities-based loans (“SBL”), corporate loans (commercial and industrial (“C&I”) loans, commercial real estate (“CRE”) loans, and real estate investment trust (“REIT”) loans), residential mortgage loans, and tax-exempt loans. These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities or are unsecured. We segregate our loan portfolio into six loan portfolio segments: SBL, C&I, CRE, REIT, residential mortgage, and tax-exempt. See Note 2 of our 2022 Form 10-K for a discussion of 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, and deferred origination fees and costs), except for certain held for sale loans recorded at fair value. Bank loans are presented on our Condensed Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses (“ACL”). As it pertains to TriState Capital Bank’s loans acquired as of June 1, 2022, the amortized cost of such purchased loans reflects the fair value of the loans on the acquisition date, and as described further in Note 3 of our 2022 Form 10-K, the purchase discount on such loans is accreted to interest income over the weighted-average life of the underlying loans, which may vary based on prepayments.

The following table presents the balances for held for investment loans by portfolio segment and held for sale loans.
$ in millionsMarch 31, 2023September 30, 2022
SBL$14,227 $15,297 
C&I loans11,259 11,173 
CRE loans7,054 6,549 
REIT loans1,717 1,592 
Residential mortgage loans8,079 7,386 
Tax-exempt loans1,643 1,501 
Total loans held for investment43,979 43,498 
Held for sale loans119 137 
Total loans held for sale and investment44,098 43,635 
Allowance for credit losses(415)(396)
Bank loans, net (1)
$43,683 $43,239 
ACL as a % of total loans held for investment0.94 %0.91 %
Accrued interest receivable on bank loans (included in “Other receivables, net”)$192 $137 

(1) Bank loans, net as of March 31, 2023 and September 30, 2022 are presented net of $89 million and $112 million, respectively, of net unamortized discount, unearned income, and deferred loan fees and costs. The net unamortized discount primarily arose from the acquisition date fair value purchase discount on bank loans acquired in the TriState Capital acquisition. See Note 3 of our 2022 Form 10-K for further information.

See Note 6 for more information regarding bank loans, net pledged with the FHLB and FRB and Note 14 for more information regarding borrowings from the FHLB.

Held for sale loans

We originated or purchased $624 million and $1.43 billion of loans held for sale during the three and six months ended March 31, 2023, respectively, and $999 million and $1.97 billion during the three and six months ended March 31, 2022, respectively. The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans that were initially classified as loans held for sale upon purchase and subsequently transferred to trading instruments once they had been securitized into pools. Proceeds from the sales of these loans held for sale and not securitized amounted to $155 million and $353 million during the three and six months ended March 31, 2023, respectively, and $339 million and $677 million during the three and six months ended March 31, 2022, respectively. Net gains resulting from such sales were insignificant for each of the three and six months ended March 31, 2023 and 2022.

23
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Purchases and sales of loans held for investment

The following table presents purchases and sales of loans held for investment by portfolio segment.
$ in millionsC&I loansCRE loansREIT loansResidential mortgage loansTotal
Three months ended March 31, 2023
Purchases$194 $— $— $110 $304 
Sales$147 $— $— $— $147 
Six months ended March 31, 2023
Purchases$357 $39 $24 $300 $720 
Sales$147 $— $— $— $147 
Three months ended March 31, 2022
Purchases$441 $— $— $223 $664 
Sales$61 $— $— $— $61 
Six months ended March 31, 2022
Purchases$780 $— $— $407 $1,187 
Sales$112 $— $— $— $112 

Sales in the preceding table represent the recorded investment (i.e., net of charge-offs and discounts or premiums) of loans held for investment that were transferred to loans held for sale and subsequently sold to a third party during the respective period. As more fully described in Note 2 of our 2022 Form 10-K, corporate loan sales generally occur as part of our credit management activities.

Aging analysis of loans held for investment

The following table presents information on delinquency status of our loans held for investment.
$ in millions30-89 days and accruing90 days or more and accruing Total past due and accruingNonaccrual with allowanceNonaccrual with no allowanceCurrent and accruingTotal loans held for investment
March 31, 2023      
SBL$— $— $— $— $— $14,227 $14,227 
C&I loans— — — 32 — 11,227 11,259 
CRE loans— — — 34 18 7,002 7,054 
REIT loans— — — — — 1,717 1,717 
Residential mortgage loans4 — 4 — 15 8,060 8,079 
Tax-exempt loans— — — — — 1,643 1,643 
Total loans held for investment$4 $— $4 $66 $33 $43,876 $43,979 
September 30, 2022      
SBL$— $— $— $— $— $15,297 $15,297 
C&I loans— — — 32 — 11,141 11,173 
CRE loans— — — 12 16 6,521 6,549 
REIT loans— — — — — 1,592 1,592 
Residential mortgage loans4 — 4 — 14 7,368 7,386 
Tax-exempt loans— — — — — 1,501 1,501 
Total loans held for investment$4 $— $4 $44 $30 $43,420 $43,498 

The preceding table includes $90 million and $63 million at March 31, 2023 and September 30, 2022, respectively, of nonaccrual loans which were current pursuant to their contractual terms. The table also includes troubled debt restructurings of $20 million, $8 million, and $10 million for C&I loans, CRE loans, and residential first mortgage loans, respectively, at March 31, 2023, and $11 million, $9 million, and $10 million for C&I loans, CRE loans and residential first mortgage loans, respectively, at September 30, 2022.

Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both March 31, 2023 and September 30, 2022.

24
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
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.
Loan type ($ in millions)
Nature of collateralMarch 31, 2023September 30, 2022
C&I loansCommercial real estate and other business assets$9 $11 
CRE loansRetail, industrial, office and health care real estate$52 $21 
Residential mortgage loansSingle family homes$6 $6 

The recorded investment in residential mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process was $5 million at both March 31, 2023 and September 30, 2022.

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.

25
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
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.
March 31, 2023
Loans by origination fiscal year
$ in millions20232022202120202019PriorRevolving loansTotal
SBL
Risk rating:
Pass$20$18$92$41$26$82$13,948$14,227
Special mention————————
Substandard————————
Doubtful————————
Total SBL$20$18$92$41$26$82$13,948$14,227
C&I loans
Risk rating:
Pass$454$1,193$1,254$1,223$1,097$3,272$2,526$11,019
Special mention—102938—1785
Substandard———40188413155
Doubtful————————
Total C&I loans$454$1,203$1,283$1,301$1,115$3,357$2,546$11,259
CRE loans
Risk rating:
Pass$613$2,346$1,195$784$654$1,180$149$6,921
Special mention7——36—22—65
Substandard———21353—68
Doubtful————————
Total CRE loans$620$2,346$1,195$822$667$1,255$149$7,054
REIT loans
Risk rating:
Pass$266$202$214$101$55$197$682$1,717
Special mention————————
Substandard————————
Doubtful————————
Total REIT loans$266$202$214$101$55$197$682$1,717
Residential mortgage loans
Risk rating:
Pass$915$2,956$1,661$965$455$1,057$40$8,049
Special mention——1—25—8
Substandard—2———20—22
Doubtful————————
Total residential mortgage loans$915$2,958$1,662$965$457$1,082$40$8,079
Tax-exempt loans
Risk rating:
Pass$165$298$165$56$108$851$—$1,643
Special mention————————
Substandard————————
Doubtful————————
Total tax-exempt loans$165$298$165$56$108$851$—$1,643



26
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
September 30, 2022
Loans by origination fiscal year
$ in millions20222021202020192018PriorRevolving loansTotal
SBL
Risk rating:
Pass$14$27$72$44$36$41$15,063$15,297
Special mention————————
Substandard————————
Doubtful————————
Total SBL$14$27$72$44$36$41$15,063$15,297
C&I loans
Risk rating:
Pass$1,011$1,448$1,301$1,124$1,389$2,200$2,380$10,853
Special mention1028337—826166
Substandard1—602840614149
Doubtful————5——5
Total C&I loans$1,022$1,476$1,364$1,189$1,434$2,288$2,400$11,173
CRE loans
Risk rating:
Pass$1,916$1,345$892$707$816$551$176$6,403
Special mention—1——362—39
Substandard——14174630—107
Doubtful————————
Total CRE loans$1,916$1,346$906$724$898$583$176$6,549
REIT loans
Risk rating:
Pass$169$230$96$53$40$222$782$1,592
Special mention————————
Substandard————————
Doubtful————————
Total REIT loans$169$230$96$53$40$222$782$1,592
Residential mortgage loans
Risk rating:
Pass$2,984$1,704$1,023$477$290$843$35$7,356
Special mention11—2—4—8
Substandard1———120—22
Doubtful————————
Total residential mortgage loans$2,986$1,705$1,023$479$291$867$35$7,386
Tax-exempt loans
Risk rating:
Pass$264$169$56$115$192$705$—$1,501
Special mention————————
Substandard————————
Doubtful————————
Total tax-exempt loans$264$169$56$115$192$705$—$1,501

27
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
We also monitor the credit quality of the residential mortgage loan portfolio utilizing FICO scores and loan-to-value (“LTV”) ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by FICO score and by LTV ratio at origination.
March 31, 2023
Loans by origination fiscal year
$ in millions20232022202120202019PriorRevolving loansTotal
FICO score:
Below 600$6$1$3$2$3$55$—$70
600 - 699511551078831834519
700 - 7997182,3831,265700334647256,072
800 +1394162831748429381,397
FICO score not available134154321
Total$915$2,958$1,662$965$457$1,082$40$8,079
LTV ratio:
Below 80%$639$2,262$1,300$755$341$832$36$6,165
80%+27669636221011625041,914
Total$915$2,958$1,662$965$457$1,082$40$8,079

September 30, 2022
Loans by origination fiscal year
$ in millions20222021202020192018PriorRevolving loansTotal
FICO score:
Below 600$1$3$2$3$1$54$—$64
600 - 699155112903220684481
700 - 7992,4031,301744353219470225,512
800 +424284184874827361,306
FICO score not available353432323
Total$2,986$1,705$1,023$479$291$867$35$7,386
LTV ratio:
Below 80%$2,287$1,333$797$358$226$661$31$5,693
80%+6993722261216520641,693
Total$2,986$1,705$1,023$479$291$867$35$7,386

28
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
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 millionsSBLC&I loansCRE loansREIT loansResidential mortgage loansTax-exempt loansTotal
Three months ended March 31, 2023     
Balance at beginning of period
$4 $222 $91 $15 $74 $2 $408 
Provision for credit losses1 18 9 — — — 28 
Net (charge-offs)/recoveries:
      
Charge-offs— (20)— — — — (20)
Recoveries— — — — — — — 
Net (charge-offs)/recoveries
— (20)— — — — (20)
Foreign exchange translation adjustment
— (1)— — — — (1)
Balance at end of period
$5 $219 $100 $15 $74 $2 $415 
ACL by loan portfolio segment as a % of total ACL1.2 %52.8 %24.1 %3.6 %17.8 %0.5 %100.0 %
Six months ended March 31, 2023
Balance at beginning of period
$3 $226 $87 $21 $57 $2 $396 
Provision/(benefit) for credit losses2 18 11 (6)17 — 42 
Net (charge-offs)/recoveries:
     
Charge-offs— (24)(1)— — — (25)
Recoveries— — 3 — — — 3 
Net (charge-offs)/recoveries
— (24)2 — — — (22)
Foreign exchange translation adjustment
— (1)— — — — (1)
Balance at end of period
$5 $219 $100 $15 $74 $2 $415 
ACL by loan portfolio segment as a % of total ACL1.2 %52.8 %24.1 %3.6 %17.8 %0.5 %100.0 %
Three months ended March 31, 2022
Balance at beginning of period
$3 $179 $72 $22 $30 $2 $308 
Provision/(benefit) for credit losses— 17 (1)3 2 — 21 
Net (charge-offs)/recoveries:
     
Charge-offs— (1)— — — — (1)
Recoveries— — — — — — — 
Net (charge-offs)/recoveries— (1)— — — — (1)
Foreign exchange translation adjustment
— — — — — — — 
Balance at end of period
$3 $195 $71 $25 $32 $2 $328 
ACL by loan portfolio segment as a % of total ACL0.9 %59.5 %21.6 %7.6 %9.8 %0.6 %100.0 %
Six months ended March 31, 2022
Balance at beginning of period
$4 $191 $66 $22 $35 $2 $320 
Provision/(benefit) for credit losses(1)7 5 3 (4)— 10 
Net (charge-offs)/recoveries:
    
Charge-offs— (3)— — — — (3)
Recoveries— — — — 1 — 1 
Net (charge-offs)/recoveries
— (3)— — 1 — (2)
Foreign exchange translation adjustment
— — — — — — — 
Balance at end of period
$3 $195 $71 $25 $32 $2 $328 
ACL by loan portfolio segment as a % of total ACL0.9 %59.5 %21.6 %7.6 %9.8 %0.6 %100.0 %

The allowance for credit losses on held for investment bank loans increased $7 million and $19 million during the three and six months ended March 31, 2023, respectively, resulting from a $28 million and $42 million provision for credit losses, respectively, partially offset by net charge-offs which were primarily related to two C&I loans. The provision for credit losses for the three months ended March 31, 2023 primarily reflected the impacts of charge-offs of certain loans during the quarter, loan downgrades in the CRE and C&I loan portfolios, and additional volatility in the macroeconomic outlook. The provision for credit losses for the six months ended March 31, 2023 was primarily due to a weaker macroeconomic outlook, net charge-offs, and the impact of loan growth during the period.

29
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $21 million at March 31, 2023 and $19 million at both December 31, 2022 and September 30, 2022.


NOTE 8 – LOANS TO FINANCIAL ADVISORS, NET

Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2022 Form 10-K for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable.
$ in millionsMarch 31, 2023September 30, 2022
Affiliated with the firm as of period-end (1)
$1,130 $1,173 
No longer affiliated with the firm as of period-end (2)
8 8 
Total loans to financial advisors1,138 1,181 
Allowance for credit losses(30)(29)
Loans to financial advisors, net$1,108 $1,152 
Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”)
$5 $5 
Allowance for credit losses as a percent of total loans to financial advisors
2.64 %2.46 %

(1) These loans were predominantly current.
(2) These loans were predominantly past due for a period of 180 days or more.


NOTE 9 – VARIABLE INTEREST ENTITIES

A VIE requires consolidation by the entity’s primary beneficiary.  We evaluate all of the entities in which we are involved to determine if the entity is a VIE and if so, whether we hold a variable interest and are the primary beneficiary. Refer to Note 2 of our 2022 Form 10-K for a discussion of our principal involvement with VIEs and the accounting policies regarding determination of whether we are deemed to be the primary beneficiary of VIEs.

VIEs where we are the primary beneficiary

Of the VIEs in which we hold an interest, we have determined that certain investments in low-income housing tax credit (“LIHTC”) funds and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (the “Restricted Stock Trust Fund”) require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs.  The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE.
$ in millionsAggregate assetsAggregate liabilities
March 31, 2023  
LIHTC funds
$55 $6 
Restricted Stock Trust Fund
26 26 
Total$81 $32 
September 30, 2022  
LIHTC funds
$59 $6 
Restricted Stock Trust Fund
17 17 
Total$76 $23 



30
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and are not reflected in the following table.
$ in millionsMarch 31, 2023September 30, 2022
Assets:  
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash$5 $5 
Other assets50 54 
Total assets
$55 $59 
Liabilities:  
Other payables$— $— 
Total liabilities
$— $— 
Noncontrolling interests
$(26)$(26)

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

As discussed in Note 2 of our 2022 Form 10-K, we have concluded that for certain VIEs we are not the primary beneficiary and therefore do not consolidate these VIEs. Such VIEs include certain LIHTC funds, our interests in certain limited partnerships which are part of our private equity portfolio (“Private Equity Interests”), and other limited partnerships. Our risk of loss for these VIEs is limited to our investments in, advances to, and/or receivables due from these VIEs.

Aggregate assets, liabilities, and risk of loss

The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table.
 March 31, 2023September 30, 2022
$ in millionsAggregate
assets		Aggregate
liabilities		Our risk
of loss		Aggregate
assets		Aggregate
liabilities		Our risk
of loss
LIHTC funds$8,518 $2,759 $73 $7,752 $2,584 $136 
Private Equity Interests2,317 553 99 2,177 448 90 
Other
109 70 3 159 101 8 
Total$10,944 $3,382 $175 $10,088 $3,133 $234 


NOTE 10 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

Our goodwill and identifiable intangible assets result from various acquisitions. See Notes 2 and 11 of our 2022 Form 10-K for additional information about our goodwill and intangible assets, including the related accounting policies.

We perform goodwill and indefinite-lived intangible asset impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value or indicate that the asset is impaired.  We performed our latest annual impairment testing for our goodwill and indefinite-lived intangible assets as of our January 1, 2023 evaluation date, evaluating balances as of December 31, 2022. In that testing, we performed a qualitative impairment assessment for each of our reporting units that had goodwill, as well as for our indefinite-lived intangible assets.

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


31
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 11 - OTHER ASSETS

The following table details the components of other assets. See Note 2 of our 2022 Form 10-K for a discussion of the accounting polices related to certain of these components.
$ in millionsMarch 31, 2023September 30, 2022
Investments in company-owned life insurance policies$1,077 $944 
Property and equipment, net515 503 
Lease right of use (“ROU”) assets476 480 
Prepaid expenses249 173 
Investments in FHLB and FRB stock123 88 
All other244 264 
Total other assets$2,684 $2,452 

See Note 13 of our 2022 Form 10-K for further information regarding our property and equipment and Note 12 of this Form 10-Q and Note 14 of our 2022 Form 10-K for further information regarding our leases.


NOTE 12 – LEASES

The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. See Notes 2 and 14 of our 2022 Form 10-K for additional information related to our leases, including a discussion of our accounting policies.
$ in millionsMarch 31, 2023September 30, 2022
ROU assets (included in Other assets)$476 $480 
Lease liabilities (included in Other payables)$478 $482 

Lease liabilities as of March 31, 2023 excluded $53 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced. These leases are estimated to commence between dates later in fiscal year 2023 and fiscal year 2025 with lease terms ranging from two to 13 years.

Lease expense

The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income.
Three months ended March 31,Six months ended March 31,
$ in millions2023202220232022
Lease costs$32 $29 $63 $57 
Variable lease costs$8 $8 $15 $15 

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


32
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 13 – BANK DEPOSITS

Bank deposits include money market and savings accounts, interest-bearing demand deposits, which include Negotiable Order of Withdrawal accounts, certificates of deposit, and non-interest-bearing demand deposits. The following table presents a summary of bank deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end.
March 31, 2023September 30, 2022
$ in millionsBalanceWeighted-average rateBalanceWeighted-average rate
Money market and savings accounts$43,136 1.24 %$44,446 1.01 %
Interest-bearing demand deposits7,809 4.45 %5,286 2.77 %
Certificates of deposit2,656 4.15 %999 1.85 %
Non-interest-bearing demand deposits628 — 626 — 
Total bank deposits$54,229 1.86 %$51,357 1.21 %

Money market and savings accounts in the preceding table included $37.68 billion and $38.71 billion as of March 31, 2023 and September 30, 2022, 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 Raymond James Bank Deposit Program (“RJBDP”). Money market and savings accounts also included direct accounts held by TriState Capital Bank on behalf of third-party clients. Interest-bearing demand deposits in the preceding table included $2.75 billion of deposits as of March 31, 2023 associated with our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account.

The following table details the estimated amount of total bank deposits that are FDIC-insured, as well as the estimated amount of total bank deposits that exceeded the FDIC insurance limit at each respective period.
$ in millionsMarch 31, 2023September 30, 2022
FDIC-insured bank deposits$47,475 $43,520 
Bank deposits exceeding FDIC insurance limit6,754 7,837 
Total bank deposits$54,229 $51,357 
FDIC-insured bank deposits as a % of total bank deposits88 %85 %

The following table sets forth the estimated amount of certificates of deposit that exceeded the FDIC insurance limit by time remaining until maturity as of March 31, 2023.
$ in millionsMarch 31, 2023
Three months or less
$38 
Over three through six months
23 
Over six through twelve months
29 
Over twelve months13 
Total estimated certificates of deposit that exceeded the FDIC insurance limit$103 

Interest expense on deposits, excluding interest expense related to affiliated deposits, is summarized in the following table.
Three months ended March 31,Six months ended March 31,
$ in millions2023202220232022
Money market and savings accounts$128 $1 $245 $2 
Interest-bearing demand deposits62 1 109 2 
Certificates of deposit16 3 24 7 
Total interest expense on deposits$206 $5 $378 $11 

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. Refer to Note 5 of this Form 10-Q for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge.



33
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 14 – OTHER BORROWINGS
 
The following table details the components of our other borrowings, which are primarily comprised of short-term and long-term FHLB advances and subordinated notes.
March 31, 2023September 30, 2022
$ in millionsWeighted average interest rateMaturity dateBalanceWeighted average interest rateMaturity dateBalance
FHLB advances:
Floating rate - term (1)
5.09 %December 2023 - June 2024$850 3.32 %December 2023$850 
Floating rate - overnight (1)
N/AOvernight— 3.11 %Overnight140 
Fixed rate5.13 %April 2023 - June 2023700 3.45 %December 2022200 
Total FHLB advances1,550 1,190 
Subordinated notes - fixed-to-floating (including an unaccreted premium of $2 and $2, respectively) (2)
5.75 %May 2030100 5.75 %May 2030100 
Other— 1 
Total other borrowings$1,650 $1,291 
(1) Interest rates on these advances reset daily.
(2) Incur interest at a fixed rate of 5.75% until May 2025 and thereafter at a variable interest rate based on London Interbank Offered Rate, or an appropriate alternative reference rate. We may redeem these subordinated notes beginning in August 2025 at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to the redemption date.

We use interest rate swaps to manage the risk of increases in interest rates associated with the majority our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate. Refer to Note 2 of our 2022 Form 10-K and Note 5 of this Form 10-Q for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges. Refer to Note 6 for more information regarding bank loans, net and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings.

