
	June 30, 2025					September 30, 2024
$ in millions	Weighted-average interest rate		Maturity date	Balance		Weighted-average interest rate		Maturity date	Balance
FHLB advances:
Floating rate - term	4.68	%	September 2025 - December 2026	$	550	5.14	%	March 2025 - December 2025	$	650

Fixed rate	4.10	%	December 2028	200		4.47	%	December 2024 - December 2028	300
Total FHLB advances				750					950
Subordinated notes - fixed-to-floating (including an unaccreted premium of $1 and $1, respectively)	9.95	%	May 2030	99		5.75	%	May 2030	99
Total other borrowings				$	849				$	1,049

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

As of June 30, 2025, we had subordinated notes due May 2030 outstanding, with an aggregate principal amount of $98 million and a carrying value of $99 million. Our subordinated notes incurred interest at a fixed rate of 5.75% until May 15, 2025 and thereafter at a variable interest rate equal to 3-month CME Term Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment of 5.62% per annum. In July 2025, we notified holders of the subordinated notes of our intent to redeem all such subordinated notes on August 15, 2025 (the “Redemption Date”), pursuant to the applicable indenture provisions. The subordinated notes will be redeemed at 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the Redemption Date. The redemption of the subordinated notes will not have a material impact on our results for our fiscal fourth quarter of 2025.

RJF and RJ&A are parties to a revolving credit facility agreement (the “Credit Facility”), a committed unsecured line of credit under which either RJ&A or RJF have the ability to borrow. The Credit Facility has a term through April 2028 and provides for maximum borrowings of up to $750 million. The interest rates on borrowings under the Credit Facility are variable and based on SOFR, as adjusted for RJF’s credit rating. There were no borrowings outstanding on the Credit Facility as of June 30, 2025 or September 30, 2024. There is a facility fee associated with the Credit Facility, which also varies with RJF’s credit rating (the “Variable Rate Facility Fee”). Based upon RJF’s credit rating as of June 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 period were generally day-to-day and there were no borrowings outstanding on these arrangements as of June 30, 2025 or September 30, 2024. The interest rates for these arrangements are variable and are based on a daily bank quoted rate, which may reference SOFR, the federal funds rate, a lender’s prime rate, the Canadian prime rate or another commercially available rate, as applicable.

A portion of our fixed income transactions are cleared through a third-party clearing organization, which provides financing for the purchase of trading instruments to support such transactions. The amount of financing is based on the amount of trading inventory financed, as well as any deposits held at the clearing organization. Amounts outstanding under this financing arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates. While we had borrowings outstanding as of June 30, 2025, the clearing organization is under no contractual obligation to lend to us under this arrangement. We also have other collateralized financings included in “Collateralized financings” on our Consolidated Statements of Financial Condition. See Note 6 for information regarding our other collateralized financing arrangements.