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 March 31, 2026, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.” For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 23 of our 2025 Form 10-K.


	Required ratio (1)		Well-capitalized		March 31, 2026				September 30, 2025
$ in millions					Ratio		Amount		Ratio		Amount
RJF:
Tier 1 leverage	4.0	%	N/A (2)		12.4	%	$	11,044	13.1	%	$	11,156
Tier 1 capital	8.5	%	6.0	%	22.9	%	$	11,044	23.0	%	$	11,156
CET1 capital	7.0	%	N/A (2)		22.9	%	$	11,044	22.9	%	$	11,081
Total capital	10.5	%	10.0	%	24.0	%	$	11,568	24.1	%	$	11,687

As of March 31, 2026, RJF’s regulatory capital decreased compared with September 30, 2025, primarily due to share repurchases, dividends, goodwill and intangible assets arising from the GreensLedge acquisition (see Note 3 for further information), and the redemption of our Series B preferred shares, partially offset by positive earnings. RJF’s tier 1 capital and total capital ratios decreased slightly compared with September 30, 2025 resulting from the decrease in regulatory capital, partially offset by the impact of a decrease in risk-weighted assets. RJF’s tier 1 leverage ratio at March 31, 2026 decreased compared to September 30, 2025 due to an increase in average assets and the decrease in regulatory capital. The increase in average assets was primarily driven by increases in average bank loans.

For RJF to maintain its status as a financial holding company, Raymond James Bank and TriState Capital Bank must, among other things, qualify as “well-capitalized.” The following table presents regulatory capital ratio requirements for RJB and TSC as of March 31, 2026 and September 30, 2025. Our banks’ failure to remain well-capitalized could result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material effect on our financial statements.


	Required ratio (1)		Well-capitalized		March 31, 2026				September 30, 2025
$ in millions					Ratio		Amount		Ratio		Amount
Raymond James Bank:
Tier 1 leverage	4.0	%	5.0	%	8.1	%	$	3,580	8.0	%	$	3,434
Tier 1 capital	8.5	%	8.0	%	14.5	%	$	3,580	13.9	%	$	3,434
CET1 capital	7.0	%	6.5	%	14.5	%	$	3,580	13.9	%	$	3,434
Total capital	10.5	%	10.0	%	15.8	%	$	3,890	15.2	%	$	3,743
TriState Capital Bank:
Tier 1 leverage	4.0	%	5.0	%	7.4	%	$	1,750	7.6	%	$	1,661
Tier 1 capital	8.5	%	8.0	%	18.6	%	$	1,750	16.8	%	$	1,661
CET1 capital	7.0	%	6.5	%	18.6	%	$	1,750	16.8	%	$	1,661
Total capital	10.5	%	10.0	%	19.3	%	$	1,817	17.5	%	$	1,732

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.