Quarterly Report (10-q)

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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, 2022


☐			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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	RJF	New 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 filer	x	Accelerated 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.

208,249,432 shares of common stock as of May 5, 2022

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	9
	Note 3 - Acquisitions	9
	Note 4 - Fair value	11
	Note 5 - Available-for-sale securities	16
	Note 6 - Derivative assets and derivative liabilities	18
	Note 7 - Collateralized agreements and financings	20
	Note 8 - Bank loans, net	22
	Note 9 - Loans to financial advisors, net	29
	Note 10 - Variable interest entities	29
	Note 11 - Goodwill and identifiable intangible assets, net	31
	Note 12 - Other assets	31
	Note 13 - Leases	32
	Note 14 - Bank deposits	32

	Note 15 - Income taxes	33
	Note 16 - Commitments, contingencies and guarantees	34
	Note 17 - Accumulated other comprehensive income/(loss)	36
	Note 18 - Revenues	37
	Note 19 - Interest income and interest expense	41
	Note 20 - Share-based compensation	41
	Note 21 - Regulatory capital requirements	42
	Note 22 - Earnings per share	44
	Note 23 - Segment information	45
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	86
Item 4.	Controls and Procedures	86
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	86
Item 1A.	Risk Factors	86
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	87
Item 3.	Defaults Upon Senior Securities	87
Item 4.	Mine Safety Disclosures	87
Item 5.	Other Information	87
Item 6.	Exhibits	88
	Signatures	88

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 amounts	March 31, 2022		September 30, 2021
Assets:
Cash and cash equivalents	$	5,715	$	7,201
Assets segregated for regulatory purposes and restricted cash ($10,394 and $2,100 at fair value)	19,531		11,348
Collateralized agreements	571		480
Financial instruments, at fair value:
Trading assets ($225 and $326 pledged as collateral)	475		610
Available-for-sale securities ($28 and $20 pledged as collateral)	8,815		8,315
Derivative assets	183		255
Other investments ($22 and $22 pledged as collateral)	407		357
Brokerage client receivables, net	3,169		2,831
Other receivables, net	1,373		999
Bank loans, net	27,883		24,994
Loans to financial advisors, net	1,124		1,057
Deferred income taxes, net	412		305
Goodwill and identifiable intangible assets, net	1,110		882
Other assets	2,333		2,257
Total assets	$	73,101	$	61,891

Liabilities and shareholders’ equity:
Bank deposits	$	34,685	$	32,495
Collateralized financings	425		277
Financial instrument liabilities, at fair value:
Trading liabilities	186		176
Derivative liabilities	271		228
Brokerage client payables	22,697		13,991
Accrued compensation, commissions and benefits	1,573		1,825
Other payables	1,762		1,701
Other borrowings	856		858
Senior notes payable	2,037		2,037
Total liabilities	64,492		53,588
Commitments and contingencies (see Note 16)
Shareholders’ equity
Preferred stock; $.10 par value; 10,000,000 shares authorized; -0- shares issued and outstanding	—		—
Common stock; $.01 par value; 650,000,000 shares authorized, 239,295,583 shares issued, and 207,897,379 shares outstanding as of March 31, 2022; 350,000,000 shares authorized, 239,062,254 shares issued, and 205,738,821 shares outstanding as of September 30, 2021	2		2
Additional paid-in capital	2,093		2,088
Retained earnings	8,256		7,633
Treasury stock, at cost; 31,398,204 and 33,323,433 common shares as of March 31, 2022 and September 30, 2021, respectively	(1,360)		(1,437)
Accumulated other comprehensive loss	(389)		(41)
Total equity attributable to Raymond James Financial, Inc.	8,602		8,245
Noncontrolling interests	7		58
Total shareholders’ equity	8,609		8,303
Total liabilities and shareholders’ equity	$	73,101	$	61,891

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

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 amounts	2022		2021		2022		2021
Revenues:
Asset management and related administrative fees	$	1,464	$	1,173	$	2,846	$	2,240
Brokerage revenues:
Securities commissions	422		443		847		824
Principal transactions	142		148		275		295
Total brokerage revenues	564		591		1,122		1,119
Account and service fees	179		159		356		304
Investment banking	235		242		660		503
Interest income	242		200		467		403
Other	27		44		78		100
Total revenues	2,711		2,409		5,529		4,669
Interest expense	(38)		(37)		(75)		(75)
Net revenues	2,673		2,372		5,454		4,594
Non-interest expenses:
Compensation, commissions and benefits	1,852		1,648		3,736		3,148
Non-compensation expenses:
Communications and information processing	127		107		239		206
Occupancy and equipment	62		57		121		114
Business development	34		21		69		44
Investment sub-advisory fees	40		31		78		59
Professional fees	22		24		48		54
Bank loan provision/(benefit) for credit losses	21		(32)		10		(18)

Acquisition-related expenses	11		—		17		2

Other	71		69		145		139
Total non-compensation expenses	388		277		727		600
Total non-interest expenses	2,240		1,925		4,463		3,748
Pre-tax income	433		447		991		846
Provision for income taxes	110		92		222		179
Net income	$	323	$	355	$	769	$	667

Earnings per common share – basic	$	1.56	$	1.72	$	3.71	$	3.23
Earnings per common share – diluted	$	1.52	$	1.68	$	3.61	$	3.16
Weighted-average common shares outstanding – basic	207.7		206.7		207.0		206.0
Weighted-average common and common equivalent shares outstanding – diluted	213.0		211.8		212.6		210.6

