# RAYMOND JAMES & ASSOCIATES, INC. X-17A-5 (2025-11-25) — Broker-dealer annual report - Company: RAYMOND JAMES & ASSOCIATES, INC. - Form: X-17A-5 - Filed: 2025-11-25 - Period: 2025-09-30 - Accession: 0000724743-25-000046 - CIK: 724743 - File #: 8-10999 - Type: Broker-dealer - Material weakness: No - Auditor: KPMG - Auditor location: Charlotte, NC - Contact: Allyssa DeLeon - Phone: 727-567-4394 - Signed by: Allyssa DeLeon (Principal Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/724743/000072474325000046/RJASOFC.pdf --- {0}------------------------------------------------ Raymond James & Associates, Inc. # **STATEMENT OF FINANCIAL CONDITION** (Audited) September 30, 2025 {1}------------------------------------------------ #### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL REPORTS FORM X-17A-5 | OMB APPROVAL | | | | | | |--------------------------|---------------|--|--|--|--| | OMB Number: | 3235-0123 | | | | | | Expires: | Nov. 30. 2026 | | | | | | Estimated average burden | | | | | | | hours per response: | 12 | | | | | # PART III | | SEC FILE NUMBER | |---------|-----------------| | 8-10999 | | FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | A. REGISTRANT IDENTIFICATION
Raymond James & Associates, Inc.
NAME OF FIRM:
TYPE OF REGISTRANT (check all applicable boxes):
□ Security-based swap dealer
& Broker-dealer
□ Check here if respondent is also an OTC derivatives dealer
ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. box no.)
(No. and Street)
Florida
33716
(State)
(Zip Code)
(City)
PERSON TO CONTACT IN REGARD TO THIS FILING
727-567-1000
Allyssa DeLeon
(Area Code - Telephone Number)
(Email Address)
(Name)
B. ACCOUNTANT IDENTIFICATION
(Name - if individual, state last, first, middle name)
North
Charlotte
Carolina
(Address)
(City)
(State) | 10/01/2024
AND ENDING
09/30/2025 | FILING FOR THE PERIOD BEGINNING | | | | | | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|---------------------------------|--|--|--|--|--|--| | | MM/DD/YY
MM/DD/YY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Saint Petersburg
INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
KPMG LLP | | 880 Carillon Parkway | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | allyssa.deleon(a)raymondjames.com | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 28202 | 620 S Tryon Street Suite 1000 | | | | | | | | | (Zip Code) | | | | | | | | | 10/20/2003
185 | | | | | | | | | | (Date of Registration with PCAOB, if applicable)
(PCAOB Registration Number, if applicable) | | | | | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION I, Allyssa DeLeon, officer of Raymond James & Associates, Inc., swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Raymond James & Associates, Inc., as of September 30, 2025, is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. TIM FOOTLICK Notary Public - State of Florida Commission # HH 580471 My Comm. Expires Sep 29, 2028 Bonded through National Notary Assn. Signature: Title: Principal Financial Officer Notary Public #### This filing\*\* contains (check all applicable boxes): - IZI (a) Statement of financial condition. - [ (b) Notes to consolidated statement of financial condition. - 口 (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - O (d) Statement of cash flows. - [ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - O (g) Notes to consolidated financial statements. - O (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - [i) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - O (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit A to 17 CFR 240.18a-4, as applicable. - (1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - Q (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net angible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist - O (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition - (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - Q (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ (s) Exemption report in accordance with 17 CFR 240.18a-7, as applicable. - 🇿 (t) Independent public accountant's report based on an examination of financial condition. - □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - [ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable - □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.174-12, as applicable. - [] (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - □ (z) Other: \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.18a-7(d)(2), as applicable. {3}------------------------------------------------ #### RAYMOND JAMES & ASSOCIATES, INC. (a wholly owned subsidiary of Raymond James Financial, Inc.) ## STATEMENT OF FINANCIAL CONDITION September 30, 2025 #### SUMMARY OF CONTENTS - A. Officer Certification and Oath or Affirmation - B. - C. - Notes to Statement of Financial Condition D. {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) KPMG LLP Suite 1000 620 S. Tryon Street Charlotte, North Carolina 28202-1842 ## **Report of Independent Registered Public Accounting Firm** To the Stockholder and Board of Directors Raymond James & Associates, Inc.: #### *Opinion on the Financial Statement* We have audited the accompanying statement of financial condition of Raymond James & Associates, Inc. (the Company) as of September 30, 2025, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of September 30, 2025, in conformity with U.S. generally accepted accounting principles. #### *Basis for Opinion* This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. ![](_page_4_Picture_9.jpeg) We have served as the Company's auditor since 2001. Charlotte, North Carolina November 25, 2025 {5}------------------------------------------------ #### RAYMOND JAMES & ASSOCIATES, INC. (a wholly owned subsidiary of Raymond James Financial, Inc.) #### STATEMENT OF FINANCIAL CONDITION | \$ in millions, except per share amount | | September 30, 2025 | |-----------------------------------------------------------------------------------------------------|-----|--------------------| | Assets: | | | | Cash and cash equivalents | ಕಿತ | 2,654 | | Assets segregated for regulatory purposes | | 1,004 | | Collateralized agreements | | 670 | | Financial instruments, at fair value: | | | | Trading assets (\$443 pledged as collateral) | | 689 | | Derivative assets | | | | Other investments (\$8 pledged as collateral) | | 72 | | Brokerage client receivables, net | | 2,431 | | Receivables from brokers, dealers and clearing organizations, net | | 247 | | Other receivables, net | | 621 | | Loans to financial advisors, net | | 1,137 | | Property and equipment, net | | 457 | | Deferred income taxes, net | | 186 | | Goodwill and identifiable intangible assets, net | | 324 | | Right-of-use lease assets | | 468 | | Other assets | | 323 | | Total assets | S | 11,284 | | | | | | Liabilities and stockholder's equity: | | | | Collateralized financings | ಕಿತ | 1,111 | | Financial instrument liabilities, at fair value: | | | | Trading liabilities | | 212 | | Derivative liabilities | | 2 | | Brokerage client payables | | 2,625 | | Payables to brokers, dealers and clearing organizations | | 211 | | Accrued compensation, commissions and benefits | | 837 | | Loans and payables to affiliates, net | | 1,426 | | Lease liabilities | | 406 | | Other payables | | 433 | | Total liabilities | | 7,263 | | Commitments and contingencies (see Note 14) | | | | Stockholder's equity: | | | | Common stock; \$.10 par value; 4,000,000 shares authorized; 1,083,500 shares issued and outstanding | | | | Additional paid-in capital | | 1,737 | | Retained earnings | | 2,284 | | Total stockholder's equity | | 4,021 | | Total liabilities and stockholder's equity | S | 11,284 | See accompanying Notes to Statement of Financial Condition. {6}------------------------------------------------ #### RAYMOND JAMES & ASSOCIATES, INC. (a wholly owned subsidiary of Raymond James Financial, Inc.) #### NOTES TO STATEMENT OF FINANCIAL CONDITION September 30, 2025 #### NOTE 1-ORGANIZATION AND BASIS OF PRESENTATION #### Organization Raymond James & Associates, Inc. ("RI&A," "we," "us," or the "firm"), a wholly owned subsidiary of Raymond James Financial, Inc. ("RJF" or "Parent"), is engaged in various financial services activities, including investment management services to retail and institutional clients, merger & acquisition and advisory services, the underwriting, distribution, trading and brokerage of equity and debt securities, the sale of mutual funds and other investment products, and clearing services including for Raymond James Financial Services, Inc. ("RJFS"), a wholly owned subsidiary of RFF, and unaffiliated broker-dealers and independent registered investment advisers. RJ&A is registered with the Securities and Exchange Commission ("SEC") and is registered as a Municipal Securities Rulemaking Board. We are a member of the Financial Industry Regulatory ("FINRA"), National Futures Association ("NFA") and various exchanges. Through our membership in the NFA, we are regulated by the Commodity Futures Trading Commission ("CFTC"). #### Basis of presentation #### Accounting estimates and assumptions We conform to our Parent's fiscal year end of September 30. The Statement of Financial Condition in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP") requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Statement of Financial Condition. Actual results could differ from those estimates and could have a material impact on the Statement of Financial Condition #### NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Accounting guidance recently adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued amended guidance related to disclosures for segment reporting (Accounting Standards Update 2023-07). The amendment requires a public entity to disclose on an annual and interim basis, for each reportable segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss. The guidance also requires a public entity to disclose, for each reportable segment items (those not captured as a significant expense) and the reported measure of a segment's profit or loss. We adopted this guidance on a retrospective bass as of October 1, 2024. Since this amendment only requires additional disclosures, adoption did not have an impact on our financial position, results of operations, or cash flows. Refer to the "Segment information" section of this footnote for additional disclosures required by this guidance. #### Cash and cash equivalents Our cash equivalents include money market funds or highly liquid investments with maturities of three months or less as of our date of purchase, other than those held for trading purposes. {7}------------------------------------------------ *). -.).. 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Notes to Statement of Financial Condition ## NOTE 3 – FAIR VALUE Our "Financial instruments" and "Financial instrument liabilities" on our Statement of Financial Condition are recorded at fair value. For further information about such instruments and our significant accounting policies related to fair value, see Note 2. The following table presents 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 Statement of Financial Condition. See Note 4 for additional information. | \$ in millions | | Level 1 | | Level 2 | | Level 3 | Netting
adjustments | | Balance as of
September 30,