For further information on our other borrowing arrangements refer to Note 16 of our 2022 Form 10-K.


NOTE 15 – INCOME TAXES

The income tax provision for interim periods is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items.  We estimate the annual effective tax rate quarterly based on the forecasted pre-tax results of our U.S. and non-U.S. operations. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax.  These discrete items generally relate to changes in tax laws, adjustments to the actual liability determined upon filing tax returns, excess tax benefits related to share-based compensation and adjustments to previously recorded reserves for uncertain tax positions. For discussion of income tax accounting policies and other income tax related information, see Notes 2 and 18 of our 2022 Form 10-K.

Effective tax rate

Our effective income tax rate of 22.6% for the six months ended March 31, 2023 was lower than the 25.4% effective tax rate for our fiscal year 2022. The decrease in the effective income tax rate was primarily due to nontaxable valuation gains associated with our company-owned life insurance policies that were recognized during the current period compared to fiscal year 2022 which had nondeductible losses.

Uncertain tax positions

Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that our uncertain tax position liability balance may decrease within the next 12 months by up to $10 million due to expirations of statutes of limitations and the completion of tax examinations.

34
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
NOTE 16 – COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments and contingencies

Underwriting commitments

In the normal course of business, we enter into commitments for debt and equity underwritings. As of March 31, 2023, we had one such open underwriting commitment, which was subsequently settled in an open market transaction and did not result in a significant loss.

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 then extend over varying periods of time. These arrangements are subject to strict underwriting assessments and each client’s credit worthiness is evaluated on a case-by-case basis. Fixed-rate commitments are subject to market risk resulting from fluctuations in interest rates and our exposure is limited to the replacement value of those commitments.

The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at our Bank segment.
$ in millionsMarch 31, 2023September 30, 2022
SBL and other consumer lines of credit$36,998 $33,641 
Commercial lines of credit
$4,137 $3,792 
Unfunded lending commitments
$1,153 $1,255 
Standby letters of credit
$107 $94 

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

Because many of our lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements. The allowance for credit losses calculated under the current expected credit losses (“CECL”) model provides for potential losses related to the unfunded lending commitments. See Note 2 of our 2022 Form 10-K and Note 7 of this Form 10-Q for further information on this allowance for credit losses related to unfunded lending commitments.

RJ&A enters into margin lending arrangements which allow customers to borrow against the value of qualifying securities. Margin loans are collateralized by the securities held in the customer’s account at RJ&A. Collateral levels and established credit terms are monitored daily and we require customers to deposit additional collateral or reduce balances as necessary.

We offer loans to prospective financial advisors for recruiting and retention purposes (see Note 2 of our 2022 Form 10-K and Note 8 of this Form 10-Q for further discussion of our loans to financial advisors). These offers are contingent upon certain events occurring, including the individuals joining us and meeting certain other conditions outlined in their offer.

Investment commitments

We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $63 million as of March 31, 2023.

35
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Other commitments

Raymond James Affordable Housing Investments, Inc. (“RJAHI”) sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJAHI serves as the managing member or general partner. RJAHI typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition. Until such investments are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships. As of March 31, 2023, RJAHI had committed approximately $149 million to project partnerships that had not yet been sold to LIHTC funds. Because we expect to sell these project partnerships to LIHTC funds and the equity funding events arise over future periods, the contractual commitments are not expected to materially impact our future liquidity requirements. RJAHI may also make short-term loans or advances to project partnerships and LIHTC funds.

For information regarding our lease commitments see Note 12 of this Form 10-Q and for information on the maturities of our lease liabilities see Note 14 of our 2022 Form 10-K.

Guarantees

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

Legal and regulatory matters contingencies

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

RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations. 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 self-regulatory organizations institute investigations from time to time, among other things, into industry practices, which can also result in the imposition of such sanctions. For example, the firm is continuing its cooperation with the SEC in connection with an investigation of the firm’s investment advisory business’ compliance with records preservation requirements relating to business communications sent over electronic messaging channels that have not been approved by the firm. The SEC is reportedly conducting similar investigations of record preservation practices at other financial institutions.

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

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

36
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss. With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of March 31, 2023, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $100 million in excess of the aggregate accruals for such matters.  Refer to Note 2 of our 2022 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.


NOTE 17 – SHAREHOLDERS’ EQUITY

Preferred stock

The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock. For further details regarding our preferred stock see Note 20 of our 2022 Form 10-K.
$ in millions, except share countMarch 31, 2023September 30, 2022
6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”):
Shares outstanding40,25040,250
Carrying value$41 $41 
Aggregate liquidation preference$40 $40 
6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”):
Shares outstanding80,50080,500
Carrying value$79 $79 
Aggregate liquidation preference$81 $81 

On April 3, 2023, we redeemed all 40,250 outstanding shares of our Series A Preferred Stock, which triggered the redemption of the related depositary shares (“Series A Depositary Shares”), each representing a 1/40th interest of a share of Series A Preferred Stock, for an aggregate redemption value of $40 million. The redemption of the Series A Preferred Stock will be reflected in our condensed consolidated financial statements in our fiscal third quarter of 2023.

The following table details dividends declared and dividends paid on our Series A and Series B preferred stock for the three and six months ended March 31, 2023.
 Three months ended March 31, 2023Six months ended March 31, 2023
$ in millions, except per share amountsTotal dividendsPer preferred
share amount		Total dividendsPer preferred
share amount
Dividends declared:
Series A Preferred Stock $1 $16.88 $2 $33.76 
Series B Preferred Stock 1 $15.94 2 $31.88 
Total preferred stock dividends declared$2 $4 
Dividends paid:
Series A Preferred Stock$1 $16.88 $2 $33.76 
Series B Preferred Stock1 $15.94 2 $31.88 
Total preferred stock dividends paid$2 $4 

37
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

Common equity

Common stock issuance

We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs. See Note 20 of this Form 10-Q and Note 23 of our 2022 Form 10-K for additional information on these programs. We may also reissue treasury shares for such purposes.

Share repurchases

We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution from share-based compensation. In December 2022, 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 law and regulatory constraints, general market conditions, and the price and trading volumes of our common stock. During the three months ended March 31, 2023, we repurchased 3.75 million shares of our common stock for $350 million at an average price of $93 per share under the Board of Directors’ common stock repurchase authorization. During the six months ended March 31, 2023, we repurchased 5.04 million shares of our common stock for $488 million at an average price of $97 per share under the Board of Directors’ common stock repurchase authorization. As of March 31, 2023, approximately $1.1 billion remained available under such authorization.

Common stock dividends

Dividends per common share declared and paid are detailed in the following table for each respective period.
 Three months ended March 31,Six months ended March 31,
 2023202220232022
Dividends per common share - declared$0.42 $0.34 $0.84 $0.68 
Dividends per common share - paid$0.42 $0.34 $0.76 $0.60 

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.
 Three months ended March 31,Six months ended March 31, 2023
2023202220232022
Dividend payout ratio
21.8 %22.4 %19.9 %18.8 %

RJF expects 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 bank regulators on dividends to the parent from Raymond James Bank and TriState Capital Bank. See Note 21 of this Form 10-Q for additional information on our regulatory capital requirements.

38
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Accumulated other comprehensive income/(loss)

All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI.
$ in millionsNet investment hedgesCurrency translationsSubtotal: net investment hedges and currency translationsAvailable- for-sale securitiesCash flow hedgesTotal
Three months ended March 31, 2023
AOCI as of beginning of period$139 $(216)$(77)$(855)$41 $(891)
OCI:
OCI before reclassifications and taxes(4)11 7 126 (7)126 
Amounts reclassified from AOCI, before tax— — — — (8)(8)
Pre-tax net OCI(4)11 7 126 (15)118 
Income tax effect1 (1)— (29)4 (25)
OCI for the period, net of tax(3)10 7 97 (11)93 
AOCI as of end of period$136 $(206)$(70)$(758)$30 $(798)
Six months ended March 31, 2023
AOCI as of beginning of period$153 $(276)$(123)$(902)$43 $(982)
OCI:
OCI before reclassifications and taxes(23)71 48 211 (5)254 
Amounts reclassified from AOCI, before tax— — — — (13)(13)
Pre-tax net OCI(23)71 48 211 (18)241 
Income tax effect6 (1)5 (67)5 (57)
OCI for the period, net of tax(17)70 53 144 (13)184 
AOCI as of end of period$136 $(206)$(70)$(758)$30 $(798)
Three months ended March 31, 2022
AOCI as of beginning of period$80 $(89)$(9)$(60)$(18)$(87)
OCI:
OCI before reclassifications and taxes(12)(2)(14)(433)35 (412)
Amounts reclassified from AOCI, before tax— — — — 4 4 
Pre-tax net OCI(12)(2)(14)(433)39 (408)
Income tax effect3 — 3 113 (10)106 
OCI for the period, net of tax(9)(2)(11)(320)29 (302)
AOCI as of end of period$71 $(91)$(20)$(380)$11 $(389)
Six months ended March 31, 2022
AOCI as of beginning of period$81 $(90)$(9)$(5)$(27)$(41)
OCI:
OCI before reclassifications and taxes(14)(1)(15)(505)43 (477)
Amounts reclassified from AOCI, before tax— — — — 8 8 
Pre-tax net OCI(14)(1)(15)(505)51 (469)
Income tax effect4 — 4 130 (13)121 
OCI for the period, net of tax(10)(1)(11)(375)38 (348)
AOCI as of end of period$71 $(91)$(20)$(380)$11 $(389)

Reclassifications from AOCI to net income, excluding taxes, for the three and six months ended March 31, 2023 and 2022 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2022 Form 10-K. In addition, see Note 5 of this Form 10-Q for additional information on these derivatives.


39
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 18 – REVENUES

The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2022 Form 10-K. See Note 26 of our 2022 Form 10-K and Note 23 of this Form 10-Q for additional information on our segment results.
Three months ended March 31, 2023
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$1,102 $— $206 $— $(6)$1,302 
Brokerage revenues:
Securities commissions:
Mutual and other fund products135 2 1 — (1)137 
Insurance and annuity products113 — — — — 113 
Equities, exchange traded funds (“ETFs”) and fixed income products88 32 — — (1)119 
Subtotal securities commissions336 34 1 — (2)369 
Principal transactions (1)
28 96 — 4 (1)127 
Total brokerage revenues364 130 1 4 (3)496 
Account and service fees:
Mutual fund and annuity service fees105 — 1 — (1)105 
RJBDP fees411 1 — — (312)100 
Client account and other fees56 1 5 — (9)53 
Total account and service fees572 2 6 — (322)258 
Investment banking:
Merger & acquisition and advisory— 87 — — — 87 
Equity underwriting9 29 — — — 38 
Debt underwriting— 29 — — — 29 
Total investment banking9 145 — — — 154 
Other:
Affordable housing investments business revenues— 23 — — — 23 
All other (1)
9 1 — 6 (7)9 
Total other9 24 — 6 (7)32 
Total non-interest revenues2,056 301 213 10 (338)2,242 
Interest income (1)
117 21 3 749 25 915 
Total revenues2,173 322 216 759 (313)3,157 
Interest expense(29)(20)— (219)(16)(284)
Net revenues$2,144 $302 $216 $540 $(329)$2,873 

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

40
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Three months ended March 31, 2022
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$1,245 $1 $226 $— $(8)$1,464 
Brokerage revenues:
Securities commissions:
Mutual and other fund products166 2 2 — (1)169 
Insurance and annuity products110 — — — — 110 
Equities, ETFs and fixed income products105 38 — — — 143 
Subtotal securities commissions381 40 2 — (1)422 
Principal transactions (1)
16 126 — — — 142 
Total brokerage revenues397 166 2 — (1)564 
Account and service fees:
Mutual fund and annuity service fees109 — — — — 109 
RJBDP fees69 — — — (49)20 
Client account and other fees53 2 6 — (11)50 
Total account and service fees231 2 6 — (60)179 
Investment banking:
Merger & acquisition and advisory— 139 — — — 139 
Equity underwriting9 52 — — — 61 
Debt underwriting— 35 — — — 35 
Total investment banking9 226 — — — 235 
Other:
Affordable housing investments business revenues— 15 — — — 15 
All other (1)
6 1 — 8 (3)12 
Total other6 16 — 8 (3)27 
Total non-interest revenues1,888 411 234 8 (72)2,469 
Interest income (1)
37 5 — 199 1 242 
Total revenues1,925 416 234 207 (71)2,711 
Interest expense(3)(3)— (10)(22)(38)
Net revenues$1,922 $413 $234 $197 $(93)$2,673 

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

41
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Six months ended March 31, 2023
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$2,155 $1 $403 $— $(15)$2,544 
Brokerage revenues:
Securities commissions:
Mutual and other fund products263 3 2 — (1)267 
Insurance and annuity products217 — — — — 217 
Equities, ETFs and fixed income products173 65 — — (1)237 
Subtotal securities commissions653 68 2 — (2)721 
Principal transactions (1)
56 196 — 8 (1)259 
Total brokerage revenues709 264 2 8 (3)980 
Account and service fees:
Mutual fund and annuity service fees203 — 1 — (1)203 
RJBDP fees816 2 — — (581)237 
Client account and other fees116 3 10 — (22)107 
Total account and service fees1,135 5 11 — (604)547 
Investment banking:
Merger & acquisition and advisory— 189 — — — 189 
Equity underwriting18 44 — — (1)61 
Debt underwriting— 45 — — — 45 
Total investment banking18 278 — — (1)295 
Other:
Affordable housing investments business revenues— 47 — — — 47 
All other (1)
15 1 2 19 (8)29 
Total other15 48 2 19 (8)76 
Total non-interest revenues4,032 596 418 27 (631)4,442 
Interest income (1)
226 44 5 1,425 42 1,742 
Total revenues4,258 640 423 1,452 (589)6,184 
Interest expense(51)(43)— (404)(27)(525)
Net revenues$4,207 $597 $423 $1,048 $(616)$5,659 

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

42
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Six months ended March 31, 2022
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$2,407 $2 $453 $— $(16)$2,846 
Brokerage revenues:
Securities commissions:
Mutual and other fund products337 4 4 — (1)344 
Insurance and annuity products221 — — — — 221 
Equities, ETFs and fixed income products209 73 — — — 282 
Subtotal securities commissions767 77 4 — (1)847 
Principal transactions (1)
27 248 — — — 275 
Total brokerage revenues794 325 4 — (1)1,122 
Account and service fees:
Mutual fund and annuity service fees223 — — — (1)222 
RJBDP fees136 — — — (99)37 
Client account and other fees102 4 12 — (21)97 
Total account and service fees461 4 12 — (121)356 
Investment banking:
Merger & acquisition and advisory— 410 — — — 410 
Equity underwriting22 149 — — — 171 
Debt underwriting— 79 — — — 79 
Total investment banking22 638 — — — 660 
Other:
Affordable housing investments business revenues— 50 — — — 50 
All other (1)
13 3 1 14 (3)28 
Total other13 53 1 14 (3)78 
Total non-interest revenues3,697 1,022 470 14 (141)5,062 
Interest income (1)
70 10 — 386 1 467 
Total revenues3,767 1,032 470 400 (140)5,529 
Interest expense(6)(5)— (20)(44)(75)
Net revenues$3,761 $1,027 $470 $380 $(184)$5,454 

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

At March 31, 2023 and September 30, 2022, net receivables related to contracts with customers were $540 million and $511 million, respectively.


43
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 19 – INTEREST INCOME AND INTEREST EXPENSE

The following table details the components of interest income and interest expense.
 Three months ended March 31,Six months ended March 31,
$ in millions2023202220232022
Interest income:  
Cash and cash equivalents$75 $3 $130 $6 
Assets segregated for regulatory purposes and restricted cash 55 7 105 11 
Trading assets — debt securities13 4 27 9 
Available-for-sale securities
54 25 107 47 
Brokerage client receivables41 21 82 42 
Bank loans, net657 171 1,256 335 
All other20 11 35 17 
Total interest income
$915 $242 $1,742 $467 
Interest expense:  
Bank deposits
$206 $5 378 $11 
Trading liabilities — debt securities7 1 17 2 
Brokerage client payables
23 — 40 1 
Other borrowings9 4 18 9 
Senior notes payable23 23 46 46 
All other16 5 26 6 
Total interest expense
$284 $38 $525 $75 
Net interest income$631 $204 $1,217 $392 
Bank loan provision for credit losses(28)(21)(42)(10)
Net interest income after bank loan provision for credit losses$603 $183 $1,175 $382 

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


NOTE 20 – SHARE-BASED COMPENSATION

We have one share-based compensation plan, the Amended and Restated 2012 Stock Incentive Plan (“the Plan”), for our employees, directors, and independent contractor financial advisors. On February 23, 2023, our shareholders approved an amendment to the Plan to increase the number of shares available for grant by 18 million. Following this amendment, the Plan authorizes us to grant 96.4 million shares (including the shares available for grant under six predecessor plans).  As of March 31, 2023, 21.0 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 awards are primarily issued during the first quarter of each fiscal year. Our share-based compensation accounting policies are described in Note 2 of our 2022 Form 10-K.  Other information related to our share-based awards is presented in Note 23 of our 2022 Form 10-K.

Restricted stock units

During the three and six months ended March 31, 2023, we granted approximately 203 thousand and 2.1 million RSUs, respectively, with a weighted-average grant-date fair value of $108.39 and $116.75, respectively, compared with approximately 550 thousand and 2.9 million RSUs granted during the three and six months ended March 31, 2022, respectively, with a weighted-average grant-date fair value of $107.06 and $98.86, respectively. For the three and six months ended March 31, 2023, total share-based compensation amortization related to RSUs was $54 million and $130 million, respectively, compared with $41 million and $105 million for the three and six months ended March 31, 2022, respectively.

As of March 31, 2023, there were $430 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the six months ended March 31, 2023. These costs are expected to be recognized over a weighted-average period of 2.8 years.

44
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Restricted stock awards

Restricted stock awards (“RSAs”) were issued as a component of our total purchase consideration for TriState Capital Holdings, Inc. (“TriState Capital”) on June 1, 2022, in accordance with the terms of the acquisition. See Note 23 of our 2022 Form 10-K for further discussion of these awards. For the three and six months ended March 31, 2023 total share-based compensation amortization related to these RSAs was $2 million and $5 million, respectively. As of March 31, 2023, there were $16 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 2.5 years.


NOTE 21 – REGULATORY CAPITAL REQUIREMENTS

RJF, as a bank holding company and financial holding company, as well as Raymond James Bank, TriState Capital Bank, our broker-dealer subsidiaries and our trust subsidiaries are subject to capital requirements by various regulatory authorities. Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements.  Failure to meet minimum 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. The FDIC’s capital rules, which are substantially similar to the Fed’s rules, apply to TriState Capital Bank. 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, minimum requirements are established for both the quantity and quality of capital held by banking organizations. RJF, Raymond James Bank, and TriState Capital Bank are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, common equity tier 1 (“CET1”), and total capital to risk-weighted assets. These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. As of March 31, 2023, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirement and each entity was categorized as “well-capitalized.”

For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 24 of our 2022 Form 10-K.

45
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
To meet requirements for capital adequacy or to be categorized as “well-capitalized,” RJF must maintain minimum Tier 1 leverage, Tier 1 capital, CET1, and Total capital amounts and ratios as set forth in the following table.
 ActualRequirement for capital
adequacy purposes		To be well-capitalized
under regulatory provisions
$ in millionsAmountRatioAmountRatioAmountRatio
RJF as of March 31, 2023:
      
Tier 1 leverage$8,903 11.5 %$3,104 4.0 %$3,879 5.0 %
Tier 1 capital$8,903 20.1 %$2,653 6.0 %$3,538 8.0 %
CET1$8,788 19.9 %$1,990 4.5 %$2,874 6.5 %
Total capital$9,474 21.4 %$3,538 8.0 %$4,422 10.0 %
RJF as of September 30, 2022:
Tier 1 leverage$8,480 10.3 %$3,304 4.0 %$4,130 5.0 %
Tier 1 capital$8,480 19.2 %$2,651 6.0 %$3,534 8.0 %
CET1$8,380 19.0 %$1,988 4.5 %$2,871 6.5 %
Total capital$9,031 20.4 %$3,534 8.0 %$4,418 10.0 %

As of March 31, 2023, RJF’s regulatory capital increase compared with September 30, 2022 was driven by an increase in equity due to positive earnings, partially offset by dividends and share repurchases. RJF’s Tier 1 and Total capital ratios increased compared with September 30, 2022 resulting from the increase in regulatory capital, partially offset by a small increase in risk-weighted assets. The increase in risk-weighted assets was primarily driven by increases in our bank loan portfolio, partially offset by a decrease in assets segregated for regulatory purposes.

RJF’s Tier 1 leverage ratio at March 31, 2023 increased compared with September 30, 2022 due to the increase in regulatory capital and lower average assets, primarily driven by a decrease in assets segregated for regulatory purposes.

