RJF, as a bank holding company and financial holding company, as well as Raymond James Bank, TriState Capital Bank, our broker-dealer subsidiaries and our trust subsidiaries are subject to capital requirements by various regulatory authorities. Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements. Failure to meet applicable capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial results.

As a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”), that has made an election to be a financial holding company, RJF is subject to supervision, examination, and regulation by the Board of Governors of the Federal Reserve System (“the Fed”). We are subject to the Fed’s capital rules which establish an integrated regulatory capital framework and implement, in the U.S., the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. We apply the standardized approach for calculating risk-weighted assets and are also subject to the market risk provisions of the Fed’s capital rules (“market risk rule”).

Under these rules, requirements are established for both the quantity and quality of capital held by banking organizations. RJF, Raymond James Bank, and TriState Capital Bank are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, common equity tier 1 (“CET1”) capital, and total capital to risk-weighted assets. These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make certain discretionary bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. As of June 30, 2025, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.” For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 24 of our 2024 Form 10-K.


	Required ratio (1)		Well-capitalized		June 30, 2025				September 30, 2024
$ in millions					Ratio		Amount		Ratio		Amount
RJF:
Tier 1 leverage	4.0	%	N/A (2)		13.1	%	$	10,957	12.8	%	$	10,383
Tier 1 capital	8.5	%	6.0	%	22.9	%	$	10,957	22.8	%	$	10,383
CET1 capital	7.0	%	N/A (2)		22.7	%	$	10,882	22.6	%	$	10,307
Total capital	10.5	%	10.0	%	24.2	%	$	11,575	24.1	%	$	11,001

As of June 30, 2025, RJF’s regulatory capital increased compared with September 30, 2024 driven by an increase in equity due to positive earnings, partially offset by share repurchases and dividends. RJF’s tier 1 capital and total capital ratios increased compared with September 30, 2024 resulting from the increase in regulatory capital, partially offset by an increase in risk-weighted assets largely due to an increase in bank loans. RJF’s tier 1 leverage ratio at June 30, 2025 increased compared to September 30, 2024 due to the increase in regulatory capital, which was partially offset by higher average assets. The increase

For RJF to maintain its status as a financial holding company, Raymond James Bank and TriState Capital Bank must, among other things, qualify as “well-capitalized.” The following table presents regulatory capital ratio requirements for RJB and TSC as of June 30, 2025 and September 30, 2024. Our banks’ failure to remain well-capitalized could result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material effect on our financial statements.


	Required ratio (1)		Well-capitalized		June 30, 2025				September 30, 2024
$ in millions					Ratio		Amount		Ratio		Amount
Raymond James Bank:
Tier 1 leverage	4.0	%	5.0	%	8.1	%	$	3,427	8.1	%	$	3,401
Tier 1 capital	8.5	%	8.0	%	14.0	%	$	3,427	14.4	%	$	3,401
CET1 capital	7.0	%	6.5	%	14.0	%	$	3,427	14.4	%	$	3,401
Total capital	10.5	%	10.0	%	15.2	%	$	3,735	15.7	%	$	3,698
TriState Capital Bank:
Tier 1 leverage	4.0	%	5.0	%	7.5	%	$	1,616	7.5	%	$	1,505
Tier 1 capital	8.5	%	8.0	%	17.0	%	$	1,616	16.9	%	$	1,505
CET1 capital	7.0	%	6.5	%	17.0	%	$	1,616	16.9	%	$	1,505
Total capital	10.5	%	10.0	%	17.7	%	$	1,679	17.5	%	$	1,558

Our bank subsidiaries may pay dividends to RJF out of retained earnings without prior approval of their regulators as long as the dividends do not exceed the sum of their current calendar year and the previous two calendar years’ retained net income and they satisfy applicable regulatory capital requirements. Dividends paid to RJF from our bank subsidiaries may be limited to the extent that capital is needed to support balance sheet growth or as part of our liquidity and capital management activities.