2025 | | |------------------------------------------------------------------------------------------------------------------------------------|----|---------|------|---------|------|---------|------------------------|--------|----------------------------------------|--| | Assets at fair value on a recurring basis: | | | | | | | | | | | | Trading assets: | | | | | | | | | | | | Municipal obligations | ತಿ | | ಕಿ | 248 | S | | S | ಕಿತ | 248 | | | Corporate obligations | | 4 | | 28 | | | | | 32 | | | Government and agency obligations | | 2 | | 107 | | | | | 109 | | | Agency mortgage-backed securities ("MBS"),
collateralized mortgage obligations ("CMOs"), and
asset-backed securities ("ABS") | | | | 231 | | | | | 231 | | | Non-agency CMOs and ABS | | | | 36 | | | | | 36 | | | Total debt securities | | 6 | | 650 | | | | | 656 | | | Equity securities | | 10 | | | | | | | 10 | | | Brokered certificates of deposit | | | | 19 | | | | | 19 | | | Other | | | | | | 4 | | | 4 | | | Total trading assets | | 16 | | (રજતે | | 4 | | | 689 | | | Derivative assets - interest rate | | 2 | | | | | (1) | | l | | | All other investments - government and agency
obligations (1) | | 72 | | | | | | | 72 | | | Other assets - client-owned fractional shares | | 171 | | | | | | | 171 | | | Total assets at fair value on a recurring basis | B | 261 | ਦਿੱ | 669 | క్ | ব | ಕ | (1) \$ | 933 | | | Liabilities at fair value on a recurring basis:
Trading liabilities: | | | | | | | | | | | | Corporate obligations | ಕಿ | | S | 9 | ಕ | | ತಿ | ಕಿತ | 9 | | | Government and agency obligations | | 144 | | | | | | | 144 | | | Agency MBS and CMOs | | | | 42 | | | | | 42 | | | Total debt securities | | 144 | | રી | | | | | l તેર | | | Equity securities | | 17 | | | | | | | 17 | | | Total trading liabilities | | 161 | | 21 | | | | | 212 | | | Derivative liabilities: | | | | | | | | | | | | Interest rate | | 2 | | | | | (2) | | | | | Other | | | | | | 2 | | | 2 | | | Total derivative liabilities | | 2 | | | | 2 | (2) | | 2 | | | Other payables - repurchase liabilities related to client-
owned fractional shares | | 171 | | | | | | | 171 | | | Total liabilities at fair value on a recurring basis | S | 334 | ಕ್ಕಾ | 51 | ક્કિ | 2 | ક્ષ્મે
(2) | ಕ್ಕಾ | 385 | | (1) These assets are comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations. {15}------------------------------------------------ *). -.).. ' (.)!\$((\$&)(\$.\$)(* #### **"5F57619BF1DC** \*96 7@==@H:?8E23=6AC6D6?EDE96492?86D:? 72:CG2=F6 7@C#6G6=2DD6ED2?5=:23:=:E:6D>62DFC652E 72:CG2=F6@?2 C64FCC:?8 32D:D | /51B5>454)5@D5=25B
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| #62D6=:23:=:E:6D2D@7)6AE6>36C 6I4=F565->:==:@?@7>:?:>F>=62D6A2J>6?EDC6=2E65E@=62D62CC2?86>6?EDE92E H6C6=682==J3:?5:?83FE925?@EJ6E4@>>6?465\*96D6=62D6D2C66DE:>2E65E@4@>>6?46:?7:D42=J62C H:E9=62D6E6C>D C2?8:?87C@>E@J62CD #### **\$%\* K("\*&(\*/\*(\$)\*%\$)** 'FCDF2?EE@ 7@C>2= 4=62C:?8 28C66>6?ED H6 4=62CEC256D 7@C 277:=:2E65 6?E:E:6D :?4=F5:?8(")-6 4@?7:C> D64FC:E:6DEC256D AC@46DDD64FC:E:6D>@G6>6?ED C64@C5EC2?D24E:@?DH:E94=:6?ED:?E96:C244@F?ED2?54@==64ED64FC:E:6D4@>>:DD:@?D@?3692=7@7 DF49277:=:2E6D (646:G23=6D7C@>277:=:2E6D@7->:==:@?2C6:?4=F565:?N&E96CC646:G23=6D ?6EO@?@FC)E2E6>6?E@7:?2?4:2=@?5:E:@?2E )6AE6>36C E)6AE6>36C ("925AFC492D65->:==:@?@7C646:G23=6DC6=2E65E@EC2:=:?84@>>:DD:@?D 7C@> >FEF2= 7F?5D 2?5 2??F:EJ AC@5F4ED 7C@> (") H9:49 2C6 C64@C565 :? N&E96C C646:G23=6D ?6EO @? E96 )E2E6>6?E @7 :?2?4:2=@?5:E:@? &7 E96 E@E2= - 3:==:@? N#@2?D 2?5 A2J23=6D E@ 277:=:2E6D ?6EO 32=2?46 @? @FC )E2E6>6?E @7 :?2?4:2= @?5:E:@? 2E )6AE6>36C - 3:==:@? C6=2E65E@ 2?:?E6C4@>A2?J=@2?E@ @FC '2C6?E H9:49 H6 92G6:?G6DE65:? 42D9 2?5 42D9 6BF:G2=6?ED @?:ED 3692=7 @C @E96CH:D6 56A=@J65:? @FC ?@C>2= 3FD:?6DD 24E:G:E:6D \*96 C6>2:?:?8 32=2?46:?4=F56D 2>@F?ED A2J23=67@CC6=2E65A2CEJEC2?D24E:@?D4@?5F4E65:?E96?