To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” Raymond James Bank and TriState Capital Bank must maintain Tier 1 leverage, Tier 1 capital, CET1, and Total capital amounts and ratios as set forth in the following tables. Our intention is to maintain Raymond James Bank’s and TriState Capital Bank’s “well-capitalized” status. In the unlikely event that Raymond James Bank or TriState Capital Bank failed to maintain their “well-capitalized” status, the consequences could include a requirement to obtain a waiver from the FDIC prior to acceptance, renewal, or rollover of brokered deposits and result in higher FDIC premiums, but would not significantly impact our operations.
 ActualRequirement for capital
adequacy purposes		To be well-capitalized
under regulatory provisions
$ in millionsAmountRatioAmountRatioAmountRatio
Raymond James Bank as of March 31, 2023:
      
Tier 1 leverage$3,303 7.7 %$1,725 4.0 %$2,156 5.0 %
Tier 1 capital
$3,303 13.1 %$1,512 6.0 %$2,016 8.0 %
CET1$3,303 13.1 %$1,134 4.5 %$1,638 6.5 %
Total capital
$3,619 14.4 %$2,016 8.0 %$2,520 10.0 %
Raymond James Bank as of September 30, 2022:
      
Tier 1 leverage$2,998 7.1 %$1,695 4.0 %$2,119 5.0 %
Tier 1 capital$2,998 12.1 %$1,485 6.0 %$1,979 8.0 %
CET1$2,998 12.1 %$1,113 4.5 %$1,608 6.5 %
Total capital$3,308 13.4 %$1,979 8.0 %$2,474 10.0 %

Raymond James Bank’s regulatory capital increased compared with September 30, 2022, driven by positive earnings, partially offset by dividends paid to RJF. Raymond James Bank’s Tier 1 and Total capital ratios increased compared with September 30, 2022 resulting from the increase in regulatory capital, partially offset by an increase in risk-weighted assets due to growth in the bank loan portfolio and higher cash balances. Raymond James Bank’s Tier 1 leverage ratio at March 31, 2023 increased compared with September 30, 2022 due to the increase in regulatory capital, partially offset by an increase in average assets, primarily driven by an increase in the bank loan portfolio and higher cash balances.

46
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

 ActualRequirement for capital
adequacy purposes		To be well-capitalized
under regulatory provisions
$ in millionsAmountRatioAmountRatioAmountRatio
TriState Capital Bank as of March 31, 2023:
      
Tier 1 leverage$1,159 7.2 %$646 4.0 %$808 5.0 %
Tier 1 capital
$1,159 13.9 %$499 6.0 %$666 8.0 %
CET1$1,159 13.9 %$374 4.5 %$541 6.5 %
Total capital
$1,195 14.4 %$666 8.0 %$832 10.0 %
TriState Capital Bank as of September 30, 2022:
      
Tier 1 leverage$1,093 7.3 %$601 4.0 %$752 5.0 %
Tier 1 capital
$1,093 14.1 %$463 6.0 %$618 8.0 %
CET1$1,093 14.1 %$348 4.5 %$502 6.5 %
Total capital
$1,122 14.5 %$618 8.0 %$772 10.0 %

TriState Capital Bank’s regulatory capital increased compared with September 30, 2022, driven by positive earnings. TriState Capital Bank’s Tier 1 and Total capital ratios decreased compared with September 30, 2022, due to an increase in risk-weighted assets, primarily resulting from increases in bank loans and available-for-sale securities, partially offset by the increase in regulatory capital. TriState Capital Bank’s Tier 1 leverage ratio at March 31, 2023 decreased slightly compared with September 30, 2022 as the increase in regulatory capital was offset by an increase in average assets, primarily driven by the increases in bank loans and available-for-sale securities.

Our banking subsidiaries may pay dividends to RJF without prior approval of their respective regulators subject to certain restrictions including retained net income and targeted regulatory capital ratios. Dividends paid to RJF from our banking subsidiaries may be limited to the extent that capital is needed to support their balance sheet growth.

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 millionsMarch 31, 2023September 30, 2022
Raymond James & Associates, Inc.:
  
(Alternative Method elected)
  
Net capital as a percent of aggregate debit items
44.3 %40.9 %
Net capital
$1,086 $1,152 
Less: required net capital
(49)(56)
Excess net capital
$1,037 $1,096 

As of March 31, 2023, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.


47
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 22 – EARNINGS PER SHARE

The following table presents the computation of basic and diluted earnings per common share.
 Three months ended March 31,Six months ended March 31,
in millions, except per share amounts2023202220232022
Income for basic earnings per common share:
  
Net income available to common shareholders$425 $323 $932 $769 
Less allocation of earnings and dividends to participating securities
(2)— (3)(1)
Net income available to common shareholders after participating securities$423 $323 $929 $768 
Income for diluted earnings per common share:
  
Net income available to common shareholders$425 $323 $932 $769 
Less allocation of earnings and dividends to participating securities
(2)— (3)(1)
Net income available to common shareholders after participating securities$423 $323 $929 $768 
Common shares:
  
Average common shares in basic computation
214.3 207.7 214.5 207.0 
Dilutive effect of outstanding stock options and certain RSUs
4.9 5.3 5.2 5.6 
Average common and common equivalent shares used in diluted computation219.2 213.0 219.7 212.6 
Earnings per common share:
  
Basic$1.97 $1.56 $4.33 $3.71 
Diluted$1.93 $1.52 $4.23 $3.61 
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive
1.6 — 1.3 0.5 

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of certain RSUs, as well as the RSAs granted as part of our acquisition of TriState Capital, plus an allocation of undistributed earnings to such participating securities. Participating securities and related dividends paid on these participating securities were insignificant for each of the three and six months ended March 31, 2023 and 2022.  Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

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

NOTE 23 – SEGMENT INFORMATION

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

The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources. For a further discussion of our segments, see Note 26 of our 2022 Form 10-K.

The following table presents information concerning operations in these segments.
 Three months ended March 31,Six months ended March 31,
$ in millions2023202220232022
Net revenues:  
Private Client Group$2,144 $1,922 $4,207 $3,761 
Capital Markets
302 413 597 1,027 
Asset Management
216 234 423 470 
Bank540 197 1,048 380 
Other
10 (18)19 (33)
Intersegment eliminations
(339)(75)(635)(151)
Total net revenues$2,873 $2,673 $5,659 $5,454 
Pre-tax income/(loss):
Private Client Group$441 $213 $875 $408 
Capital Markets
(34)87 (50)288 
Asset Management
82 103 162 210 
Bank91 83 227 185 
Other (1)
(23)(53)(5)(100)
Total pre-tax income$557 $433 $1,209 $991 

(1)    The six months ended March 31, 2023 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled litigation matter. This item has been reflected as an offset to “Other” expenses on our Condensed Consolidated Statements of Income and Comprehensive income.

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

The following table presents our net interest income on a segment basis.
Three months ended March 31,Six months ended March 31,
$ in millions2023202220232022
Net interest income/(expense):
  
Private Client Group
$88 $34 $175 $64 
Capital Markets
1 2 1 5 
Asset Management
3 — 5 — 
Bank530 189 1,021 366 
Other9 (21)15 (43)
Net interest income$631 $204 $1,217 $392 

The following table presents our total assets on a segment basis.
$ in millionsMarch 31, 2023September 30, 2022
Total assets:
Private Client Group$13,035 $17,770 
Capital Markets
2,920 3,951 
Asset Management521 556 
Bank60,400 56,737 
Other2,304 1,937 
Total$79,180 $80,951 


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

The following table presents goodwill, which was included in our total assets, on a segment basis.
$ in millionsMarch 31, 2023September 30, 2022
Goodwill:
Private Client Group$565 $550 
Capital Markets275 274 
Asset Management69 69 
Bank529 529 
Total$1,438 $1,422 
We have operations in the U.S., Canada, and Europe. Substantially all long-lived assets are located in the U.S.  The following table presents our net revenues and pre-tax income classified by major geographic area in which they were earned.
 Three months ended March 31,Six months ended March 31,
$ in millions2023202220232022
Net revenues:  
U.S.$2,627 $2,430 $5,167 $5,019 
Canada144 129 278 266 
Europe102 114 214 169 
Total$2,873 $2,673 $5,659 $5,454 
Pre-tax income/(loss): 
U.S.$524 $406 $1,133 $937 
Canada36 14 67 32 
Europe(3)13 9 22 
Total$557 $433 $1,209 $991 
The following table presents our total assets by major geographic area in which they were held.
$ in millionsMarch 31, 2023September 30, 2022
Total assets:
U.S.$72,960 $74,428 
Canada3,460 3,631 
Europe2,760 2,892 
Total$79,180 $80,951 
The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.
$ in millionsMarch 31, 2023September 30, 2022
Goodwill:
U.S.$1,250 $1,250 
Canada24 23 
Europe164 149 
Total$1,438 $1,422 
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES


ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
INDEX
 PAGE
Factors affecting “forward-looking statements”
52
Introduction
52
Executive overview
52
Reconciliation of non-GAAP financial measures to GAAP financial measures
55
Net interest analysis
58
Results of operations
Private Client Group
63
Capital Markets
68
Asset Management
70
Bank
73
Other
75
Statement of financial condition analysis
76
Liquidity and capital resources
76
Regulatory
83
Critical accounting estimates
83
Recent accounting developments
84
Risk management
84

51
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
FACTORS AFFECTING “FORWARD-LOOKING STATEMENTS”

Certain statements made in this Quarterly Report on Form 10-Q may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions, divestitures, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “plans,” “estimates,” “projects,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

INTRODUCTION

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of our operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and accompanying notes to condensed consolidated financial statements. Where “NM” is used in various percentage change computations, the computed percentage change has been determined to be not meaningful.

We operate as a financial holding company and bank holding company. Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets, changes in interest rates, market volatility, corporate and mortgage lending markets and commercial and residential credit trends.  Overall market conditions, economic, political and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control.  These factors affect the financial decisions made by market participants, including investors, depositors, borrowers, and competitors, impacting their level of participation in the financial markets. These factors also impact the level of investment banking activity and asset valuations, which ultimately affect our business results.

EXECUTIVE OVERVIEW

Quarter ended March 31, 2023 compared with the quarter ended March 31, 2022

For our fiscal second quarter of 2023, we generated net revenues of $2.87 billion, an increase of 7% compared with the prior-year quarter, while pre-tax income of $557 million increased 29%. Our net income available to common shareholders of $425 million increased 32%, and our earnings per diluted share were $1.93, reflecting a 27% increase. Our annualized return on common equity (“ROCE”) for the quarter was 17.3%, compared with 15.0% for the prior-year quarter, and our annualized return on tangible common equity (“ROTCE”) was 21.3%(1), compared with 16.8%(1) for the prior-year quarter. Excluding $28 million of expenses related to acquisitions completed in prior years, such as compensation related to retention awards and amortization of identifiable intangible assets, our adjusted net income available to common shareholders was $446 million(1) for the three months ended March 31, 2023, 29% higher than adjusted net income available to common shareholders for the prior-year quarter, and our adjusted earnings per diluted share were $2.03(1), 25% higher than adjusted earnings per diluted share for the prior-year quarter. Adjusted annualized ROCE for the quarter was 18.2%(1) and adjusted annualized ROTCE was 22.3%(1), compared with adjusted annualized ROCE of 16.1%(1) and adjusted annualized ROTCE of 18.0%(1) for the prior-year quarter.







(1)    ROTCE, adjusted net income available to common shareholders, adjusted earnings per diluted share, adjusted annualized ROCE, and adjusted annualized ROTCE are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, and for other important disclosures.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Quarterly net revenues increased compared with the prior-year quarter due to the benefit of higher short-term interest rates on net interest income and RJBDP fees from third-party banks, as well as incremental revenues from our prior-year acquisitions of TriState Capital in June 2022, SumRidge Partners, LLC (“SumRidge Partners”) in July 2022 and, to a lesser extent Charles Stanley Group PLC (“Charles Stanley”) in late January 2022. These increases were offset by lower asset management and related administrative fees, primarily as a result of lower PCG client assets in fee-based accounts at the beginning of the current quarter compared with the prior-year quarter, as well as lower investment banking revenues due to a challenging market environment during the current quarter. Brokerage revenues also declined compared with the prior-year quarter primarily due to lower asset-based trailing revenues in the PCG segment, as well as decreased activity from depository clients in the Capital Markets segment.

Compensation, commissions and benefits expense decreased 2%, primarily attributable to the decrease in compensable revenues compared with the prior-year quarter, partially offset by incremental compensation expenses arising from the aforementioned acquisitions, an increase in compensation costs to support our growth, and annual salary increases. Our compensation ratio, or the ratio of compensation, commissions and benefits expense to net revenues, was 63.3%, compared with 69.3% for the prior-year quarter. Excluding acquisition-related compensation expenses, our adjusted compensation ratio was 62.8%(1), compared with 68.8%(1) for the prior-year quarter. The decline in the compensation ratio primarily resulted from changes in our revenue mix due to higher net interest income and RJBDP fees from third-party banks, which have little associated direct compensation.

Non-compensation expenses increased 28%, due to incremental expenses arising from the aforementioned acquisitions, higher legal and regulatory costs, including the impact of an unfavorable arbitration award during the current quarter, as well as higher communications and information processing expenses reflecting continued technology investments and higher business development expenses compared to the relatively low prior-year level. The bank loan provision for credit losses was $28 million for the current-year quarter compared with a provision of $21 million for the prior-year quarter.

Our effective income tax rate was 23.3% for our fiscal second quarter of 2023, a decrease compared with the 25.4% effective income tax rate for the prior-year quarter, primarily due to the favorable impact of nontaxable valuation gains associated with our company-owned life insurance policies in the current quarter compared with nondeductible valuation losses in the prior-year quarter.

As of March 31, 2023, our Tier 1 leverage ratio of 11.5% and Total capital ratio of 21.4% were both more than double the regulatory requirement to be considered well-capitalized. We also continue to have substantial liquidity with $1.8 billion(2) of cash at the parent as of March 31, 2023, which includes cash the parent loaned to RJ&A to invest on its behalf. Despite a challenging operating environment, we renewed our revolving credit facility in April 2023, expanding our borrowing capacity under the facility from $500 million to $750 million. In addition, we increased our FHLB borrowings in the Bank segment by $500 million as of March 31, 2023 compared to December 31, 2022, and subsequently repaid $200 million of these borrowings in April 2023, leaving us with more than $9 billion of FHLB borrowing capacity in the Bank segment. In addition, although recent turmoil in the banking industry has heightened awareness around bank deposits in excess of FDIC insurance limits, as of March 31, 2023, 88% of our Bank segment deposits were FDIC-insured, including nearly 95% at Raymond James Bank. We believe our funding and capital position provides us the opportunity to manage our balance sheet prudently in the current operating environment and to continue being opportunistic and invest in growth. During the three months ended March 31, 2023, we repurchased 3.75 million shares of our common stock for $350 million at an average price of $93 per share under the Board of Directors’ common stock repurchase authorization. After the effect of those repurchases, $1.1 billion remained under such authorization. We currently expect to continue to repurchase our common stock in fiscal 2023 to offset the shares issued with the acquisition of TriState Capital in fiscal 2022, as well as to offset dilution from share-based compensation; however, we will continue to monitor market conditions and other capital needs as we consider these repurchases.











(1)    Adjusted compensation ratio is a non-GAAP financial measure. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, and for other important disclosures.
(2)    For additional information, please see the “Liquidity and capital resources - Sources of liquidity” section in this MD&A.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
We remain well-positioned entering our fiscal third quarter of 2023. We expect our fiscal third quarter results to be favorably impacted by higher asset management and related administrative fees, which will benefit from the 5% sequential increase in both PCG fee-based assets and financial assets under management as of March 31, 2023. In addition, our recruiting pipelines remain solid across our affiliation options and we continue to see solid retention of existing advisors. However, we expect our combined net interest income and RJBDP fees from third-party banks to decline in our fiscal third quarter due to a decrease in average balances swept to third-party banks and a contraction in the Bank segment’s net interest margin given the higher level of cash balances we plan to maintain in our Bank segment due to market conditions, as well as the impact from higher-cost diversified funding sources, including our Enhanced Savings Program, which was launched to PCG clients in March 2023. We expect to continue to face macroeconomic uncertainties which may continue to have a negative impact on equity and fixed income markets. As a result, we may continue to experience headwinds for brokerage revenues and investment banking revenues, despite our healthy investment banking pipelines. In addition, although we have proactively taken steps to manage our credit risk in our loan portfolio, future economic deterioration or changes in our macroeconomic outlook could result in increased bank loan provisions for credit losses in future periods.

Six months ended March 31, 2023 compared with the six months ended March 31, 2022

For the six months ended March 31, 2023, we generated net revenues of $5.66 billion, an increase of 4% compared with the prior-year period, and pre-tax income of $1.21 billion, an increase of 22%. Our net income available to common shareholders of $932 million was 21% higher than the prior-year period and our earnings per diluted share were $4.23, reflecting a 17% increase. Our annualized ROCE was 19.3%, compared with 18.1% for the prior-year period, and our annualized ROTCE was 23.8%(1), compared with 20.2%(1) for the prior-year period.

The six months ended March 31, 2023 included $57 million of expenses related to acquisitions completed in prior years, such as compensation related to retention awards and amortization of identifiable intangible assets, as well as the favorable impact of a $32 million insurance settlement received during our fiscal first quarter related to a previously-settled litigation matter. Excluding these items, our adjusted net income available to common shareholders was $951 million(1), an increase of 18% compared with the prior-year period, and our adjusted earnings per diluted share were $4.31(1), an increase of 13%. Adjusted annualized ROCE was 19.7%(1), compared with 19.0%(1) in the prior-year period, and adjusted annualized ROTCE was 24.2%(1), compared with 21.2%(1) in the prior-year period.

The increase in net revenues compared with the prior-year period was primarily driven by the benefit of significantly higher short-term interest rates in the current-year period on both net interest income and RJBDP fees from third-party banks, as well as incremental revenues arising from our prior-year acquisitions of Charles Stanley, TriState Capital and SumRidge. These increases were offset by lower asset management and related administrative fees, primarily attributable to lower PCG client assets in fee-based accounts, and declines in investment banking and brokerage revenues primarily due to a more challenging market environment during the current-year period.

Compensation, commissions and benefits expense decreased 5%, primarily attributable to the decrease in compensable revenues compared with the prior-year period, partially offset by incremental expenses arising from our prior-year acquisitions of Charles Stanley, TriState Capital, and SumRidge, as well as an increase in compensation costs to support our growth and annual salary increases. Our compensation ratio was 62.8%, compared with 68.5% for the prior-year period. Excluding acquisition-related compensation expenses, our adjusted compensation ratio was 62.2%(1), compared with an adjusted compensation ratio of 68.0%(1) for the prior-year period.

Non-compensation expenses increased 23%, primarily due to incremental expenses arising from our acquisitions of Charles Stanley, TriState Capital, and SumRidge, as well as increases in business development expenses, the bank loan provision for credit losses, and communications and information processing expenses. The current-year period also included the aforementioned increase in legal and regulatory costs. Partially offsetting these increases was the aforementioned favorable insurance settlement received.
Our effective income tax rate was 22.6% for the six months ended March 31, 2023, a slight increase from 22.4% for the prior-year period.




(1)    ROTCE, adjusted net income available to common shareholders, adjusted earnings per diluted share, adjusted annualized ROCE, adjusted annualized ROTCE, and adjusted compensation ratio are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, and for other important disclosures.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
In December 2022, the Board of Directors increased the quarterly cash dividend on common shares to $0.42 per share and authorized common stock repurchases of up to $1.5 billion. During the six months ended March 31, 2023, we repurchased 5.04 million shares of our common stock for $488 million at an average price of $97 per share under the Board of Directors’ common stock repurchase authorization.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. Beginning with our fiscal third quarter of 2022, certain of our non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. We believe that return on tangible common equity is meaningful to investors as it facilitates comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.
Three months endedSix months ended
$ in millionsMarch 31,
2023		March 31,
2022		March 31,
2023		March 31,
2022
Net income available to common shareholders$425 $323 $932 $769 
Non-GAAP adjustments:
Expenses directly related to acquisitions included in the following financial statement line items:
Compensation, commissions and benefits — Acquisition-related retention
17 14 35 25 
Professional fees
— 5 — 7 
Other — Amortization of identifiable intangible assets
11 6 22 14 
All other acquisition-related expenses
— 6 — 6 
Total “Other” expense11 12 22 20 
Total expenses related to acquisitions28 31 57 52 
Other — Insurance settlement received
— — (32)— 
Pre-tax impact of non-GAAP adjustments28 31 25 52 
Tax effect of non-GAAP adjustments(7)(8)(6)(13)
Total non-GAAP adjustments, net of tax 21 23 19 39 
Adjusted net income available to common shareholders $446 $346 $951 $808 
Compensation, commissions and benefits expense$1,820 $1,852 $3,556 $3,736 
Less: Acquisition-related retention (as detailed above)17 14 35 25 
Adjusted “Compensation, commissions and benefits” expense $1,803 $1,838 $3,521 $3,711 

Three months endedSix months ended
March 31,
2023		March 31,
2022		March 31,
2023		March 31,
2022
Total compensation ratio63.3 %69.3 %62.8 %68.5 %
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention0.5 %0.5 %0.6 %0.5 %
Adjusted total compensation ratio62.8 %68.8 %62.2 %68.0 %
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Three months endedSix months ended
Earnings per common shareMarch 31,
2023		March 31,
2022		March 31,
2023		March 31,
2022
Diluted earnings per common share$1.93 $1.52 $4.23 $3.61 
Impact of non-GAAP adjustments on diluted earnings per common share:
Expenses directly related to acquisitions included in the following financial statement line items:
Compensation, commissions and benefits — Acquisition-related retention
0.08 0.06 0.16 0.12 
Professional fees— 0.02 — 0.03 
Other — Amortization of identifiable intangible assets
0.05 0.03 0.10 0.07 
All other acquisition-related expenses— 0.03 — 0.03 
Total “Other” expense0.05 0.06 0.10 0.10 
Total expenses related to acquisitions0.13 0.14 0.26 0.25 
Other — Insurance settlement received
— — (0.15)— 
Tax effect of non-GAAP adjustments(0.03)(0.04)(0.03)(0.06)
Total non-GAAP adjustments, net of tax0.10 0.10 0.08 0.19 
Adjusted diluted earnings per common share$2.03 $1.62 $4.31 $3.80 
Return on common equityThree months endedSix months ended
$ in millionsMarch 31,
2023		March 31,
2022		March 31,
2023		March 31,
2022
Average common equity$9,806 $8,601 $9,650 $8,482 
Impact of non-GAAP adjustments on average common equity:
Expenses directly related to acquisitions included in the following financial statement line items:
Compensation, commissions and benefits — Acquisition-related retention
9 7 18 12 
Professional fees— 3 — 3 
Other — Amortization of identifiable intangible assets
6 3 11 7 
All other acquisition-related expenses— 3 — 2 
Total “Other” expense 6 6 11 9 
Total expenses related to acquisitions15 16 29 24 
Other — Insurance settlement received
— — (21)— 
Tax effect of non-GAAP adjustments(4)(4)(2)(6)
Total non-GAAP adjustments, net of tax11 12 6 18 
Adjusted average common equity$9,817 $8,613 $9,656 $8,500 

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Three months endedSix months ended
$ in millionsMarch 31,
2023		March 31,
2022		March 31,
2023		March 31,
2022
Average common equity$9,806 $8,601 $9,650 $8,482 
Less:
Average goodwill and identifiable intangible assets, net1,936 992 1,934 955 
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net(129)(77)(128)(72)
Average tangible common equity$7,999 $7,686 $7,844 $7,599 
Impact of non-GAAP adjustments on average tangible common equity:
Expenses directly related to acquisitions included in the following financial statement line items:
Compensation, commissions and benefits — Acquisition-related retention
9 7 18 12 
Professional fees— 3 — 3 
Other — Amortization of identifiable intangible assets
6 3 11 7 
All other acquisition-related expenses— 3 — 2 
Total “Other” expense 6 6 11 9 
Total expenses related to acquisitions15 16 29 24 
Other — Insurance settlement received
— — (21)— 
Tax effect of non-GAAP adjustments(4)(4)(2)(6)
Total non-GAAP adjustments, net of tax11 12 6 18 
Adjusted average tangible common equity$8,010 $7,698 $7,850 $7,617 
Return on common equity17.3 %15.0 %19.3 %18.1 %
Adjusted return on common equity18.2 %16.1 %19.7 %19.0 %
Return on tangible common equity21.3 %16.8 %23.8 %20.2 %
Adjusted return on tangible common equity22.3 %18.0 %24.2 %21.2 %

Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period. Adjusted total compensation ratio is computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period.

Tangible common equity is computed by subtracting goodwill and identifiable intangible assets, net, along with the associated deferred tax liabilities, from total common equity attributable to RJF. Average common equity is computed by adding the total common equity attributable to RJF as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. Average common equity for the year-to-date period is computed by adding the total common equity attributable to RJF as of each quarter-end date during the indicated year-to-date period to the beginning of year total, and dividing by three, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated year-to-date period to the beginning of year total, and dividing by three. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period.

ROCE is computed by dividing annualized net income available to common shareholders for the period indicated by average common equity for each respective period or, in the case of ROTCE, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted ROCE is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted ROTCE, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

NET INTEREST ANALYSIS

Largely in response to inflationary pressures, the Fed rapidly increased its benchmark short-term interest rates commencing in March 2022 and continuing into our fiscal second quarter of 2023. Over this period, the Fed increased the Fed funds target rate from a March 31, 2022 range of 0.25% to 0.50% to a March 31, 2023 range of 4.75% to 5%. The Fed further increased the Fed funds target rate by 25 basis points in May 2023 and indicated that it intends to closely monitor short-term interest rates throughout the remainder of our fiscal 2023. The following table details the Fed’s recent short-term interest rate activity.
Fed Funds Target Rate Schedule
RJF Fiscal quarter endedEffective date of interest rate actionIncrease/(decrease) in interest rates (in basis points)Fed funds target rate
March 31 2020March 16, 2020(100)0.00% - 0.25%
March 31, 2022March 17, 2022250.25% - 0.50%
June 30, 2022May 5, 2022500.75% - 1.00%
June 30, 2022June 16, 2022751.50% - 1.75%
September 30, 2022July 28, 2022752.25% - 2.50%
September 30, 2022September 22, 2022753.00% - 3.25%
December 31, 2022November 3, 2022753.75% - 4.00%
December 31, 2022December 15, 2022504.25% - 4.50%
March 31, 2023February 2, 2023254.50% - 4.75%
March 31, 2023March 23, 2023254.75% - 5.00%
Rate changes subsequent to March 31, 2023
June 30, 2023May 4, 2023255.00% - 5.25%

Increases in short-term interest rates have positively impacted our net interest income and the fee income we earn from third-party banks on client cash balances swept to such banks as part of the RJBDP (included in account and service fees), which is also sensitive to changes in interest rates.

Given the relationship between our interest-sensitive assets and liabilities (primarily held in our PCG, Bank, and Other segments) and the nature of fees we earn from third-party banks on client cash balances swept to such banks as part of the RJBDP (included in account and service fees), which are also sensitive to changes in interest rates, increases in short-term interest rates generally result in an increase in our net earnings, although the magnitude of the impact to our net interest margin depends on the yields on interest-earning assets relative to the cost of interest-bearing liabilities, including deposit rates paid to clients on their cash balances. Changes to the regulatory landscape governing the fees the firm earns on client assets, including cash sweep balances, could negatively impact our earnings.

As a result of our diverse funding sources, strong loan growth and high concentration of floating-rate assets, we benefited from the increases in short-term interest rates during the three and six months ended March 31, 2023. However, despite the recent increases in short-term interest rates, we expect our combined net interest income and RJBDP fees from third-party banks to decline in our fiscal third quarter due to a decrease in average balances swept to third-party banks as well as a lower net interest margin in our Bank Segment, given the higher level of cash balances we plan to maintain in our Bank segment due to market conditions, as well as the impact from higher-cost diversified funding sources, including our Enhanced Savings Program, which was launched to PCG clients in March 2023. Our domestic client cash sweep balances represent a relatively low-cost funding source. As we pursue further diversified funding sources other than our domestic client cash sweep balances, such as the Enhanced Savings Program, our costs may increase as those funding sources typically reflect higher costs than our domestic client cash sweep balances. In addition, our pace of loan growth may continue to fluctuate over time in response to changes in interest rates and other market factors.

Refer to the discussion of our net interest income within the “Management’s Discussion and Analysis - Results of Operations” of our PCG, Bank, and Other segments, where applicable. Also refer to “Management’s Discussion and Analysis - Results of Operations - Private Client Group - Clients’ domestic cash sweep balances” for further information on the RJBDP.


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
The following table presents our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.

Quarter ended March 31, 2023 compared with the quarter ended March 31, 2022
 Three months ended March 31,
 20232022
$ in millionsAverage
daily
balance		InterestAnnualized
average
rate		Average
daily
balance		InterestAnnualized
average
rate
Interest-earning assets:     
Bank segment:
Cash and cash equivalents$3,093$364.64 %$1,601$10.22 %
Available-for-sale securities10,869542.00 %8,869251.16 %
Loans held for sale and investment: (1) (2)
Loans held for investment:
SBL14,493 240 6.63 %6,753 39 2.31 %
C&I loans11,236 188 6.69 %8,783 54 2.49 %
CRE loans6,961 123 7.07 %3,150 20 2.56 %
REIT loans1,671 31 7.11 %1,324 9 2.48 %
Residential mortgage loans7,979 62 3.13 %5,770 38 2.69 %
Tax-exempt loans (3)
1,652 10 3.16 %1,289 9 3.18 %
Loans held for sale170 3 7.23 %268 2 2.94 %
Total loans held for sale and investment44,162 657 5.97 %27,337 171 2.53 %
All other interest-earning assets153 2 5.80 %114 2 2.75 %
Interest-earning assets — Bank segment$58,277 $749 5.16 %$37,921 $199 2.11 %
All other segments:
Cash and cash equivalents$3,130 $39 5.10 %$4,318 $2 0.19 %
Assets segregated for regulatory purposes and restricted cash4,856 55 4.36 %19,522 7 0.15 %
Trading assets — debt securities1,057 13 5.05 %464 4 3.86 %
Brokerage client receivables2,205 41 7.66 %2,558 21 3.29 %
All other interest-earning assets1,817 18 3.12 %1,614 9 2.47 %
Interest-earning assets — all other segments$13,065 $166 4.98 %$28,476 $43 0.63 %
Total interest-earning assets$71,342 $915 5.13 %$66,397 $242 1.48 %
Interest-bearing liabilities:  
Bank segment:
Bank deposits:
Money market and savings accounts$44,554 $132 1.20 %$33,136 $1 0.01 %
Interest-bearing demand deposits5,620 62 4.47 %293 1 1.10 %
Certificates of deposit1,859 16 3.57 %733 3 1.83 %
Total bank deposits (4)
52,033 210 1.64 %34,162 5 0.06 %
FHLB advances and all other interest-bearing liabilities1,452 9 2.80 %864 4 2.17 %
Interest-bearing liabilities — Bank segment$53,485 $219 1.67 %$35,026 $9 0.11 %
All other segments:
Trading liabilities — debt securities$725 $7 4.14 %$168 $1 1.89 %
Brokerage client payables6,044 23 1.52 %21,405 — 0.01 %
Senior notes payable2,038 23 4.44 %2,037 23 4.44 %
All other interest-bearing liabilities (4)
113 12 3.72 %199 5 5.77 %
Interest-bearing liabilities — all other segments$8,920 $65 2.43 %$23,809 $29 0.47 %
Total interest-bearing liabilities$62,405 $284 1.78 %$58,835 $38 0.26 %
Firmwide net interest income$631 $204 
Net interest margin (net yield on interest-earning assets)
Bank segment3.63 %2.01 %
Firmwide3.59 %1.25 %

(1) Loans are presented net of unamortized purchase discounts or premiums, unearned income, and deferred origination fees and costs.
(2) Nonaccrual loans are included in the average loan balances. Any payments received for corporate nonaccrual loans are applied entirely to principal. Interest income on residential mortgage nonaccrual loans is recognized on a cash basis.
(3) The yield on tax-exempt loans in the preceding table is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each of the years presented.
(4) The average balance, interest expense, and average rate for “Total bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments”.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect of changes in volume is determined by multiplying the change in volume by the previous period’s average rate. Similarly, the effect of rate changes is calculated by multiplying the change in average rate by the previous period’s volume. Changes attributable to both volume and rate have been allocated proportionately.
Three months ended March 31,
2023 compared to 2022
 Increase/(decrease) due to
$ in millionsVolumeRateTotal
Interest-earning assets:Interest income
Bank segment:   
Cash and cash equivalents$2 $33 $35 
Available-for-sale securities7 22 29 
Loans held for sale and investment:
Loans held for investment:
SBL76 125 201 
C&I loans19 115 134 
CRE loans41 62 103 
REIT loans3 19 22 
Residential mortgage loans17 7 24 
Tax-exempt loans— 1 1 
Loans held for sale— 1 1 
Total loans held for sale and investment156 330 486 
All other interest-earning assets1 (1)— 
Interest-earning assets — Bank segment$166 $384 $550 
All other segments:
Cash and cash equivalents$— $37 $37 
Assets segregated for regulatory purposes and restricted cash(11)59 48 
Trading assets — debt securities6 3 9 
Brokerage client receivables(6)26 20 
All other interest-earning assets4 5 9 
Interest-earning assets — all other segments$(7)$130 $123 
Total interest-earning assets$159 $514 $673 
   
Interest-bearing liabilities:Interest expense
Bank segment:
Bank deposits:
Money market and savings accounts$1 $130 $131 
Interest-bearing demand deposits60 1 61 
Certificates of deposit8 5 13 
Total bank deposits69 136 205 
FHLB advances and all other interest-bearing liabilities4 1 5 
Interest-bearing liabilities — Bank segment$73 $137 $210 
All other segments:
Trading liabilities — debt securities$4 $2 $6 
Brokerage client payables3 20 23 
All other interest-bearing liabilities4 3 7 
Interest-bearing liabilities — all other segments$11 $25 $36 
Total interest-bearing liabilities$84 $162 $246 
Change in firmwide net interest income$75 $352 $427 
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Six months ended March 31, 2023 compared with the six months ended March 31, 2022
 Six months ended March 31,
 20232022
$ in millionsAverage
daily
balance		InterestAnnualized
average
rate		Average
daily
balance		InterestAnnualized
average
rate
Interest-earning assets:
Bank segment:
Cash and cash equivalents$2,705$584.24 %$1,876$20.19 %
Available-for-sale securities10,9611071.95 %8,688471.09 %
Loans held for sale and investment: (1) (2)
Loans held for investment:
SBL14,768 466 6.27 %6,519 74 2.26 %
C&I loans11,206 357 6.31 %8,681 109 2.49 %
CRE loans6,879 233 6.75 %3,044 40 2.61 %
REIT loans1,649 55 6.64 %1,227 16 2.51 %
Residential mortgage loans7,801 119 3.06 %5,609 75 2.68 %
Tax-exempt loans (3)
1,623 20 3.11 %1,293 17 3.19 %
Loans held for sale179 6 6.27 %254 4 2.94 %
Total loans held for sale and investment44,105 1,256 5.68 %26,627 335 2.53 %
All other interest-earning assets148 4 5.55 %141 2 2.21 %
Interest-earning assets — Bank segment$57,919 $1,425 4.91 %$37,332 $386 2.07 %
All other segments:
Cash and cash equivalents$3,401 $72 4.25 %$4,078 $4 0.19 %
Assets segregated for regulatory purposes and restricted cash5,554 105 3.81 %15,844 11 0.14 %
Trading assets — debt securities1,069 27 5.08 %516 9 3.35 %
Brokerage client receivables2,301 82 7.16 %2,521 42 3.32 %
All other interest-earning assets1,909 31 2.79 %1,622 15 1.92 %
Interest-earning assets — all other segments$14,234 $317 4.42 %$24,581 $81 0.66 %
Total interest-earning assets$72,153 $1,742 4.81 %$61,913 $467 1.51 %
Interest-bearing liabilities:
Bank segment:
Bank deposits:
Money market and savings accounts$44,864 $253 1.13 %$32,542 $1 0.01 %
Interest-bearing demand deposits5,382 109 4.05 %239 3 2.78 %
Certificates of deposit1,538 24 3.13 %789 7 1.85 %
Total bank deposits (4)
51,784 386 1.49 %33,570 11 0.06 %
FHLB advances and all other interest-bearing liabilities1,374 18 2.63 %863 9 2.19 %
Interest-bearing liabilities — Bank segment$53,158 $404 1.52 %$34,433 $20 0.12 %
All other segments:
Trading liabilities — debt securities$752 $17 4.63 %$187 $2 1.63 %
Brokerage client payables6,842 40 1.16 %17,275 1 0.01 %
Senior notes payable2,038 46 4.44 %2,037 46 4.44 %
All other interest-bearing liabilities (4)
133 18 2.45 %194 6 6.28 %
Interest-bearing liabilities — all other segments$9,765 $121 2.13 %$19,693 $55 0.55 %
Total interest-bearing liabilities$62,923 $525 1.61 %$54,126 $75 0.28 %
Firmwide net interest income$1,217 $392 
Net interest margin (net yield on interest-earning assets)
Bank segment3.51 %1.97 %
Firmwide3.38 %1.27 %

(1) Loans are presented net of unamortized discounts, unearned income, and deferred loan fees and costs.
(2) Nonaccrual loans are included in the average loan balances. Any payments received for corporate nonaccrual loans are applied entirely to principal. Interest income on residential mortgage nonaccrual loans is recognized on a cash basis.
(3) The yield on tax-exempt loans in the preceding table is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each of the years presented.
(4) The average balance, interest expense, and average rate for “Total bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments”.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect of changes in volume is determined by multiplying the change in volume by the previous period’s average yield/cost. Similarly, the effect of rate changes is calculated by multiplying the change in average yield/cost by the previous period’s volume. Changes attributable to both volume and rate have been allocated proportionately.
Six months ended March 31,
2023 compared to 2022
 Increase/(decrease) due to
$ in millionsVolumeRateTotal
Interest-earning assets:Interest income
Bank segment:
Cash and cash equivalents$2 $54 $56 
Available-for-sale securities15 45 60 
Loans held for sale and investment:
Loans held for investment:
SBL163 229 392 
C&I loans40 208 248 
CRE loans85 108 193 
REIT loans7 32 39 
Residential mortgage loans33 11 44 
Tax-exempt loans4 (1)3 
Loans held for sale(3)5 2 
Total loans held for sale and investment329 592 921 
All other interest-earning assets— 2 2 
Interest-earning assets — Bank segment$346 $693 $1,039 
All other segments:
Cash and cash equivalents$(2)$70 $68 
Assets segregated for regulatory purposes and restricted cash(26)120 94 
Trading assets — debt securities12 6 18 
Brokerage client receivables(11)51 40 
All other interest-earning assets5 11 16 
Interest-earning assets — all other segments$(22)$258 $236 
Total interest-earning assets$324 $951 $1,275 
Interest-bearing liabilities:Interest expense
Bank segment:
Bank deposits:
Money market and savings accounts$1 $251 $252 
Interest-bearing demand deposits104 2 106 
Certificates of deposit10 7 17 
Total bank deposits115 260 375 
FHLB advances and all other interest-bearing liabilities7 2 9 
Interest-bearing liabilities — Bank segment$122 $262 $384 
All other segments:
Trading liabilities — debt securities$9 $6 $15 
Brokerage client payables(2)41 39 
All other interest-bearing liabilities4 8 12 
Interest-bearing liabilities — all other segments$11 $55 $66 
Total interest-bearing liabilities$133 $317 $450 
Change in firmwide net interest income$191 $634 $825 
62
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
RESULTS OF OPERATIONS – PRIVATE CLIENT GROUP

For an overview of our PCG segment operations, as well as a description of the key factors impacting our PCG results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2022 Form 10-K.

Operating results
 Three months ended March 31,Six months ended March 31,
$ in millions20232022% change20232022% change
Revenues:   
Asset management and related administrative fees
$1,102 $1,245 (11)%$2,155 $2,407 (10)%
Brokerage revenues:
Mutual and other fund products
135 166 (19)%263 337 (22)%
Insurance and annuity products
113 110 3 %217 221 (2)%
Equities, ETFs and fixed income products
116 121 (4)%229 236 (3)%
Total brokerage revenues364 397 (8)%709 794 (11)%
Account and service fees:
Mutual fund and annuity service fees
105 109 (4)%203 223 (9)%
RJBDP fees:
Bank segment311 49 535 %579 99 485 %
Third-party banks100 20 400 %237 37 541 %
Client account and other fees
56 53 6 %116 102 14 %
Total account and service fees572 231 148 %1,135 461 146 %
Investment banking
9 9 — %18 22 (18)%
Interest income
117 37 216 %226 70 223 %
All other
9 6 50 %15 13 15 %
Total revenues2,173 1,925 13 %4,258 3,767 13 %
Interest expense
(29)(3)867 %(51)(6)750 %
Net revenues2,144 1,922 12 %4,207 3,761 12 %
Non-interest expenses:    
Financial advisor compensation and benefits
1,118 1,231 (9)%2,193 2,418 (9)%
Administrative compensation and benefits345 289 19 %687 572 20 %
Total compensation, commissions and benefits
1,463 1,520 (4)%2,880 2,990 (4)%
Non-compensation expenses:
Communications and information processing
100 84 19 %189 155 22 %
Occupancy and equipment
53 50 6 %104 96 8 %
Business development
33 25 32 %70 52 35 %
Professional fees
17 13 31 %30 22 36 %
All other
37 17 118 %59 38 55 %
Total non-compensation expenses
240 189 27 %452 363 25 %
Total non-interest expenses1,703 1,709 — %3,332 3,353 (1)%
Pre-tax income$441 $213 107 %$875 $408 114 %


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Selected key metrics

PCG client asset balances
As of
$ in billionsMarch 31,
2023		December 31,
2022		September 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021
Assets under administration (“AUA”) (1)
$1,171.1 $1,114.3 $1,039.0 $1,198.3 $1,199.8 $1,115.4 
Assets in fee-based accounts (1) (2)
$666.3 $633.1 $586.0 $678.0 $677.8 $627.1 
Percent of AUA in fee-based accounts
56.9 %56.8 %56.4 %56.6 %56.5 %56.2 %

(1)Includes assets associated with firms affiliated with us through our Registered Investment Advisor & Custody Services (“RCS”) division of $123.5 billion as of March 31, 2023, $115.6 billion as of December 31, 2022, $108.5 billion as of September 30, 2022, $99.2 billion as of March 31, 2022, $101.6 billion as of December 31, 2021, and $92.7 billion as of September 30, 2021. Of these amounts, $103.6 billion as of March 31, 2023, $96.6 billion as of December 31, 2022, $89.9 billion as of September 30, 2022, $84.0 billion as of March 31, 2022, $85.5 billion as of December 31, 2021, and $77.2 billion as of September 30, 2021 were fee-based assets. Based on the nature of the services provided to such firms, revenues related to these assets are included in “Account and service fees.”
(2)A portion of our “Assets in fee-based accounts” is invested in “managed programs” overseen by our Asset Management segment, specifically our Asset Management Services division of RJ&A (“AMS”). These assets are included in our financial assets under management as disclosed in the “Selected key metrics” section of our “Management’s Discussion and Analysis - Results of Operations - Asset Management.”

PCG net new assets
Three months ended March 31,Six months ended March 31,
$ in millions2023202220232022
Domestic Private Client Group net new assets (1)
$21,473 $24,093 $44,699 $60,194 
Domestic Private Client Group net new assets growth - annualized (2)
8.4 %8.6 %9.4 %11.4 %

(1) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees and other fees.
(2)    The Domestic Private Client Group net new asset growth - annualized percentage is based on the beginning Domestic Private Client Group AUA balance for the indicated period.

PCG AUA and PCG assets in fee-based accounts as of March 31, 2023 each increased 5% compared with December 31, 2022, and increased 13% and 14%, respectively, compared with September 30, 2022 due to equity market appreciation and strong net inflows of client assets during the period. We expect that the 5% increase in fee-based accounts compared with December 31, 2022 will positively impact our asset management and related administrative fees for our fiscal third quarter of 2023. Compared with March 31, 2022, PCG AUA declined 2%, primarily due to a net decline in equity markets since March 31, 2022, offset by the favorable impacts of our recruiting. PCG assets in fee-based accounts continued to be a significant percentage of overall PCG AUA due to many clients’ preference for fee-based alternatives versus transaction-based accounts and, as a result, a significant portion of our PCG revenues is more directly impacted by market movements.