@C>2=4@FCD6@73FD:?6DD \*96C6=2E65A2CEJEC2?D24E:@?DE92E8:G6C:D6E@E96D6C646:G23=6D2?5A2J23=6D2C6D6EE=65>@?E9=JH:E942D9EC2?D76CDH:E9E96 6I46AE:@?@7:?E6C4@>A2?J=@2?D {21}------------------------------------------------ ## RAYMOND JAMES & ASSOCIATES, INC. Notes to Statement of Financial Condition #### NOTE 12 - OTHER BORROWINGS #### Secured and unsecured financing arrangements RJF and RJ&A are parties to a revolving credit facility agreement (the "Credit Facility"), a committed unsecured line of credit under which both RJ&A and RJF have the ability to borrow. In September 2025, we amended the Credit Facility, extending the term to September 2030, increasing the borrowing capacity to \$1 billion, and incorporating a lower cost of borrowing under the Credity. The interest rates on borrowings under the Credit Facility are variable and based on the Secured Overnight Financing Rate ("SOFR"), as adjusted for RJF's credit rating. There were no borrowings outstanding on the Credit Facility as of September 30, 2025. There is a facility fee associated with the Credit Facility, which also varies with RJF's credit rating (the "Variable Rate Facility Fee"). Based upon RJF's credit rating as of September 30, 2025, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125% per annum. In addition to the Credit Facility, we maintain various secured and unsecured lines of credit, which are generally utilized to finance certain fixed income trading instruments or for cash management purposes. Borrowings during the year were generally day to day and there were no borrowings outstanding on these arrangements as of September 30, 2025. The interest rates for these arrangements are variable and are based on a daily bank quoted rate, which may reference SOFR, the federal funds rate, a lender's prime rate, or another commercially available rate, as applicable. We also have other collateralized financings included financings" on our Statement of Financial Condition. See Note 5 for information regarding our other collateralized financing arrangements. #### NOTE 13-INCOME TAXES For a discussion of our income tax accounting policies and other income tax-related information see Note 2. #### Income taxes The cumulative effects of temporary differences that give rise to significant portions of the deferred tax asset/(liability) items are detailed in the following table. | \$ in millions | September 30, 2025 | | |---------------------------------------------|--------------------|-------| | Deferred tax assets: | | | | Deferred compensation | S | 178 | | Lease liabilities | | 104 | | Property and equipment | | 47 | | Accrued expenses | | 25 | | Allowance for credit losses | | 10 | | Other | | 3 | | Total deferred tax assets | | 367 | | Deferred tax liabilities: | | | | ROU lease assets | | (120) | | Goodwill and identifiable intangible assets | | (61) | | Total deferred tax liabilities | | (181) | | Deferred income taxes, net | S | 186 | Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Statement of Financial Condition. Deferred income tax assets are subject to a valuation allowance if, in management's opinion, it is more likely than not that these benefits will not be realized. As of September 30, 2025, total deferred tax assets, aggregated to \$367 million and solely related to federal and state jurisdictions. We continue to believe that the realization of our deferred tax assets is more likely than not based on expectations of future taxable income, and the ability to net future losses against the company's future taxable income or the future taxable income of the affiliated group in accordance with the tax sharing agreement. As a result, our deferred tax asset required no valuation allowance at September 30, 2025. {22}------------------------------------------------ *). -.).. 