Fee-based accounts within our PCG segment are comprised of a wide array of products and programs that we offer our clients. The majority of assets in fee-based accounts within our PCG segment are invested in programs for which our financial advisors provide investment advisory services, either on a discretionary or non-discretionary basis. Administrative services for such accounts (e.g., record-keeping) are generally performed by our Asset Management segment and, as a result, a portion of the related revenue is shared with the Asset Management segment.

We also offer our clients fee-based accounts that are invested in “managed programs” overseen by AMS, which is part of our Asset Management segment. Fee-billable assets invested in managed programs are included in both “Assets in fee-based accounts” in the preceding table and “Financial assets under management” in the Asset Management segment. Revenues related to managed programs are shared by our PCG and Asset Management segments. 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 programs for which our financial advisors provide investment advisory services, as it is performing portfolio management services in addition to administrative services.

The vast majority of the revenues we earn from fee-based accounts are recorded in “Asset management and related administrative fees” on our Condensed Consolidated Statements of Income and Comprehensive Income. Fees received from such accounts are based on the value of client assets in fee-based accounts and vary based on the specific account types in which the client invests and the level of assets in the client relationship. As fees for the majority of such accounts are billed based on balances as of the beginning of the quarter, revenues from fee-based accounts may not be immediately affected by changes in asset values, but rather the impacts are seen in the following quarter.
64
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Financial advisors
March 31,
2023		December 31,
2022		September 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021
Employees3,628 3,631 3,638 3,601 3,447 3,461 
Independent contractors (1)
5,098 5,068 5,043 5,129 5,017 5,021 
Total advisors8,726 8,699 8,681 8,730 8,464 8,482 

(1) Includes the impact of the transfer of one firm with 166 financial advisors previously affiliated as independent contractors to our RCS division during our fiscal third quarter of 2022.

The number of financial advisors as of March 31, 2023 increased compared with December 31, 2022 and September 30, 2022, as the impacts of new recruits and trainees that were moved into production roles were partially offset by financial advisors who left the firm, including planned retirements where assets are generally retained at the firm pursuant to advisor succession plans. The recruiting pipeline remains solid across our affiliation options; however, the timing of financial advisors joining the firm may be impacted by market uncertainty. We expect to continue to experience transfers to our RCS division in fiscal 2023; however, consistent with our experience in fiscal 2022, we do not expect these financial advisor transfers to significantly impact our results of operations. Advisors in our RCS division are not included in our financial advisor metric although their client assets are included in PCG AUA.

Clients’ domestic cash sweep balances and Enhanced Savings Program balances
As of
$ in millionsMarch 31,
2023		December 31,
2022		September 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021
RJBDP:
Bank segment$37,682 $39,098 $38,705 $33,570 $33,097 $31,410 
Third-party banks9,408 18,231 21,964 25,887 24,316 24,496 
Subtotal RJBDP47,090 57,329 60,669 59,457 57,413 55,906 
Client Interest Program (“CIP”)2,385 3,053 6,445 17,013 16,065 10,762 
Total clients’ domestic cash sweep balances
49,475 60,382 67,114 76,470 73,478 66,668 
Enhanced Savings Program (1)
2,746 — — — — — 
Total clients’ domestic cash sweep and Enhanced Savings Program balances$52,221 $60,382 $67,114 $76,470 $73,478 $66,668 

(1) In March 2023, we launched our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. These balances are reflected in Bank deposits on our Condensed Consolidated Statements of Financial Condition.

 Three months ended March 31,Six months ended March 31,
2023202220232022
Average yield on RJBDP - third-party banks
3.25 %0.32 %2.93 %0.30 %

A significant portion of our domestic clients’ cash is included in the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at either Raymond James Bank or TriState Capital Bank, which are included in our Bank segment, or various third-party banks. Our PCG segment earns servicing fees for the administrative services we provide related to our clients’ deposits that are swept to such banks as part of the RJBDP. These servicing fees are variable in nature and fluctuate based on client cash balances in the program, as well as the level of short-term interest rates and the interest paid to clients on balances in the RJBDP. Under our intersegment policies, the PCG segment receives 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. In the current market environment the PCG segment revenues will reflect RJBDP fee revenues derived from the yield from third-party banks in the program and the Bank segment RJBDP servicing costs reflect such market rate for the deposits. The fees that the PCG segment earns from the Bank segment, as well as the servicing costs incurred on the deposits in the Bank segment, are eliminated in consolidation.

The “Average yield on RJBDP - third-party banks” in the preceding table is computed by dividing annualized RJBDP fees from third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balance at third-party banks. The average yield on RJBDP - third-party banks increased from the prior-year quarter as a result of the significant increases in the Fed’s short-term benchmark interest rate, which began in March 2022. We expect a decline in our RJBDP fees in our fiscal third quarter of 2023 due to lower average balances in the program.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Total client domestic cash sweep and Enhanced Savings Program balances declined 14% compared with December 31, 2022 and 22% compared with September 30, 2022, as a result of continued cash sorting activity given the higher short-term interest rate environment, partially offset by the launch of the Enhanced Savings Program in March 2023, which resulted in $2.75 billion of client cash balances as of March 31, 2023. PCG segment results can be impacted by not only changes in the level of client cash balances, but also by the allocation of client cash balances between RJBDP, CIP, and the Enhanced Savings Program, as the PCG segment may earn different amounts from each of these client cash destinations, depending on multiple factors.

Quarter ended March 31, 2023 compared with the quarter ended March 31, 2022

Net revenues of $2.14 billion increased 12% and pre-tax income of $441 million increased 107%.

Asset management and related administrative fees decreased $143 million, or 11%, primarily due to lower assets in fee-based accounts at the beginning of the current quarter compared with the prior-year quarter due to declines in the equity market.

Brokerage revenues decreased $33 million, or 8%, primarily due to lower trailing revenues from mutual fund and annuity products primarily resulting from market-driven declines in asset values for products for which we receive trails.

Account and service fees increased $341 million, or 148%, primarily due to higher RJBDP fees from both our Bank segment and third-party banks resulting from significantly higher short-term interest rates compared with the prior-year quarter.

Net interest income increased $54 million, or 159%, due to the increase in short-term interest rates applicable to our cash, segregated cash, and client margin account balances.

Compensation-related expenses decreased $57 million, or 4%, primarily due to lower commission expense resulting from lower compensable revenues, including asset management and related administrative fees and brokerage revenues, partially offset by an increase in compensation costs to support our growth, annual salary increases, and, to a lesser extent, incremental expenses arising from our January 2022 acquisition of Charles Stanley.

Non-compensation expenses increased $51 million, or 27%, driven by higher legal and regulatory costs, including the impact of an unfavorable arbitration award during the current quarter, as well as higher communications and information processing expenses primarily due to ongoing enhancements of our technology platforms, an increase in travel and event-related expenses compared with the relatively low levels in the prior-year quarter, and incremental expenses resulting from our acquisition of Charles Stanley.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Six months ended March 31, 2023 compared with the six months ended March 31, 2022

Net revenues of $4.21 billion increased 12% and pre-tax income of $875 million increased 114%.

Asset management and related administrative fees decreased $252 million, or 10%, primarily due to lower assets in fee-based accounts at the beginning of each of the current-year quarterly billing periods compared with the prior-year quarterly billing periods, partially offset by incremental revenues arising from the acquisition of Charles Stanley.

Brokerage revenues decreased $85 million, or 11%, primarily due to lower trailing revenues from mutual fund and annuity products primarily resulting from market-driven declines in asset values for products for which we receive trails.

Account and service fees increased $674 million, or 146%, primarily due to an increase in RJBDP fees from both our Bank segment and third-party banks resulting from significantly higher short-term interest rates compared with the prior-year period, partially offset by lower client cash balances in the RJBDP. Mutual fund service fees decreased primarily due to market-driven declines in mutual fund assets.

Net interest income increased $111 million, or 173%, primarily due to the significant increase in short-term interest rates applicable to our cash, segregated cash, and client margin account balances.

Compensation-related expenses decreased $110 million, or 4%, primarily due to lower commission expense resulting from lower compensable revenues, including asset management and related administrative fees and brokerage revenues, partially offset by an increase in compensation costs to support our growth, annual salary increases, and incremental expenses resulting from our acquisition of Charles Stanley.

Non-compensation expenses increased $89 million, or 25%, due to incremental expenses resulting from our acquisition of Charles Stanley, higher communications and information processing expenses primarily due to ongoing enhancements of our technology platforms, increases in travel and event-related expenses compared with the low levels incurred in the prior-year period, and the aforementioned increases in legal and regulatory costs.


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

RESULTS OF OPERATIONS – CAPITAL MARKETS

For an overview of our Capital Markets segment operations, as well as a description of the key factors impacting our Capital Markets results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2022 Form 10-K.

Operating results
 Three months ended March 31,Six months ended March 31,
$ in millions20232022% change20232022% change
Revenues:  
Brokerage revenues:
  
Fixed income$96 $125 (23)%$196 $245 (20)%
Equity34 41 (17)%68 80 (15)%
Total brokerage revenues
130 166 (22)%264 325 (19)%
Investment banking:
Merger & acquisition and advisory
87 139 (37)%189 410 (54)%
Equity underwriting
29 52 (44)%44 149 (70)%
Debt underwriting
29 35 (17)%45 79 (43)%
Total investment banking145 226 (36)%278 638 (56)%
Interest income
21 5 320 %44 10 340 %
Affordable housing investments business revenues23 15 53 %47 50 (6)%
All other
3 4 (25)%7 9 (22)%
Total revenues322 416 (23)%640 1,032 (38)%
Interest expense
(20)(3)567 %(43)(5)760 %
Net revenues302 413 (27)%597 1,027 (42)%
Non-interest expenses:
  
Compensation, commissions and benefits
231 253 (9)%444 584 (24)%
Non-compensation expenses:
Communications and information processing
26 22 18 %50 44 14 %
Occupancy and equipment
11 10 10 %21 19 11 %
Business development
17 9 89 %32 17 88 %
Professional fees
14 7 100 %27 21 29 %
All other
37 25 48 %73 54 35 %
Total non-compensation expenses
105 73 44 %203 155 31 %
Total non-interest expenses336 326 3 %647 739 (12)%
Pre-tax income/(loss)$(34)$87 NM$(50)$288 NM

Quarter ended March 31, 2023 compared with the quarter ended March 31, 2022

Net revenues of $302 million decreased 27% and the pre-tax loss was $34 million compared with pre-tax income of $87 million for the prior-year quarter.

Investment banking revenues decreased $81 million, or 36%, as activity levels in the current quarter were negatively impacted by heightened market volatility and macroeconomic uncertainties which continue to dampen capital markets activity across the industry. Our investment banking pipeline remains healthy and, in part, reflects the investments we have made over the past several years; however, continued market uncertainty could delay, or ultimately prevent, the closing of transactions, which could negatively impact our results.

Brokerage revenues decreased $36 million, or 22%, primarily due to a decrease in fixed income brokerage revenues resulting from decreased activity from depository institution clients due to challenging market conditions, partially offset by incremental revenues from SumRidge Partners, which was acquired on July 1, 2022. We expect our fixed income brokerage revenues to continue to be negatively impacted by the challenging market conditions which have resulted in a decline in cash balances at many of our depository institution clients, decreasing their immediate demand for our products and services.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Compensation-related expenses decreased $22 million, or 9%, due to lower revenues, partially offset by incremental compensation expenses arising from our acquisition of SumRidge Partners, higher salaries, in part due to inflationary and market compensation pressures, and higher share-based compensation amortization resulting from production-related awards granted in prior periods which are amortized over the vesting period.

Non-compensation expenses increased $32 million, or 44%, primarily attributable to incremental expenses associated with SumRidge Partners, an increase in travel and event-related expenses from the relatively low prior-year levels, and higher professional fees.

Six months ended March 31, 2023 compared with the six months ended March 31, 2022

Net revenues of $597 million decreased 42% and the pre-tax loss was $50 million compared with pre-tax income of $288 million for the prior-year period.

Investment banking revenues decreased $360 million, or 56%, compared with a strong prior-year period, as activity levels were negatively impacted in the current-year period by very different market conditions compared with the prior-year period, resulting from the aforementioned macroeconomic uncertainties impacting the industry.

Brokerage revenues decreased $61 million, or 19%, primarily due to a decrease in fixed income brokerage revenues as a result of the aforementioned challenging market conditions, partially offset by incremental revenues from SumRidge Partners.

Compensation-related expenses decreased $140 million, or 24%, primarily due to the decrease in revenues, partially offset by incremental expenses associated with SumRidge Partners, higher salaries, in part due to inflationary and market compensation pressures, and higher share-based compensation amortization resulting from production-related awards granted in prior periods which are amortized over the vesting period.

Non-compensation expenses increased $48 million, or 31%, primarily due to incremental expenses associated with SumRidge Partners, increased travel and event-related expenses and higher professional fees compared with the prior-year period.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

RESULTS OF OPERATIONS – ASSET MANAGEMENT

For an overview of our Asset Management segment operations as well as a description of the key factors impacting our Asset Management results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2022 Form 10-K.

Operating results
 Three months ended March 31,Six months ended March 31,
$ in millions20232022% change20232022% change
Revenues:  
Asset management and related administrative fees:
Managed programs
$140 $149 (6)%$274 $300 (9)%
Administration and other66 77 (14)%129 153 (16)%
Total asset management and related administrative fees206 226 (9)%403 453 (11)%
Account and service fees
6 6 — %11 12 (8)%
All other4 2 100 %9 5 80 %
Net revenues216 234 (8)%423 470 (10)%
Non-interest expenses:    
Compensation, commissions and benefits
52 47 11 %99 93 6 %
Non-compensation expenses:
Communications and information processing
14 14 — %28 26 8 %
Investment sub-advisory fees
34 39 (13)%68 76 (11)%
All other
34 31 10 %66 65 2 %
Total non-compensation expenses82 84 (2)%162 167 (3)%
Total non-interest expenses134 131 2 %261 260 — %
Pre-tax income$82 $103 (20)%$162 $210 (23)%

Selected key metrics

Managed programs

Management fees recorded in our Asset Management segment are generally calculated as a percentage of the value of our fee-billable financial assets under management (“AUM”). These AUM include the portion of fee-based AUA in our PCG segment that is invested in programs overseen by our Asset Management segment (included in the “AMS” line of the following table), as well as retail accounts managed on behalf of third-party institutions, institutional accounts and mutual funds that we manage (collectively included in the “Raymond James Investment Management” line of the following table).

Revenues related to fee-based AUA in our PCG segment are shared by the PCG and Asset Management segments, the amount of which depends on whether or not clients are invested in assets that are in managed programs overseen by our Asset Management segment and the administrative services provided (see our “Management’s Discussion and Analysis - Results of Operations - Private Client Group” for more information). Our AUM in AMS are impacted by market fluctuations and net inflows or outflows of assets, including transfers between fee-based accounts and transaction-based accounts within our PCG segment.

Revenues earned by Raymond James Investment Management for retail accounts managed on behalf of third-party institutions, institutional accounts and our mutual funds are recorded entirely in the Asset Management segment. Our AUM in Raymond James Investment Management are impacted by market and investment performance and net inflows or outflows of assets.

Fees for our managed programs are generally collected quarterly. Approximately 65% of these fees are based on balances as of the beginning of the quarter (primarily in AMS), approximately 15% are based on balances as of the end of the quarter, and approximately 20% are based on average daily balances throughout the quarter.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Financial assets under management
$ in billionsMarch 31,
2023		December 31,
2022		September 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021
AMS (1)
$136.5 $129.5 $119.8 $140.1 $145.0 $134.4 
Raymond James Investment Management69.4 67.4 64.2 64.0 68.9 67.8 
Subtotal financial assets under management205.9 196.9 184.0 204.1 213.9 202.2 
Less: Assets managed for affiliated entities(11.5)(10.9)(10.2)(10.4)(10.7)(10.3)
Total financial assets under management$194.4 $186.0 $173.8 $193.7 $203.2 $191.9 

(1)Represents the portion of our PCG segment fee-based AUA (as disclosed in “Assets in fee-based accounts” in the “Selected key metrics - PCG client asset balances” section of our “Management’s Discussion and Analysis - Results of Operations - Private Client Group”) that is invested in managed programs overseen by the Asset Management segment.

Activity (including activity in assets managed for affiliated entities)
Three months ended March 31,Six months ended March 31,
$ in billions2023202220232022
Financial assets under management at beginning of period$196.9 $213.9 $184.0 $202.2 
Raymond James Investment Management - net inflows/(outflows)1.1 (0.8)1.7 (1.2)
AMS - net inflows1.7 3.5 2.7 7.0 
Net market appreciation/(depreciation) in asset values6.2 (12.5)17.5 (3.9)
Financial assets under management at end of period$205.9 $204.1 $205.9 $204.1 
AMS

See “Management’s Discussion and Analysis - Results of Operations - Private Client Group” for further information about our retail client assets, including those fee-based assets invested in programs managed by AMS.

Raymond James Investment Management

Assets managed by Raymond James Investment Management include assets managed by our subsidiaries: Eagle Asset Management, Scout Investments, Reams Asset Management (a division of Scout Investments), ClariVest Asset Management, Cougar Global Investments, and Chartwell Investment Partners (“Chartwell”), which was acquired on June 1, 2022 in connection with our acquisition of TriState Capital. The following table presents Raymond James Investment Management’s AUM by objective, excluding assets for which it does not exercise discretion, as well as the approximate average client fee rate earned on such assets.
As of March 31, 2023
$ in billionsAUMAverage fee rate
Equity$24.6 0.56 %
Fixed income36.7 0.20 %
Balanced8.1 0.33 %
Total financial assets under management$69.4 0.34 %

Non-discretionary asset-based programs

The following table includes assets held in certain non-discretionary asset-based programs for which the Asset Management segment does not exercise discretion but provides administrative support (including for affiliated entities). The vast majority of these assets are also included in our PCG segment fee-based AUA (as disclosed in “Assets in fee-based accounts” in the “Selected key metrics - PCG client asset balances” section of our “Management’s Discussion and Analysis - Results of Operations - Private Client Group”). Administrative fees associated with these programs are predominantly based on balances at the beginning of the quarter.
$ in billionsMarch 31,
2023		December 31,
2022		September 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021
Total assets$378.7 $355.6 $329.2 $379.7 $392.4 $365.3 

The increase in assets as of March 31, 2023 compared with December 31, 2022 and September 30, 2022 was largely due to equity market appreciation and continued growth in the PCG segment. The slight decrease in assets compared to March 31, 2022 was due to declines in the equity market since such time, offset by continued growth in the PCG segment and the favorable impact of our June 1, 2022 acquisition of Chartwell.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Raymond James Trust

The following table includes assets held in asset-based programs in Raymond James Trust, N.A. (including those managed for affiliated entities).
$ in billionsMarch 31,
2023		December 31,
2022		September 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021
Total assets$8.2 $7.8 $7.3 $8.4 $8.8 $8.1 

Quarter ended March 31, 2023 compared with the quarter ended March 31, 2022

Net revenues of $216 million decreased 8% and pre-tax income of $82 million decreased 20%.

Asset management and related administrative fees decreased $20 million, or 9%, driven by a lower beginning balance of assets in non-discretionary asset-based programs and financial assets under management at AMS, as well as lower average financial assets under management at Raymond James Investment Management (excluding Chartwell), in each case primarily due to market-driven depreciation in asset values. These declines were partially offset by incremental revenues arising from the acquisition of Chartwell. We expect the increase in financial assets under management and assets in non-discretionary asset-based programs as of March 31, 2023 compared with December 31, 2022, which occurred due to equity market appreciation and net inflows during the quarter, to positively affect our fiscal third quarter of 2023, as the majority of our asset management and related administrative fees are billed based on balances as of the beginning of the quarter.

Compensation expenses increased $5 million, or 11%, primarily due to the acquisition of Chartwell. Non-compensation expenses decreased $2 million, or 2%, primarily due to lower investment sub-advisory fees resulting from the decrease in the beginning balance of assets under management in sub-advised programs, partially offset by incremental expenses resulting from the Chartwell acquisition.

Six months ended March 31, 2023 compared with the six months ended March 31, 2022

Net revenues of $423 million decreased 10% and pre-tax income of $162 million decreased 23%.

Asset management and related administrative fees decreased $50 million, or 11%, driven by lower assets in non-discretionary asset-based programs and financial assets under management at AMS at the beginning of each of the current-year quarterly billing periods compared with the prior-year quarterly billing periods, as well as lower average financial assets under management at Raymond James Investment Management (excluding Chartwell), in each case primarily due to market-driven depreciation in asset values. These declines were partially offset by incremental revenues arising from the acquisition of Chartwell.

Compensation expenses increased $6 million, or 6%, primarily due to the acquisition of Chartwell. Non-compensation expenses decreased $5 million, or 3% due to lower investment sub-advisory fees, resulting from the decrease in assets under management in sub-advised programs, partially offset by incremental expenses resulting from the Chartwell acquisition.


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

RESULTS OF OPERATIONS – BANK

For an overview of our Bank segment operations, as well as a description of the key factors impacting our Bank segment results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2022 Form 10-K. Our Bank segment results include the results of TriState Capital Bank since the acquisition date of June 1, 2022.

Operating results
Three months ended March 31,Six months ended March 31,
$ in millions20232022% change20232022% change
Revenues:  
Interest income$749 $199 276 %$1,425 $386 269 %
Interest expense(219)(10)2,090 %(404)(20)1,920 %
Net interest income530 189 180 %1,021 366 179 %
All other10 8 25 %27 14 93 %
Net revenues540 197 174 %1,048 380 176 %
Non-interest expenses:    
Compensation and benefits
48 14 243 %88 27 226 %
Non-compensation expenses:
Bank loan provision for credit losses28 21 33 %42 10 320 %
RJBDP fees to PCG
311 49 535 %579 99 485 %
All other
62 30 107 %112 59 90 %
Total non-compensation expenses401 100 301 %733 168 336 %
Total non-interest expenses449 114 294 %821 195 321 %
Pre-tax income$91 $83 10 %$227 $185 23 %

Quarter ended March 31, 2023 compared with the quarter ended March 31, 2022

Net revenues of $540 million increased 174% and pre-tax income of $91 million increased 10%.

Net interest income increased $341 million, or 180%, primarily due to the significant increase in short-term interest rates and higher average interest-earning assets at Raymond James Bank, as well as incremental net interest income from the June 1, 2022 acquisition of TriState Capital Bank. The increase in average interest-earning assets at Raymond James Bank was primarily driven by growth in the bank loan portfolio and, to a lesser extent, higher average cash balances and available-for-sale securities. The net interest margin increased to 3.63% from 2.01% for the prior-year quarter. We anticipate that the Bank segment net interest income and net interest margin will decline during our fiscal third quarter of 2023 due to the higher level of cash balances held by the Bank segment as a result of recent market volatility, as well as the impact from higher-cost diversified funding sources, including the Enhanced Savings Program launched to PCG clients in March 2023.

The bank loan provision for credit losses was $28 million for the current quarter, compared with $21 million for the prior-year quarter. The current quarter provision primarily reflected the impacts of charge-offs of certain loans during the quarter, loan downgrades in the CRE and C&I loan portfolios, and additional volatility in the macroeconomic outlook. The prior-year quarter provision for credit losses was primarily due to loan growth.

Compensation expenses increased $34 million, or 243%, primarily due to incremental expenses of TriState Capital Bank.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Non-compensation expenses, excluding the bank loan provision for credit losses, increased $294 million, or 372%, primarily due to an increase in RJBDP fees paid to PCG and incremental expenses of TriState Capital Bank. RJBDP fees to PCG increased $262 million, or 535%, due to an increase in the market-based servicing fee incurred by the Bank segment for the administrative services provided by the PCG segment for such deposit balances, as well as an increase in client cash balances swept to our Bank segment as part of the RJBDP. As described in “Management’s Discussion and Analysis - Results of Operations - Private Client Group”, our Bank segment incurs servicing fee expense, reflected as revenues in our PCG segment, for the administrative services provided related to our clients’ deposits that are swept to our Bank segment as part of the RJBDP. These servicing fees are variable in nature and fluctuate based on client cash balances in the program, as well as the level of short-term interest rates and the interest paid to clients on balances in the RJBDP. As the yield from third-party banks in the RJBDP program continues to rise, the rate the Bank segment incurs on RJBDP deposits will also increase as it reflects a market rate for such deposits. These Bank segment fees and the revenues earned by the PCG segment are eliminated in consolidation.

Six months ended March 31, 2023 compared with the six months ended March 31, 2022

Net revenues of $1.05 billion increased 176%, while pre-tax income of $227 million increased 23%.

Net interest income increased $655 million, or 179%, due to the significant increase in short-term interest rates and higher average interest-earning assets at Raymond James Bank, as well as incremental net interest income from the acquisition of TriState Capital Bank. The increase in average interest-earning assets at Raymond James Bank was primarily driven by higher average bank loans and an increase in average available-for-sale securities. The net interest margin increased to 3.51% from 1.97% for the prior-year period.

The bank loan provision for credit losses was $42 million for the current-year period, compared with $10 million for the prior-year period. The current year provision for credit losses primarily reflected a weaker macroeconomic outlook, net charge-offs, and the impact of loan growth during the period. The prior-year period provision primarily reflected the impact of loan growth.

Non-compensation expenses, excluding the bank loan provision for credit losses, increased $533 million, or 337%, primarily due to an increase in RJBDP fees paid to PCG and incremental expenses associated with TriState Capital Bank. RJBDP fees to PCG increased $480 million, or 485%, due to a significant increase in short-term interest rates as well as an increase in client cash swept to our Bank segment as part of the RJBDP. These Bank segment fees and the revenues earned by the PCG segment are eliminated in consolidation.


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

RESULTS OF OPERATIONS – OTHER

This segment includes our private equity investments, interest income on certain corporate cash balances, certain costs incurred in acquisition activities, and certain corporate overhead costs of RJF that are not allocated to other segments, including the interest costs on our public debt. For an overview of our Other segment operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2022 Form 10-K.

Operating results
Three months ended March 31,Six months ended March 31,
$ in millions20232022% change20232022% change
Revenues:
Interest income$36 $3 1,100 %$66 $4 1,550 %
Net gains/(losses) on private equity investments1 (2)NM3 3 — %
All other— 5 (100)%1 7 (86)%
Total revenues37 6 517 %70 14 400 %
Interest expense(27)(24)13 %(51)(47)9 %
Net revenues10 (18)NM19 (33)NM
Non-interest expenses:
Compensation and other33 35 (6)%56 67 (16)%
Insurance settlement received— — — %(32)— NM
Total non-interest expenses33 35 (6)%24 67 (64)%
Pre-tax income/(loss)$(23)$(53)57 %$(5)$(100)95 %

Quarter ended March 31, 2023 compared with the quarter ended March 31, 2022

Pre-tax loss was $23 million compared with a pre-tax loss of $53 million for the prior-year quarter.

Net revenues increased $28 million primarily due to an increase in interest income earned as a result of higher short-term interest rates applicable to our corporate cash balances.

Non-interest expenses decreased $2 million, primarily due to a decrease in acquisition-related expenses, partially offset by an increase in compensation expenses.

Six months ended March 31, 2023 compared with the six months ended March 31, 2022

The pre-tax loss was $5 million compared with a pre-tax loss of $100 million in the prior-year period.

Net revenues increased $52 million, primarily due to an increase in interest income earned as a result of higher short-term interest rates applicable to our corporate cash balances, partially offset by an increase in interest expense due to the subordinated notes assumed as part of our acquisition of TriState Capital in June 2022.

Non-interest expenses decreased $43 million, or 64%, primarily due to a $32 million insurance settlement received during the current-year period related to a previously settled litigation matter, which was reflected as an offset to Other expenses, as well as a decrease in acquisition-related expenses. These decreases were partially offset by an increase in compensation expenses.


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

STATEMENT OF FINANCIAL CONDITION ANALYSIS

The assets on our Condensed Consolidated Statements of Financial Condition consisted primarily of cash and cash equivalents, assets segregated for regulatory purposes and restricted cash (primarily segregated for the benefit of clients), receivables including bank loans, financial instruments held either for trading purposes or as investments, goodwill and identifiable intangible assets, and other assets.  A significant portion of our assets were liquid in nature, providing us with flexibility in financing our business.

Total assets of $79.18 billion as of March 31, 2023 were $1.77 billion, or 2%, less than our total assets as of September 30, 2022. Assets segregated for regulatory purposes and restricted cash decreased $3.78 billion, primarily due to a decrease in client cash sweep balances, which resulted in a decline in client cash held in our CIP and a corresponding decline in segregated assets. Brokerage client receivables, collateralized agreements, and trading assets also decreased $359 million, $325 million, and $277 million, respectively, compared with September 30, 2022. Partially offsetting these decreases was a $2.49 billion increase in cash and cash equivalents, driven by an increase in bank deposits, as well as an increase in bank loans, net of $444 million, primarily related to increases in corporate and residential mortgage loans, partially offset by a decline in securities-based loans.

As of March 31, 2023, our total liabilities of $69.21 billion were $2.31 billion, or 3%, less than our total liabilities as of September 30, 2022. Brokerage client payables decreased $4.60 billion related to the aforementioned decrease in CIP balances as of March 31, 2023. Accrued compensation, commissions, and benefits decreased $326 million primarily due to the payment of prior-year bonuses. These decreases were partially offset by an increase in bank deposits of $2.87 billion, primarily due to the launch of the Enhanced Savings Program to PCG clients in March 2023, which raised $2.75 billion of deposits during the period ended March 31, 2023, and an increase in other borrowings of $359 million as a result of a net increase in FHLB borrowings in the Bank segment during our fiscal second quarter of 2023.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity and capital are essential to our business. The primary goal of our liquidity management activities is to ensure adequate funding and liquidity to conduct our business over a range of economic and market environments, including times of broader industry or market liquidity stress events. In times of market stress or uncertainty, we generally maintain higher levels of capital and liquidity to ensure we have adequate funding to support our business. We seek to manage capital levels to support execution of our business strategy, provide financial strength to our subsidiaries, and maintain sustained access to the capital markets, while at the same time meeting our regulatory capital requirements and conservative internal management targets.

Liquidity and capital resources are provided primarily through our business operations and financing activities.  Financing activities could include bank borrowings, collateralized financing arrangements or additional capital raising activities under our “universal” shelf registration statement. We believe our existing assets, most of which are liquid in nature, together with funds generated from operations and available from committed and uncommitted financing facilities, provide adequate funds for continuing operations at current levels of activity in the short-term. We also believe that we will be able to continue to meet our long-term cash requirements due to our strong financial position and ability to access capital from financial markets.

Liquidity and capital management

Senior management establishes our liquidity and capital management frameworks. Our liquidity and capital management frameworks are overseen by the RJF Asset and Liability Committee, a senior management committee that develops and executes strategies and policies to manage our liquidity risk and interest rate risk, as well as provides oversight over the firm’s investments. Our liquidity management framework is designed to ensure we have a sufficient amount of financing, even when funding markets experience stress. We manage the maturities and diversity of our funding across products and seek to maintain a diversified funding profile with an appropriate tenor, taking into consideration the characteristics and liquidity profile of our assets. The liquidity management framework includes senior management’s review of short- and long-term cash flow forecasts, review of capital expenditures, monitoring of the availability of alternative sources of financing, and daily monitoring of liquidity in our significant subsidiaries. Our decisions on the allocation of resources to our business units consider, among other factors, projected profitability, cash flow, risk, and future liquidity needs. Our treasury department assists in evaluating, monitoring and controlling the impact that our business activities have on our financial condition and liquidity, and also maintains our relationships with various lenders. The objective of our liquidity management framework is to support the successful execution of our business strategies while ensuring ongoing and sufficient liquidity.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Our capital planning and capital risk management processes are governed by the Capital Planning Committee (“CPC”), a senior management committee that provides oversight on our capital planning and ensures that our strategic planning and risk management processes are integrated into the capital planning process. The CPC meets at least quarterly to review key metrics related to the firm’s capital, such as debt structure and capital ratios; to analyze potential and emerging risks to capital; to oversee our annual firmwide capital stress test; and to propose capital actions to the Board of Directors, such as declaring dividends, repurchasing securities, and raising capital. To ensure that we have sufficient capital to absorb unanticipated losses, the firm adheres to capital risk appetite statements and tolerances set in excess of regulatory minimums, which are established by the CPC and approved by the Board of Directors. We conduct enterprise-wide capital stress testing to ensure that we maintain adequate capital to adhere to our established tolerances under multiple scenarios, including a stressed scenario.

Capital structure

Common equity (i.e., common stock, additional paid-in capital, and retained earnings) is the primary component of our capital structure. Common equity allows for the absorption of losses on an ongoing basis and for the conservation of resources during stress periods, as it provides us with discretion on the amount and timing of dividends and other capital actions. Information about our common equity is included in the Condensed Consolidated Statements of Financial Condition, the Condensed Consolidated Statements of Changes in Shareholders’ Equity, and Note 17 of this Form 10-Q.

Under regulatory capital rules applicable to us as a bank holding company, we 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, CET1, and total capital to risk-weighted assets. These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. See Note 21 for further information about our regulatory capital and related capital ratios.

We have classified all of our investments in debt securities as available-for-sale and have not classified any of our investments in debt securities as held-to-maturity. Accordingly, we account for our available-for-sale securities at fair value at each reporting date, with unrealized gains and losses, net of tax, included in AOCI. Current Basel III rules permit us to make an election to exclude most components of AOCI when calculating CET1, tier 1 capital, and total capital. We have elected the AOCI opt-out for regulatory capital purposes and therefore exclude certain elements of AOCI, including gains/losses on our available-for-sale portfolio, from our capital calculations.

Recent events impacting the financial services industry, including the failure of certain banks in the industry, may result in a change to regulations applicable to bank holding companies, including higher capital requirements, which could negatively impact our regulatory capital ratios in the future. In addition, potential changes to the AOCI opt-out election would impact future regulatory capital calculations.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
The following table presents the components of RJF’s regulatory capital used to calculate the aforementioned regulatory capital ratios.

$ in millions
March 31, 2023September 30, 2022
Common equity tier 1 capital/Tier 1 capital
Common stock and related additional paid-in capital$3,037 $2,989 
Retained earnings
9,590 8,843 
Treasury stock
(1,954)(1,512)
Accumulated other comprehensive loss
(798)(982)
Less: Goodwill and identifiable intangible assets, net of related deferred tax liabilities(1,804)(1,805)
Other adjustments717 847 
Common equity tier 1 capital8,788 8,380 
Additional tier 1 capital (preferred equity of $120, net of $5 of other items)
115 100 
Tier 1 capital8,903 8,480 
Tier 2 capital
Tier 2 capital instruments plus related surplus100 100 
Qualifying allowances for credit losses471 451 
Tier 2 capital571 551 
Total capital$9,474 $9,031 

The following table presents RJF’s risk-weighted assets by exposure type used to calculate the aforementioned regulatory capital ratios.
$ in millions
March 31, 2023September 30, 2022
On-balance sheet assets:
Corporate exposures
$20,597 $20,147 
Exposures to sovereign and government-sponsored entities (1)
1,952 2,002 
Exposures to depository institutions, foreign banks, and credit unions2,062 3,003 
Exposures to public-sector entities774 696 
Residential mortgage exposures
4,087 3,732 
Statutory multifamily mortgage exposures92 71 
High volatility commercial real estate exposures
126 128 
Past due loans
149 110 
Equity exposures
525 445 
Securitization exposures 133 129 
Other assets7,868 7,325 
Off-balance sheet:
Standby letters of credit79 62 
Commitments with original maturity of one year or less121 98 
Commitments with original maturity greater than one year2,549 2,437 
Over-the-counter derivatives
235 305 
Other off-balance sheet items250 423 
Market risk-weighted assets
2,624 3,063 
Total standardized risk-weighted assets$44,223 $44,176 
(1)RJF’s exposure is predominantly to the U.S. government and its agencies.

Cash flows

Cash and cash equivalents (excluding amounts segregated for regulatory purposes and restricted cash) of $8.66 billion at March 31, 2023 increased $2.49 billion compared with September 30, 2022. The increase in cash and cash equivalents primarily resulted from an increase in bank deposits, including $2.75 billion of deposits from the launch of our Enhanced Savings Program to PCG clients in March 2023, as well as net proceeds from additional FHLB advances during the period, partially offset by common stock repurchases and dividends, investments in bank loans and available-for-sale securities, and the payment of prior-year bonuses.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Sources of liquidity

Approximately $1.83 billion of our total March 31, 2023 cash and cash equivalents included cash held at the parent company, which included cash loaned to RJ&A. As of March 31, 2023, RJF had loaned $1.16 billion to RJ&A (such amount is included in the RJ&A cash balance in the following table), which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities.

The following table presents our holdings of cash and cash equivalents.
$ in millionsMarch 31, 2023
RJF$692 
Raymond James Bank2,581 
TriState Capital Bank2,401 
RJ&A1,639 
Raymond James Ltd. (“RJ Ltd.”)502 
Raymond James Capital Services, LLC179 
Charles Stanley Group Limited131 
Raymond James Financial Services, Inc.121 
Raymond James Trust Company of New Hampshire94 
Raymond James Investment Management57 
Other subsidiaries266 
Total cash and cash equivalents$8,663 

Due to recent market volatility, we maintained a higher level of cash balances at Raymond James Bank and TriState Capital Bank as of March 31, 2023 compared with more recent periods as part of our liquidity management practices.

RJF maintained depository accounts at Raymond James Bank and TriState Capital Bank totaling $275 million as of March 31, 2023. The portion of this total that was available on demand without restrictions, which amounted to $234 million as of March 31, 2023, is reflected in the RJF cash balance and excluded from Raymond James Bank’s cash balance in the preceding table.

A large portion of the cash and cash equivalents balances at our non-U.S. subsidiaries, including RJ Ltd., as of March 31, 2023 was held to meet regulatory requirements and was not available for use by the parent.

In addition to the cash balances described, we have various other potential sources of cash available to the parent company from subsidiaries, as described in the following section.

Liquidity available from subsidiaries

Liquidity is principally available to RJF from RJ&A and Raymond James Bank.

Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities and 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. In addition, covenants in RJ&A’s committed financing facilities require its net capital to be a minimum of 10% of aggregate debit items. At March 31, 2023, RJ&A significantly exceeded the minimum regulatory requirements, the covenants in its financing arrangements pertaining to net capital, as well as its internally-targeted net capital tolerances. 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 which may result in RJ&A limiting dividends it would otherwise remit to RJF. We evaluate regulatory requirements, loan covenants and certain internal tolerances when determining the amount of liquidity available to RJF from RJ&A.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Raymond James Bank may pay dividends to RJF without prior approval of its regulator as long as the dividends do not exceed the sum of its current calendar year and the previous two calendar years’ retained net income, and it maintains its targeted regulatory capital ratios.  Dividends 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.

Although we have liquidity available to us from our other subsidiaries, the available amounts may not be as significant as those previously described and, in certain instances, may be subject to regulatory requirements.

Borrowings and financing arrangements

Financing arrangements

We have various financing arrangements in place with third-party lenders that allow us the flexibility to borrow funds on a secured or unsecured basis to meet our liquidity needs. We generally utilize these financing arrangements to finance a portion of our fixed income trading instruments held by RJ&A or for cash management purposes. Our ability to borrow under these arrangements is dependent upon compliance with the conditions in our various loan agreements and, in the case of secured borrowings, collateral eligibility requirements.

As of March 31, 2023, RJF and RJ&A had the ability to borrow under our $500 million revolving credit facility agreement (the “Credit Facility”), a committed unsecured line of credit; however, we had no such borrowings outstanding under this facility as of March 31, 2023. See our discussion of the Credit Facility in Note 16 of the Notes to the Consolidated Financial Statements of our 2022 Form 10-K for additional details on the Credit Facility. In April 2023, we amended our Credit Facility, increasing the borrowing capacity to $750 million, extending the term through April 2028, adding the secured overnight financing rate (“SOFR”) as an alternative reference rate, decreasing our variable rate facility fee, and removing the previous $300 million sublimit for RJF.

In addition to our Credit Facility, we have various uncommitted financing arrangements with third-party lenders, which are in the form of secured lines of credit, secured bilateral or tri-party repurchase agreements, or unsecured lines of credit. Our uncommitted secured financing arrangements generally require us to post collateral in excess of the amount borrowed and are generally collateralized by RJ&A-owned securities or by securities that we have received as collateral under reverse repurchase agreements (i.e., securities purchased under agreements to resell). As of March 31, 2023, we had outstanding borrowings under one uncommitted secured borrowing arrangement out of a total of 13 uncommitted financing arrangements (nine uncommitted secured and four uncommitted unsecured). However, lenders are under no contractual obligation to lend to us under uncommitted credit facilities.

Our borrowings on uncommitted financing arrangements, which were in the form of repurchase agreements in RJ&A, were included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition. The average daily balance outstanding during the five most recent quarters, the maximum month-end balance outstanding during the quarter and the period-end balances for repurchase agreements and reverse repurchase agreements are detailed in the following table.
 Repurchase transactionsReverse repurchase transactions
For the quarter ended:
($ in millions)
Average daily
balance
outstanding		Maximum month-end
balance outstanding
during the quarter		End of period
balance
outstanding		Average daily
balance
outstanding		Maximum month-end
balance outstanding
during the quarter		End of period
balance
outstanding
March 31, 2023$174 $223 $150 $236 $310 $167 
December 31, 2022$245 $257 $150 $288 $306 $156 
September 30, 2022$196 $294 $294 $249 $367 $367 
June 30, 2022$203 $276 $100 $238 $300 $168 
March 31, 2022$271 $334 $140 $211 $304 $221 


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Other borrowings and collateralized financings

We had $1.55 billion in FHLB borrowings outstanding at March 31, 2023, comprised of floating-rate and fixed-rate advances. The interest rates on our floating-rate advances are generally based on a SOFR. We use interest rate swaps to manage the risk of increases in interest rates associated with the majority of our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate. In March 2023, we increased our fixed-rate FHLB borrowings by $1 billion. We repaid $500 million of such borrowings by March 31, 2023, with the remaining $500 million maturing on April 20, 2023. We subsequently repaid $200 million of the borrowings maturing in April 2023, while extending the remaining $300 million until May 26, 2023 at a rate of 5.23%.

During the quarter ended March 31, 2023, we increased our borrowing capacity with the FHLB through the pledge of additional available-for-sale securities. At March 31, 2023, we had pledged $8.77 billion of bank loans, net and $4.64 billion of available-for-sale securities with the FHLB as security for the repayment of outstanding FHLB borrowings and to secure capacity for additional borrowings as needed. As of March 31, 2023, we had an additional $9.07 billion in immediate credit available based on collateral pledged, which does include additional capacity created by the $200 million repayment of FHLB borrowings subsequent to quarter end, and with the pledge of additional collateral, we had additional credit availability from certain FHLB member banks. See Notes 4, 6, 7, and 14 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding bank loans, net and available-for-sale securities pledged with the FHLB and for further information on our FHLB borrowings, including the related maturities and interest rates.

A portion of our fixed income transactions are cleared through a third-party clearing organization, which provides financing for the purchase of trading instruments to support such transactions. The amount of financing is based on the amount of trading inventory financed, as well as any deposits held at the clearing organization. Amounts outstanding under this financing arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates. While we had borrowings outstanding as of March 31, 2023, the clearing organization is under no contractual obligation to lend to us under this arrangement.