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BF2=:7:65D2G:?8D2?5DE@4<:?46?E:G6A=2?D @7("("2==@42E6DE964@DE@7AC@G:5:?8E96D6A=2?DE@("32D65@?24EF2=4@DEA6C6>A=@J66 \*96 AC@7:E D92C:?8 A=2? 2?5 6>A=@J66 DE@4< @H?6CD9:A A=2? 2C6 BF2=:7:65 A=2?D E92E AC@G:56 46CE2:? 562E9 5:D23:=:EJ @C C6E:C6>6?E36?67:ED7@C2==6>A=@J66DH9@>66E46CE2:?D6CG:46C6BF:C6>6?ED\*96A=2?D2C6?@?4@?EC:3FE@CJ2?54@?EC:3FE:@?D 3J(" :72?J 2C656E6C>:?652??F2==J3J("PD@2C5@7:C64E@CD @C24@>>:EE66E96C6@7 @?25:D4C6E:@?2CJ32D:D6?67:ED 364@>6 7F==J G6DE65 27E6C 7:G6 J62CD @7 BF2=:7:65 D6CG:46 286 @C :7 2 A2CE:4:A2?E D6A2C2E6D 7C@> D6CG:46 5F6 E@ 562E9 @C 5:D23:=:EJ (" A2CE:4:A2E6D :? ("PD < A=2? H9:49 :D 2 BF2=:7:65 A=2? E92E >2J AC@G:56 7@C 2 5:D4C6E:@?2CJ 4@?EC:3FE:@? @C 2 >2E49:?84@?EC:3FE:@?6249J62C\$2E49:?84@?EC:3FE:@?D2C6@7E96 7:CDE- 2?5@7E96?6IE- @76=:8:3=6 4@>A6?D2E:@?5676CC653J6249A2CE:4:A2?E2??F2==J \*96 #\*!' :D 2 ?@? BF2=:7:65 5676CC65 4@>A6?D2E:@? A=2? E92E AC@G:56D 36?67:ED E@ 46CE2:? 6>A=@J66D H9@ >66E 46CE2:? 4@>A6?D2E:@?@CAC@5F4E:@?C6BF:C6>6?ED @?EC:3FE:@?DE@E96BF2=:7:65A=2?D2?5E96#\*!'2C62AAC@G652??F2==J3J("PD@2C5@7:C64E@CD@C24@>>:EE66E96C6@7 ("PD,':D2?@? BF2=:7:655676CC654@>A6?D2E:@?A=2?7@C46CE2:?6>A=@J66D :?H9:496=:8:3=6A2CE:4:A2?ED>2J6=64EE@ 5676C2A6C46?E286@CDA64:7:45@==2C2>@F?E@7E96:C4@>A6?D2E:@? #### **)81B521C543?=@5>C1D9?>@<1>C** +?56C("PDDE@4<:?46?E:G6A=2? 46CE2:?("6>A=@J66D>2J368C2?E65()+D #### *'\*&)2 -.)%\*/,#- \*&(* \*966>A=@J66DE@4A=@J66DE@A6C:@5:42==JAFC492D6("PD4@>>@?DE@4<2E25:D4@F?E)92C6 AFC492D6D:? 2?J 42=6?52C J62C 2C6=:>:E65E@E96=6DD6C @7 D92C6D @C D92C6DH:E9 2 72:C>2C<6E G2=F6 @7 - \*96 AFC492D6AC:46@7E96DE@4<:D@7E962G6C2869:892?5=@H>2C<6ED92C6AC:46@?E9652JAC:@CE@E96AFC492D652E6 {24}------------------------------------------------ ## RAYMOND JAMES & ASSOCIATES, INC. Notes to Statement of Financial Condition #### NOTE 16-NET CAPITAL REQUIREMENTS As a registered broker-dealer, we are subject to the Uniform Net Capital Rule ("Rule 15c3-1") under the Securities Exchange Act of 1934. As a member firm of FINRA and as an introducing broker registered with the NFA, we are subject to FINRA's and the CFTC's capital requirements, respectively, both of which are substantially the same as Rule 15c3-1. Rule 15c3-1 provides for an "alternative net capital requirement," which we have elected. Regulations require that minimum net capital, as defined, be equal to the greater of \$1.5 million or 2% of aggregate debit items arising from client balances. FINRA may impose certain restricting withdrawals of equity capital, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements. As of September 30, 2025, we had excess net capital available to remit dividends to RJF, some of which may be remitted without prior regulatory approval and the remainder may be remitted in conformity with all required regulatory rules or approvals. The following table presents our net capital position. | S in millions | | September 30, 2025 | |---------------------------------------------------|---|--------------------| | (Alternative Method elected) | | | | Net capital as a percent of aggregate debit items | | 30.3 % | | Net capital | S | 1.030 | | Less: required net capital | | (68) | | Excess net capital | | 962 | #### NOTE 17 - SUBSEQUENT EVENTS The firm has evaluated subsequent events from the balance sheet date through November 25, 2025, the date at which the Statement of Financial Condition was available to be issued. {25}------------------------------------------------ INTERNATIONAL HEADQUARTERS: THE RAYMOND JAMES FINANCIAL CENTER 880 CARILLON PARKWAY // ST. PETERSBURG, FL 33716 // 800.248.8863 LIFEWELLPLANNED.COM © 2019 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Raymond James® is a registered trademark of Raymond James Financial, Inc. 2025 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.