Raymond James Bank and TriState Capital Bank have access to the Federal Reserve’s discount window and may have access to other lending programs that may be established by the Federal Reserve in unusual and exigent circumstances, including the Bank Term Funding Program that was created by the Federal Reserve on March 12, 2023; however, we do not view borrowings from the Federal Reserve as a primary source of funding.  See Note 6 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding bank loans, net pledged with the FRB.

As part of the acquisition of TriState Capital, we assumed, as of the closing date, TriState Capital’s subordinated notes due 2030, with an aggregate principal amount of $98 million. See Note 14 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and Note 16 of our 2022 Form 10-K for additional information regarding these borrowings.

We may act as an intermediary between broker-dealers and other financial institutions whereby we borrow securities from one broker-dealer and then lend them to another.  Where permitted, we have also loaned, to broker-dealers and other financial institutions, securities owned by clients or the firm.  We account for each of these types of transactions as collateralized agreements and financings, with the outstanding balance of $177 million as of March 31, 2023 related to the securities loaned included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition of this Form 10-Q. See Note 6 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and Note 2 of our 2022 Form 10-K for more information on our collateralized agreements and financings.

Senior notes payable

At March 31, 2023, we had aggregate outstanding senior notes payable of $2.04 billion which, exclusive of any unaccreted premiums or discounts and debt issuance costs, was comprised of $500 million par 4.65% senior notes due 2030, $800 million par 4.95% senior notes due 2046, and $750 million par 3.75% senior notes due 2051. See Note 17 of the Notes to the Consolidated Financial Statements of our 2022 Form 10-K for additional information on senior notes payable.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Credit ratings

Our issuer, senior long-term debt, and preferred stock credit ratings as of the most current report are detailed in the following table.
Credit Rating
Rating Agency
Fitch Ratings, Inc. (1)
Moody’s
Standard & Poor’s Ratings Services (2)
Issuer and senior long-term debtA-A3A-
Preferred stockBB+Baa3 (hyb)Not rated
OutlookStableStableStable

(1)On March 17, 2023, Fitch Ratings, Inc. affirmed RJF’s issuer and senior long term debt A- rating, preferred stock BB+ rating, and stable rating outlook.
(2)On February 13, 2023, Standard & Poor’s Rating Services upgraded RJF’s issuer and senior long-term debt from BBB+ to A- and changed the rating outlook to stable.

Our current credit ratings depend upon a number of factors, including industry dynamics, operating and economic environment, operating results, operating margins, earnings trends and volatility, balance sheet composition, liquidity and liquidity management, capital structure, overall risk management, business diversification and market share, and competitive position in the markets in which we operate. Deterioration in any of these factors could impact our credit ratings.  Any rating downgrades could increase our costs in the event we were to obtain additional financing.

Should our credit rating be downgraded prior to a public debt offering, it is probable that we would have to offer a higher rate of interest to bond holders.  A downgrade to below investment grade may make a public debt offering difficult to execute on terms we would consider to be favorable.  A downgrade below investment grade could result in the termination of certain derivative contracts and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions. A credit downgrade could damage our reputation and result in certain counterparties limiting their business with us, result in negative comments by analysts, potentially negatively impact investors’ and/or clients’ perception of us and cause a decline in our stock price. None of our borrowing arrangements contains a condition or event of default related to our credit ratings. However, a credit downgrade would result in the firm incurring a higher facility fee on the Credit Facility, in addition to triggering a higher interest rate applicable to any borrowings outstanding on that line as of and subsequent to such downgrade. Conversely, an improvement in RJF’s current credit rating could have a favorable impact on the facility fee, as well as the interest rate applicable to any borrowings on such line.

Other sources and uses of liquidity

We have company-owned life insurance policies which are utilized to fund certain non-qualified deferred compensation plans and other employee benefit plans. Certain of our non-qualified deferred compensation plans and other employee benefit plans are employee-directed while others are company-directed. Of the company-owned life insurance policies which fund these plans, certain policies could be used as a source of liquidity for the firm. Those policies against which we could readily borrow had a cash surrender value of $863 million as of March 31, 2023, comprised of $554 million related to employee-directed plans and $309 million related to company-directed plans, and we were able to borrow up to 90%, or $777 million, of the March 31, 2023 total without restriction.  To effect any such borrowing, the underlying investments would be converted to money market investments, therefore requiring us to take market risk related to the employee-directed plans. There were no borrowings outstanding against any of these policies as of March 31, 2023.

On May 12, 2021, we filed a “universal” shelf registration statement with the SEC pursuant to which we can issue debt, equity and other capital instruments if and when necessary or perceived by us to be opportune. Subject to certain conditions, this registration statement will be effective through May 12, 2024.

As part of our ongoing operations, we also enter into contractual arrangements that may require future cash payments, including certificates of deposit, lease obligations and other contractual arrangements, such as for software and various services. See Notes 12 and 13 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding our lease obligations and certificates of deposit, respectively. We have entered into investment commitments, lending commitments and other commitments to extend credit for which we are unable to reasonably predict the timing of future payments. See Note 16 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
REGULATORY

Refer to the discussion of the regulatory environment in which we operate and the impact on our operations of certain rules and regulations in “Item 1 - Business - Regulation” of our 2022 Form 10-K.

RJF and many of its subsidiaries are each subject to various regulatory capital requirements. As of March 31, 2023, all of our active regulated domestic and international subsidiaries had net capital in excess of minimum requirements. In addition, RJF, Raymond James Bank, and TriState Capital Bank were categorized as “well-capitalized” as of March 31, 2023. The maintenance of certain risk-based and other regulatory capital levels could influence various capital allocation decisions impacting one or more of our businesses.  However, due to the current capital position of RJF and its regulated subsidiaries, we do not anticipate these capital requirements will have a negative impact on our future business activities. See Note 21 of the Notes to Condensed Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and capital resources - Capital structure” of this Form 10-Q for further information on regulatory capital requirements.

CRITICAL ACCOUNTING ESTIMATES

The condensed consolidated financial statements are prepared in accordance with GAAP, which require us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses for the reporting period. Management has established detailed policies and control procedures intended to ensure the appropriateness of such estimates and assumptions and their consistent application from period to period. For a description of our significant accounting policies, see Note 2 of the Notes to Consolidated Financial Statements of our 2022 Form 10-K.

Due to their nature, estimates involve judgment based upon available information. Actual results or amounts could differ from estimates and the difference could have a material impact on the consolidated financial statements. Therefore, understanding these critical accounting estimates is important in understanding our reported results of operations and financial position. We believe that of our accounting estimates and assumptions, those described in the following sections involve a high degree of judgment and complexity.

Loss provisions

Loss provisions for legal and regulatory matters

The recorded amount of liabilities related to legal and regulatory matters is subject to significant management judgment. For a description of the significant estimates and judgments associated with establishing such accruals, see the “Contingent liabilities” section of Note 2 of the Notes to Consolidated Financial Statements of our 2022 Form 10-K. In addition, refer to Note 16 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding legal and regulatory matters contingencies as of March 31, 2023.

Allowance for credit losses

We evaluate certain of our financial assets, including bank loans, to estimate an allowance for credit losses based on expected credit losses over a financial asset’s lifetime. 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 differ by type of financial asset and the risk characteristics within each financial asset type. Our estimates are based on ongoing evaluations of our financial assets, the related credit risk characteristics, and the overall economic and environmental conditions affecting the financial assets. Our process for determining the allowance for credit losses includes a complex analysis of several quantitative and qualitative factors requiring significant management judgment due to matters that are inherently uncertain. This uncertainty can produce volatility in our allowance for credit losses. In addition, the allowance for credit losses could be insufficient to cover actual losses. In such an event, any losses in excess of our allowance would result in a decrease in our net income, as well as a decrease in the level of regulatory capital.

We generally estimate the allowance for credit losses on bank loans 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 each model. Our forecasts incorporate assumptions related to macroeconomic indicators including, but not limited to, U.S. gross domestic product, equity market indices, unemployment rates, and commercial real estate and residential home price indices.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
To demonstrate the sensitivity of credit loss estimates on our bank loan portfolio to macroeconomic forecasts, we compared our modeled estimates under the base case economic scenario used to estimate the allowance for credit losses as of March 31, 2023, to what our estimate would have been under a downside case scenario and an upside scenario, without considering any offsetting effects in the qualitative component of our allowance for credit losses as of March 31, 2023. As of March 31, 2023, use of the downside case scenario would have resulted in an increase of approximately $200 million in the quantitative portion of our allowance for credit losses on bank loans, while the use of the upside case would have resulted in a reduction of approximately $40 million in the quantitative portion of our allowance for credit losses on bank loans at March 31, 2023. These hypothetical outcomes reflect the relative sensitivity of the modeled portion of our allowance estimate to macroeconomic forecasted scenarios but do not consider any potential impact qualitative adjustments could have on the allowance for credit losses in such environments. Qualitative adjustments could either increase or decrease modeled loss estimates calculated using an alternative economic scenario assumption. Further, such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance for a number of reasons including: (1) management’s predictions of future economic trends and relationships among the scenarios may differ from actual events; and (2) management’s application of subjective measures to modeled results through the qualitative portion of the allowance for credit losses when appropriate. The downside case scenario utilized in this hypothetical sensitivity analysis assumes a moderate recession. To the extent macroeconomic conditions worsen beyond those assumed in this downside case scenario, we could incur provisions for credit losses significantly in excess of those estimated in this analysis.

See Note 2 of the Notes to Consolidated Financial Statements of our 2022 Form 10-K for information regarding our methodologies and assumptions used in estimating the allowance for credit losses. See Note 7 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding our allowance for credit losses related to bank loans as of March 31, 2023.

RECENT ACCOUNTING DEVELOPMENTS

In March 2022, the Financial Accounting Standards Board issued new guidance related to troubled debt restructurings and disclosures regarding write-offs of financing receivables (ASU 2022-02), amending guidance related to the measurement of credit losses on financial instruments (ASU 2016-13). The amendment eliminates the accounting guidance for troubled debt restructurings for creditors, but requires enhanced disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty, and requires disclosure of current-period gross write-offs by year of origination for financing receivables. This new guidance is effective for our fiscal year beginning on October 1, 2023 and will be applied on a prospective basis. Although permitted, we do not plan to early adopt. We do not expect the adoption of this new guidance to have a material impact on our financial position and results of operations.

In March 2023, the FASB issued amended guidance related to accounting for investments in tax credit structures using the proportional amortization method (ASU 2023-02). The amendment permits reporting entities to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met and makes the delayed equity contributions guidance applicable only when the proportional amortization method is applied to a tax equity investment. This amendment also requires entities to make disclosures about all investments in a tax credit program for which they have elected to account for using the proportional amortization method, including those investments in an elected tax credit program that do not meet the conditions to use the proportional amortization method. This new guidance is effective for our fiscal year beginning on October 1, 2024. This guidance may be applied on a retrospective basis or modified retrospective basis to all qualifying tax equity investments; however, the transition method must be applied consistently to all affected investments. Although permitted, we do not currently plan to early adopt. We are still evaluating the impact the adoption of this new guidance will have on our financial position, results of operations, and disclosures.

RISK MANAGEMENT

Risks are an inherent part of our business and activities. Management of risk is critical to our fiscal soundness and profitability. Our risk management processes are multi-faceted and require communication, judgment, and knowledge of financial products and markets. We have a formal Enterprise Risk Management (“ERM”) program to assess and review aggregate risks across the firm. Our management takes an active role in the ERM process, which requires specific administrative and business functions to participate in the identification, assessment, monitoring, and control of various risks.

The principal risks related to our business activities are market, credit, liquidity, operational, model, and compliance.

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Management’s Discussion and Analysis
Governance

Our Board of Directors, including its Risk Committee and Audit Committee, oversees the firm’s management and mitigation of risk, reinforcing a culture that encourages ethical conduct and risk management throughout the firm.  Senior management communicates and reinforces this culture through three lines of risk management and a number of senior-level management committees.  Our first line of risk management, which includes all of our businesses, owns its risks and is responsible for identifying, mitigating, and escalating risks arising from its day-to-day activities.  The second line of risk management, which includes Compliance and Risk Management, advises our client-facing businesses and other first-line functions in identifying, assessing, and mitigating risk. The second line of risk management tests and monitors the effectiveness of controls, as deemed necessary, and escalates risks when appropriate to senior management and the Board of Directors.  The third line of risk management, Internal Audit, independently reviews activities conducted by the previous lines of risk management to assess their management and mitigation of risk, providing additional assurance to the Board of Directors and senior management, with a view toward enhancing our oversight, management, and mitigation of risk. Our legal department provides legal advice and guidance to each of these three lines of risk management.

Market risk

Market risk is our risk of loss resulting from the impact of changes in market prices on our trading inventory, derivatives, and investment positions. We have exposure to market risk primarily through our broker-dealer trading operations and our banking operations. Through our broker-dealer subsidiaries, we trade debt obligations and equity securities and maintain trading inventories to ensure availability of securities to facilitate client transactions. Inventory levels may fluctuate daily as a result of client demand. We also hold investments within our available-for-sale securities portfolio, and from time to time may hold SBA loan securitizations not yet transferred. Our primary market risks relate to interest rates, equity prices, and foreign exchange rates. Interest rate risk results from changes in levels of interest rates, the volatility of interest rates, mortgage prepayment speeds, and credit spreads. Equity risk results from changes in prices of equity securities. Foreign exchange risk results from changes in spot prices, forward prices, and volatility of foreign exchange rates. See Note 2 of the Notes to Consolidated Financial Statements of our 2022 Form 10-K and Notes 3, 4, and 5 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for fair value and other information regarding our trading inventories, available-for-sale securities, and derivative instruments.

We regularly enter into underwriting commitments and, as a result, we may be subject to market risk on any unsold shares issued in the offerings to which we are committed. Risk exposure is controlled by limiting our participation, the transaction size, or through the syndication process.

The Market Risk Management department is responsible for measuring, monitoring, and reporting market risks associated with the firm’s trading and derivative portfolios. While Market Risk Management maintains ongoing communication with the revenue-generating business units, it is independent of such units.

Interest rate risk

Trading activities

We are exposed to interest rate risk as a result of our trading inventory (primarily comprised of fixed income instruments) in our Capital Markets segment. Changes in value of our trading inventory may result from fluctuations in interest rates, credit spreads, equity prices, macroeconomic factors, investor expectations or risk appetites, liquidity, as well as dynamic relationships among these factors. We actively manage interest rate risk arising from our fixed income trading inventory through the use of hedging strategies utilizing U.S. Treasuries, exchange traded funds, futures contracts, liquid spread products, and derivatives.

Our primary method for controlling risks within trading inventories is through the use of dollar-based and exposure-based limits. A hierarchy of limits exists at multiple levels, including firm, business unit, desk (e.g., for equities, corporate bonds, municipal bonds), product sub-type (e.g., below-investment-grade positions) and, at times, at the individual position. For derivative positions, which are primarily comprised of interest rate swaps, we have established sensitivity-based and foreign exchange spot limits. Trading positions and derivatives are monitored against these limits through daily reports that are distributed to senior management. During volatile markets, we may temporarily reduce limits and/or choose to pare our trading inventories to reduce risk.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
We monitor Value-at-Risk (“VaR”) for all of our trading portfolios on a daily basis for risk management purposes and as a result of applying the Fed’s Market Risk Rule (“MRR”) for the purpose of calculating our capital ratios. The MRR, also known as the “Risk-Based Capital Guidelines: Market Risk” rule released by the Fed, the Office of the Comptroller of the Currency and the FDIC, requires us to calculate VaR for all of our trading portfolios, including fixed income, equity, derivatives, and foreign exchange instruments. VaR is an appropriate statistical technique for estimating potential losses in trading portfolios due to typical adverse market movements over a specified time horizon with a suitable confidence level. However, there are inherent limitations of utilizing VaR including: historical movements in markets may not accurately predict future market movements; VaR does not take into account the liquidity of individual positions; VaR does not estimate losses over longer time horizons; and extended periods of one-directional markets potentially distort risks within the portfolio. In addition, should markets become more volatile, actual trading losses may exceed VaR results presented on a single day and might accumulate over a longer time horizon. As a result, management complements VaR with sensitivity analysis and stress testing and employs additional controls such as a daily review of trading results, review of aged inventory, independent review of pricing, monitoring of concentrations, and review of issuer ratings.

To calculate VaR, we use models which incorporate historical simulation. This approach assumes that historical changes in market conditions, such as in interest rates and equity prices, are representative of future changes. Simulation is based on daily market data for the previous twelve months. VaR is reported at a 99% confidence level for a one-day time horizon. Assuming that future market conditions change as they have in the past twelve months, we would expect to incur losses greater than those predicted by our one-day VaR estimates about once every 100 trading days, or about three times per year on average. For regulatory capital calculation purposes, we also report VaR and Stressed VaR numbers for a ten-day time horizon. The VaR model is independently reviewed by our Model Risk Management function. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Model risk” of our 2022 Form 10-K for further information.

The modeling of the risk characteristics of trading positions involves a number of assumptions and approximations that management believes to be reasonable. However, there is no uniform industry methodology for estimating VaR, and different assumptions or approximations could produce materially different VaR estimates. As a result, VaR results are more reliable when used as indicators of risk levels and trends within a firm than as a basis for inferring differences in risk-taking across firms.

The following table sets forth the high, low, period-end and average daily one-day VaR for all of our trading portfolios, including fixed income and equity instruments, and for our derivatives for the periods and dates indicated.
 Six months ended March 31, 2023Period-end VaRThree months ended March 31,Six months ended March 31,
$ in millionsHighLowMarch 31,
2023		September 30,
2022		$ in millions2023202220232022
Daily VaR$3 $1 $1 $3 Average daily VaR$2 $1 $2 $1 

Average daily VaR was higher during the three and six months ended March 31, 2023 compared with the three and six months ended March 31, 2022 due to the impact of increased market volatility during the period, as well as the addition of the SumRidge Partners trading inventory beginning in July 2022. Period-end VaR was lower at March 31, 2023 compared to September 30, 2022, due to a decline in trading inventory.

The Fed’s MRR requires us to perform daily back-testing procedures for our VaR model, whereby we compare each day’s projected VaR to its regulatory-defined daily trading losses, which exclude fees, commissions, reserves, net interest income, and intraday trading. Regulatory-defined daily trading losses are used to evaluate the performance of our VaR model and are not comparable to our actual daily net revenues. Based on these daily “ex ante” versus “ex post” comparisons, we determine whether the number of times that regulatory-defined daily trading losses exceed VaR is consistent with our expectations at a 99% confidence level. During the three and six months ended March 31, 2023, our regulatory-defined daily losses in our trading portfolios exceeded our predicted VaR on one occasion.

Separately, RJF provides additional market risk disclosures to comply with the MRR, including 10-day VaR and 10-day Stressed VaR, which are available on our website at https://www.raymondjames.com/investor-relations/financial-information/filings-and-reports within “Other Reports and Information.”

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Banking operations

Our Bank segment maintains an interest-earning asset portfolio that is comprised of cash, SBL, C&I loans, commercial and residential real estate loans, REIT loans, and tax-exempt loans, as well as securities held in the available-for-sale securities portfolio.  These interest-earning assets are primarily funded by client deposits.  Based on the current asset portfolio, our banking operations are subject to interest rate risk.  We analyze interest rate risk based on forecasted net interest income, which is the net amount of interest received and interest paid, and the net portfolio valuation, both across a range of interest rate scenarios.

One of the objectives of the Asset and Liability Committee is to manage the sensitivity of net interest income to changes in market interest rates. This committee uses several measures to monitor and limit interest rate risk in our banking operations, including scenario analysis and economic value of equity (“EVE”). We utilize a hedging strategy using interest rate swaps in our banking operations as a result of our asset and liability management process. For further information regarding this hedging strategy, see Note 2 of the Notes to Consolidated Financial Statements of our 2022 Form 10-K and Notes 13 and 14 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q.

To ensure that we remain within the tolerances established for net interest income, a sensitivity analysis of net interest income to interest rate conditions is estimated under a variety of scenarios. We use simulation models and estimation techniques to assess the sensitivity of net interest income to movements in interest rates. The model estimates the sensitivity by calculating interest income and interest expense in a dynamic balance sheet environment using current repricing, prepayment, and reinvestment of cash flow assumptions over a 12-month time horizon. Assumptions used in the model include interest rate movement, the slope of the yield curve, and balance sheet composition and growth. The model also considers interest rate-related risks such as pricing spreads, pricing of client cash accounts, including deposit betas, and prepayments. Various interest rate scenarios are modeled in order to determine the effect those scenarios may have on net interest income.

The following table is an analysis of our banking operations’ estimated net interest income over a 12-month period based on instantaneous shifts in interest rates (expressed in basis points) using our previously described asset/liability model, which assumes a dynamic balance sheet and that interest rates do not decline below zero. While not presented, additional rate scenarios are performed, including interest rate ramps and yield curve shifts that may more realistically mimic the speed of potential interest rate movements. We also perform simulations on time horizons of up to five years to assess longer-term impacts to various interest rate scenarios. On a quarterly basis, we test expected model results to actual performance. Additionally, any changes made to key assumptions in the model are documented and approved by the Asset and Liability Committee.
Instantaneous
changes in rate (1)
Net interest income
($ in millions)
Projected change in
net interest income
+200$2,12014%
+100$1,9897%
0$1,860—%
-100$1,733(7)%
-200$1,599(14)%
(1) Our 0-basis point scenario was based on interest rates as of March 31, 2023 and did not include the impact of the Fed’s May 4, 2023 increase in its benchmark short-term rate.

Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Net interest analysis” of this Form 10-Q for a discussion of the impact changes in short-term interest rates could have on the consolidated firm’s operations.

The Asset and Liability Committee also reviews EVE, which is a point in time analysis of current interest-earning assets and interest-bearing liabilities that incorporates all cash flows over their estimated remaining lives, discounted at current rates. The EVE approach is based on a static balance sheet and provides an indicator of future earnings and capital levels as the changes in EVE indicate the anticipated change in the value of future cash flows. We monitor sensitivity to changes in EVE utilizing Board of Directors-approved limits. These limits set a risk tolerance to changing interest rates and assist in determining strategies for mitigating this risk as EVE approaches these limits. As of March 31, 2023, our EVE analyses were within approved limits.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
The following table shows the maturities of our bank loan portfolio at March 31, 2023, including contractual principal repayments.  Maturities are generally determined based upon contractual terms; however, rollovers or extensions that are included for the purposes of measuring the allowance for credit losses are reflected in maturities in the following table. This table does not include any estimates of prepayments, which could shorten the average loan lives and cause the actual timing of the loan repayments to differ significantly from those shown in the table.
 Due in
$ in millionsOne year or less> One year – five years> Five years - fifteen years> Fifteen yearsTotal
SBL$13,747 $400 $79 $1 $14,227 
C&I loans891 7,519 2,811 38 11,259 
CRE loans923 4,172 1,937 22 7,054 
REIT loans256 1,401 60 — 1,717 
Residential mortgage loans13 36 201 7,829 8,079 
Tax-exempt loans169 253 1,221 — 1,643 
Total loans held for investment15,999 13,781 6,309 7,890 43,979 
Held for sale loans— — 47 72 119 
Total loans held for sale and investment$15,999 $13,781 $6,356 $7,962 $44,098 

The following table shows the distribution of the recorded investment of those bank loans that mature in more than one year between fixed and adjustable interest rate loans at March 31, 2023.
 Interest rate type
$ in millionsFixedAdjustableTotal
SBL$12 $468 $480 
C&I loans899 9,469 10,368 
CRE loans419 5,712 6,131 
REIT loans— 1,461 1,461 
Residential mortgage loans230 7,836 

8,066 
Tax-exempt loans1,474 — 1,474 
Total loans held for investment3,034 24,946 27,980 
Held for sale loans2 117 119 
Total loans held for sale and investment$3,036 $25,063 $28,099 

Contractual loan terms for SBL, C&I loans, CRE loans, REIT loans, and residential mortgage loans may include an interest rate floor, cap and/or fixed interest rates for a certain period of time, which would impact the timing of the interest rate reset for the respective loan. See the discussion within the “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk - Risk monitoring process” section of this Form 10-Q for additional information regarding our interest-only residential mortgage loan portfolio.

In our available-for-sale securities portfolio, we hold primarily fixed-rate agency-backed MBS, agency-backed CMOs, and U.S. Treasuries, which are carried at fair value on our Condensed Consolidated Statements of Financial Condition, with changes in the fair value of the portfolio recorded through OCI on our Condensed Consolidated Statements of Income and Comprehensive Income. At March 31, 2023, our available-for-sale securities portfolio had a fair value of $9.77 billion with a weighted-average yield of 2.03% and a weighted-average life of 4.38 years. The effective duration of our available-for-sale securities portfolio as of March 31, 2023 was approximately 3.65, where duration is defined as the approximate percentage change in price for a 100-basis point change in rates. See Note 4 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information on our available-for-sale securities portfolio.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Equity price risk

We are exposed to equity price risk as a result of our capital markets activities. Our broker-dealer activities are generally client-driven, and we carry equity securities as part of our trading inventory to facilitate such activities, although the amounts are not as significant as our fixed income trading inventory.  We attempt to reduce the risk of loss inherent in our inventory of equity securities by monitoring those security positions each day and establishing position limits. Equity securities held in our trading inventory are generally included in VaR.

In addition, we have a private equity portfolio, included in “Other investments” on our Condensed Consolidated Statements of Financial Condition, which is primarily comprised of investments in third-party funds. See Note 3 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information on this portfolio.

Foreign exchange risk

We are subject to foreign exchange risk due to our investments in foreign subsidiaries as well as transactions and resulting balances denominated in a currency other than the U.S. dollar. For example, our bank loan portfolio includes loans which are denominated in Canadian dollars, totaling $1.54 billion and $1.51 billion at March 31, 2023 and September 30, 2022, respectively, when converted to the U.S. dollar. A majority of such loans are held in a Canadian subsidiary of Raymond James Bank, which is discussed in the following sections.

Investments in foreign subsidiaries

Raymond James Bank has an investment in a Canadian subsidiary, resulting in foreign exchange risk. To mitigate its foreign exchange risk, Raymond James Bank utilizes short-term, forward foreign exchange contracts. These derivatives are primarily accounted for as net investment hedges in the condensed consolidated financial statements. See Note 2 of the Notes to Consolidated Financial Statements of our 2022 Form 10-K and Note 5 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information regarding these derivatives.

At March 31, 2023, we had foreign exchange risk in our investment in RJ Ltd. of CAD 413 million and in our investment in Charles Stanley of £274 million, which were not hedged. All of our other investments, consisting primarily of subsidiaries located in Europe, are not hedged, and we do not believe we had material foreign exchange risk either individually, or in the aggregate, pertaining to these subsidiaries as of March 31, 2023. Foreign exchange gains/losses related to our foreign investments are primarily reflected in OCI on our Condensed Consolidated Statements of Income and Comprehensive Income. See Note 17 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information regarding our components of OCI.

Transactions and resulting balances denominated in a currency other than the U.S. dollar

We are subject to foreign exchange risk due to our holdings of cash and certain other assets and liabilities resulting from transactions denominated in a currency other than the U.S. dollar. Any currency-related gains/losses arising from these foreign currency denominated balances are reflected in “Other” revenues in our Condensed Consolidated Statements of Income and Comprehensive Income. The foreign exchange risk associated with a portion of such transactions and balances denominated in foreign currency are mitigated utilizing short-term, forward foreign exchange contracts. Such derivatives are not designated hedges and therefore, the related gains/losses are included in “Other” revenues in our Condensed Consolidated Statements of Income and Comprehensive Income. See Note 5 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding our derivatives.

Credit risk

Credit risk is the risk of loss due to adverse changes in a borrower’s, issuer’s, or counterparty’s ability to meet its financial obligations under contractual or agreed-upon terms. The nature and amount of credit risk depends on the type of transaction, the structure and duration of that transaction, and the parties involved. Credit risk is an integral component of the profit assessment of lending and other financing activities. See further discussion of our credit risk, including how we manage such risk, in “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk” of our 2022 Form 10-K.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Corporate activities

We maintain cash balances with the Fed and with various financial institutions, primarily global systemically important banks, in our normal course of business. A large portion of such balances are in excess of FDIC insurance limits. As a result, we may be exposed to the risk that these financial institutions may not return our cash to us in the event that the institution experiences financial distress or ceases its operations. In order to mitigate our credit risk to such financial institutions, we monitor our exposure with each institution on a daily basis and subject each institution to limits based on various factors including but not limited to financial strength, capitalization levels, liquidity, credit ratings, and market factors to the extent applicable.

Brokerage activities

We are engaged in various trading and brokerage activities in which our counterparties primarily include broker-dealers, banks, exchanges, clearing organizations, and other financial institutions. We are exposed to risk that these counterparties may not fulfill their obligations. In addition, certain commitments, including underwritings, may create exposure to individual issuers and businesses. The risk of default depends on the creditworthiness of the counterparty and/or the issuer of the instrument. In addition, we may be subject to concentration risk if we hold large positions in or have large commitments to a single counterparty, borrower, or group of similar counterparties or borrowers (e.g., in the same industry). We seek to mitigate these risks by imposing and monitoring individual and aggregate position limits within each business segment for each counterparty, conducting regular credit reviews of financial counterparties, reviewing security, derivative and loan concentrations, holding and calculating the fair value of collateral on certain transactions and conducting business through clearing organizations, which may guarantee performance. See Note 2 of the Notes to Consolidated Financial Statements of our 2022 Form 10-K and Notes 5 and 6 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information about our credit risk mitigation related to derivatives and collateralized agreements.

Our client activities involve the execution, settlement, and financing of various transactions on behalf of our clients. Client activities are transacted on either a cash or margin basis. Credit exposure results from client margin loans, which are monitored daily and are collateralized by the securities in the clients’ accounts. We monitor exposure to industry sectors and individual securities and perform analysis on a daily basis in connection with our margin lending activities. We adjust our margin requirements if we believe our risk exposure is not appropriate based on market conditions. In addition, when clients execute a purchase, we are at some risk that the client will default on their financial obligation associated with the trade. If this occurs, we may have to liquidate the position at a loss. See Note 2 of the Notes to the Consolidated Financial Statements of our 2022 Form 10-K for further information about our determination of the allowance for credit losses associated with certain of our brokerage lending activities.

We offer loans to financial advisors for recruiting and retention purposes. We have credit risk and may incur a loss primarily in the event that such borrower is no longer affiliated with us. See Note 2 of the Notes to the Consolidated Financial Statements of our 2022 Form 10-K and Note 8 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information about our loans to financial advisors.

Banking activities

Our Bank segment has a substantial loan portfolio.  Our strategy for credit risk management related to bank loans includes well-defined credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all credit exposures. The strategy also includes diversification across loan types, geographic location, industry and client level, regular credit examinations and management reviews of all corporate and tax-exempt loans as well as individual delinquent residential loans. The credit risk management process also includes annual independent reviews of the credit risk monitoring process that performs assessments of compliance with credit policies, risk ratings, and other critical credit information. We seek to identify potential problem loans early, record any necessary risk rating changes and charge-offs promptly, and maintain appropriate reserve levels for expected losses. We utilize a thorough credit risk rating system to measure the credit quality of individual corporate and tax-exempt loans and related unfunded lending commitments. For our residential mortgage loans and substantially all of our SBL, we utilize the credit risk rating system used by bank regulators in measuring the credit quality of each homogeneous class of loans. In evaluating credit risk, we consider trends in loan performance, historical experience through various economic cycles, industry or client concentrations, the loan portfolio composition and macroeconomic factors (both current and forecasted). These factors have a potentially negative impact on loan performance and net charge-offs.

While our bank loan portfolio is diversified, a significant downturn in the overall economy, deterioration in real estate values or a significant issue within any sector or sectors where we have a concentration will generally result in large provisions for credit losses and/or charge-offs. We determine the allowance required for specific loan pools based on relative risk characteristics of the loan portfolio. On an ongoing basis, we evaluate our methods for determining the allowance for each class of loans and
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
make enhancements we consider appropriate. Our allowance for credit losses methodology is described in Note 2 of the Notes to the Consolidated Financial Statements of our 2022 Form 10-K. As our bank loan portfolio is segregated into six portfolio segments, likewise, the allowance for credit losses is segregated by these same segments.  See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk” of our 2022 Form 10-K for further information about the risk characteristics relevant to each portfolio segment.

The level of charge-off activity is a factor that is considered in evaluating the potential severity of future credit losses. The following table presents net loan (charge-offs)/recoveries and the annualized percentage of net loan (charge-offs)/recoveries to the average outstanding loan balances by loan portfolio segment.
 Three months ended March 31,Six months ended March 31,
 2023202220232022
$ in millions
Net loan
(charge-off)/recovery
amount (1)
Annualized
% of avg.
outstanding
loans		Net loan
(charge-off)/recovery
amount		Annualized
% of avg.
outstanding
loans
Net loan
(charge-off)/recovery
amount (1)
Annualized
% of avg.
outstanding
loans		Net loan
(charge-off)/recovery
amount		Annualized
% of avg.
outstanding
loans
C&I loans$(20)0.71 %$(1)0.05 %$(24)0.43 %$(3)0.07 %
CRE loans— — %— — %2 0.06 %— — %
Residential mortgage loans— — %— — %— — %1 0.04 %
Total loans held for sale and investment$(20)0.18 %$(1)0.01 %$(22)0.10 %$(2)0.02 %

(1)    Net charge-offs during the three and six months ended March 31, 2023 were primarily related to two C&I loans.

The level of nonperforming assets is another indicator of potential future credit losses. 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 certain accruing loans which are 90 days or more past due and in the process of collection. The following table presents the balance of nonperforming loans, nonperforming assets, and related key credit ratios.
$ in millionsMarch 31, 2023September 30, 2022
Nonperforming loans (1)
$99 $74 
Nonperforming assets$99 $74 
Nonperforming loans as a % of total loans held for sale and investment0.22 %0.17 %
Allowance for credit losses as a % of nonperforming loans419 %535 %
Nonperforming assets as a % of Bank segment total assets0.16 %0.13 %
(1)    Nonperforming loans at March 31, 2023 and September 30, 2022 included $90 million and $63 million of loans, respectively, which were current pursuant to their contractual terms.

The nonperforming loan balances in the preceding table excluded $6 million and $7 million as of March 31, 2023 and September 30, 2022, respectively, of residential troubled debt restructurings which were returned to accrual status in accordance with our policy.

Although our nonperforming assets as a percentage of our Bank segment’s assets remained low as of March 31, 2023, any prolonged period of market deterioration could result in an increase in our nonperforming assets, an increase in our allowance for credit losses and/or an increase in net charge-offs in future periods, although the extent would depend on future developments that are highly uncertain.

See further explanation of our bank loan portfolio segments, allowance for credit losses, and the credit loss provision in Note 7 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and “Management’s Discussion and Analysis - Results of Operations - Bank” of this Form 10-Q and Note 2 of the Notes to the Consolidated Financial Statements of our 2022 Form 10-K.

Loan underwriting policies

Our underwriting policies for the major types of bank loans are described in “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk” of our 2022 Form 10-K.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Risk monitoring process

Another component of credit risk strategy for our bank loan portfolio is the ongoing risk monitoring and review processes, including our internal loan review process, as well as our rigorous processes to manage and limit credit losses arising from loan delinquencies. There are various other factors included in these processes, depending on the loan portfolio. There were no significant changes to those processes during the three months ended March 31, 2023.

SBL and residential mortgage loan portfolios

Substantially all collateral securing our SBL portfolio is monitored on a daily basis. Collateral adjustments, as triggered by our monitoring procedures, are made by the borrower as necessary to ensure our loans are adequately secured, resulting in minimizing our credit risk. Collateral calls have been minimal relative to our SBL portfolio with insignificant losses incurred to date.

We track and review many factors to monitor credit risk in our residential mortgage loan portfolio. The factors include, but are not limited to: loan performance trends, loan product parameters and qualification requirements, borrower credit scores, level of documentation, loan purpose, geographic concentrations, average loan size, risk rating, and LTV ratios. See Note 7 of the Notes to the Condensed Consolidated Financial Statements of this Form 10-Q for additional information about our residential mortgage loan portfolio.

The following table presents a summary of delinquent residential mortgage loans, the vast majority of which are first mortgage loans, which are comprised of loans which are two or more payments past due as well as loans in the process of foreclosure.
 Amount of delinquent residential mortgage loans Delinquent residential mortgage loans as a percentage of outstanding residential mortgage loan balances
$ in millions30-89 days90 days or moreTotal30-89 days90 days or moreTotal
March 31, 2023$4 $5 $9 0.05 %0.06 %0.11 %
September 30, 2022$6 $6 $12 0.08 %0.08 %0.16 %

Our March 31, 2023 percentage compares favorably to the national average for over 30 day delinquencies of 2.03%, as most recently reported by the Fed.

Credit risk is also managed by diversifying the residential mortgage portfolio. Most of the loans in our residential loan portfolio are to PCG clients across the U.S. The following table details the geographic concentrations (top five states) of our one-to-four family residential mortgage loans.
March 31, 2023
Loans outstanding as a % of
total residential mortgage loans held for sale and investment		Loans outstanding as a % of
total loans held for sale and investment
CA25%5%
FL17%3%
TX8%2%
NY8%1%
CO4%1%

The occurrence of a natural disaster or severe weather event in any of these states, for example wildfires in California and hurricanes in Florida, could result in additional credit loss provisions and/or charge-offs on our loans in such states and therefore negatively impact our net income and regulatory capital in any given period.

Loans where borrowers may be subject to payment increases include adjustable rate mortgage loans with terms that initially require payment of interest only.  Payments may increase significantly when the interest-only period ends and the loan principal begins to amortize.  At March 31, 2023 and September 30, 2022, these loans totaled $2.71 billion and $2.55 billion, respectively, or approximately 34% and 35% of the residential mortgage portfolio, respectively.  The weighted-average number of years before the remainder of the loans, which were still in their interest-only period at March 31, 2023, begins amortizing is six years.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Corporate and tax-exempt loans

Credit risk in our corporate and tax-exempt loan portfolios is monitored on an individual loan basis. The majority of our tax-exempt loan portfolio is comprised of loans to investment-grade borrowers. Credit risk is managed by diversifying the corporate bank loan portfolio. Our corporate bank loan portfolio does not contain a significant concentration in any single industry. The following table details the industry concentrations (top five categories) of our corporate bank loans.
March 31, 2023
Loans outstanding as a % of
total corporate bank loans held for sale and investment		Loans outstanding as a % of
total loans held for sale and investment
Multi-family10%5%
Industrial warehouse8%4%
Loan fund7%3%
Office real estate7%3%
Consumer products and services5%2%

The Fed’s measures to control inflation, including through increases in short-term interest rates, have had an impact on consumer behavior and are likely to continue to do so in the near-term. These and related factors could negatively impact our borrowers, particularly those in consumer-facing industries. In response to changing trends, and industry-wide challenges following the COVID-19 pandemic, we have closely monitored each loan in our commercial real estate portfolio, particularly office real estate, utilizing LTV ratios and other metrics. We have also focused on reducing our corporate loan exposure in certain sectors with increasing credit concerns, including selling approximately $430 million of loans subsequent to March 31, 2023 through May 5, 2023 at an average sales price of 99% of par value. Additional sales of corporate loans may be made during the remainder of fiscal 2023 to further reduce credit risk in certain sectors. In addition, we plan to be prudent in issuing new corporate loans for the remainder of fiscal 2023 as a result of the recent market volatility.

Liquidity risk

See the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and capital resources” of this Form 10-Q for information regarding our liquidity and how we manage liquidity risk.

Operational risk

Operational risk generally refers to the risk of loss resulting from our operations, including, but not limited to, business disruptions, improper or unauthorized execution and processing of transactions, deficiencies in our technology or financial operating systems and inadequacies or breaches in our control processes, including cybersecurity incidents. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Operational risk” of our 2022 Form 10-K for a discussion of our operational risk and certain of our risk mitigation processes.

Periods of severe market volatility can result in a significantly higher level of transactions on specific days, which may present operational challenges from time to time that may result in losses. These losses can result from, but are not limited to, trade errors, failed transaction settlements, late collateral calls to borrowers and counterparties, or interruptions to our system processing. We did not incur any significant losses related to such operational challenges during the six months ended March 31, 2023.

As more fully described in the discussion of our business technology risks included in various risk factors presented in “Item 1A - Risk Factors” of our 2022 Form 10-K, despite our implementation of protective measures and endeavoring to modify them as circumstances warrant, our computer systems, software and networks may be vulnerable to human error, natural disasters, power loss, cyber-attacks and other information security breaches, and other events that could have an impact on the security and stability of our operations.

Model risk

Model risk refers to the possibility of unintended business outcomes arising from the design, implementation or use of models. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Model risk” of our 2022 Form 10-K for information regarding how we utilize models throughout the firm and how we manage model risk.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Compliance risk

Compliance risk is the risk of legal or regulatory sanctions, financial loss, or reputational damage that the firm may suffer from a failure to comply with applicable laws, external standards, or internal requirements. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Compliance risk” of our 2022 Form 10-K for information on our compliance risks, including how we manage such risks.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See “Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management” of this Form 10-Q for our quantitative and qualitative disclosures about market risk.


ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Disclosure controls are procedures designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, such as this report, are recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls are also designed to ensure that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives, as ours are designed to do, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures pursuant to Securities Exchange Act of 1934 Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting

There were no changes during the three months ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES


PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

Not applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

We did not have any sales of unregistered securities for the six months ended March 31, 2023.

We purchase our own stock from time to time in conjunction with a number of activities, each of which is described in the following paragraphs. The following table presents information on our purchases of our own stock, on a monthly basis, for the six months ended March 31, 2023.
 Total number of shares
purchased		Average price
per share		Number of shares purchased as part of publicly announced plans or programsApproximate dollar value (in millions) at each month-end of securities that
may yet be purchased under the plans or programs
October 1, 2022 – October 31, 2022358,103 $105.94 354,313 $800
November 1, 2022 – November 30, 202278,798 $120.60 — $800
December 1, 2022 – December 31, 2022937,747 $106.64 937,737 $1,400
First quarter1,374,648 $107.26 1,292,050 
January 1, 2023 – January 31, 202353,430 $114.90 — $1,400
February 1, 2023 – February 28, 202313,586 $113.49 — $1,400
March 1, 2023 – March 31, 20233,745,485 $93.45 3,745,388 $1,050
Second quarter3,812,501 $93.82 3,745,388 
Fiscal year-to-date total5,187,149 $97.38 5,037,438 

In December 2022, the Board of Directors authorized repurchase of our common stock in an aggregate amount of up to $1.5 billion, which replaced the previous authorization.

In the preceding table, the total number of shares purchased includes shares purchased pursuant to the Restricted Stock Trust Fund, which was established to acquire our common stock in the open market and used to settle RSUs granted as a retention vehicle for certain employees of our wholly-owned Canadian subsidiaries. For more information on this trust fund, see Note 2 of the Notes to Consolidated Financial Statements of our 2022 Form 10-K and Note 9 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q. These activities do not utilize the repurchase authorization presented in the preceding table.

The total number of shares purchased also includes shares repurchased as a result of employees surrendering shares as payment for option exercises or withholding taxes. These activities do not utilize the repurchase authorization presented in the preceding table.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

ITEM 6. EXHIBITS

Exhibit NumberDescription
3.1.1
3.1.2
3.1.3
3.2
10.1
10.2
31.1
31.2
32
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  RAYMOND JAMES FINANCIAL, INC.
  (Registrant)
   
Date:May 8, 2023 /s/ Paul C. Reilly
  Paul C. Reilly
  Chair and Chief Executive Officer
   
Date:May 8, 2023 /s/ Paul M. Shoukry
  Paul M. Shoukry
  Chief Financial Officer
97

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