Net income	$	323	$	355	$	769	$	667
Other comprehensive income/(loss), net of tax:
Available-for-sale securities	(320)		(76)		(375)		(93)
Currency translations, net of the impact of net investment hedges	(11)		2		(11)		20
Cash flow hedges	29		19		38		24
Total other comprehensive loss, net of tax	(302)		(55)		(348)		(49)
Total comprehensive income	$	21	$	300	$	421	$	618

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

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 amounts	2022		2021		2022		2021
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	2,055		1,996		2,088		2,007
Employee stock purchases	14		9		22		15
Distributions due to vesting of restricted stock units and exercise of stock options, net of forfeitures	(17)		(7)		(122)		(66)
Share-based compensation amortization	41		30		105		72

Balance end of period	2,093		2,028		2,093		2,028

Retained earnings:
Balance beginning of period	8,003		6,702		7,633		6,484
Cumulative adjustments for changes in accounting principles	—		—		—		(35)
Net income attributable to Raymond James Financial, Inc.	323		355		769		667
Cash dividends declared (see Note 22)	(70)		(53)		(146)		(112)

Balance end of period	8,256		7,004		8,256		7,004

Treasury stock:
Balance beginning of period	(1,373)		(1,354)		(1,437)		(1,390)
Purchases/surrenders	—		(61)		(10)		(79)
Reissuances due to vesting of restricted stock units and exercise of stock options	13		11		87		65
Balance end of period	(1,360)		(1,404)		(1,360)		(1,404)

Accumulated other comprehensive income/(loss):
Balance beginning of period	(87)		17		(41)		11
Other comprehensive income/(loss), net of tax	(302)		(55)		(348)		(49)

Balance end of period	(389)		(38)		(389)		(38)
Total equity attributable to Raymond James Financial, Inc.	$	8,602	$	7,592	$	8,602	$	7,592

Noncontrolling interests:
Balance beginning of period	$	52	$	75	$	58	$	62
Net income/(loss) attributable to noncontrolling interests	(2)		(1)		—		12

Deconsolidations and sales	(43)		(29)		(51)		(29)


Balance end of period	7		45		7		45
Total shareholders’ equity	$	8,609	$	7,637	$	8,609	$	7,637

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

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six months ended March 31,
$ in millions	2022		2021
Cash flows from operating activities:
Net income	$	769	$	667
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	69		64
Deferred income taxes, net	12		27
Premium and discount amortization on available-for-sale securities and net (gain)/loss on other investments	24		14
Provisions/(benefits) for credit losses and legal and regulatory proceedings	16		(14)
Share-based compensation expense	109		74
Unrealized (gain)/loss on company-owned life insurance policies, net of expenses	19		(117)

Other	10		31
Net change in:
Assets segregated for regulatory purposes excluding cash and cash equivalents	(8,294)		(5,250)
Collateralized agreements, net of collateralized financings	59		1
Loans provided to financial advisors, net of repayments	(76)		(11)
Brokerage client receivables and other receivables, net	(299)		(123)
Trading instruments, net	160		(90)
Derivative instruments, net	166		91
Other assets	(39)		(23)
Brokerage client payables and other payables	6,556		5,491
Accrued compensation, commissions and benefits	(278)		(29)
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale	(153)		(67)
Net cash provided by/(used in) operating activities	(1,170)		736

Cash flows from investing activities:
Increase in bank loans, net	(2,850)		(1,522)
Proceeds from sales of loans held for investment	134		90

Purchases of available-for-sale securities	(1,992)		(2,273)
Available-for-sale securities maturations, repayments and redemptions	952		1,067
Proceeds from sales of available-for-sale securities	—		519
Cash and cash equivalents acquired in business acquisitions, including those segregated for regulatory purposes, net of cash paid for acquisitions	1,671		(245)
Additions to property and equipment	(42)		(62)
Investment in note receivable	(125)		—
Purchases of other investments, net	(80)		(4)
Other investing activities, net	(71)		(7)
Net cash used in investing activities	(2,403)		(2,437)

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


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Six months ended March 31,
$ in millions	2022		2021
Cash flows from financing activities:







Increase in bank deposits	2,190		2,453
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements	(59)		(99)
Dividends on common stock	(131)		(109)
Exercise of stock options and employee stock purchases	32		32
Proceeds from Federal Home Loan Bank advances	850		—
Repayments of Federal Home Loan Bank advances and other borrowed funds	(852)		(28)
Other financing, net	(5)		—
Net cash provided by financing activities	2,025		2,249

Currency adjustment:
Effect of exchange rate changes on cash	(49)		93
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash	(1,597)		641
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year	16,449		9,634
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$	14,852	$	10,275

Cash and cash equivalents	$	5,715	$	5,851
Cash and cash equivalents segregated for regulatory purposes and restricted cash	9,137		4,424
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$	14,852	$	10,275

Supplemental disclosures of cash flow information:
Cash paid for interest	$	76	$	76
Cash paid for income taxes, net	$	293	$	248
Cash outflows for lease liabilities	$	52	$	56
Non-cash right-of-use assets recorded for new and modified leases	$	26	$	81

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

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

March 31, 2022

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. For further information about our business segments, see Note 23 of this Form 10-Q. 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 (“2021 Form 10-K”) for the year ended September 30, 2021, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 10 of this 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.

During our fiscal fourth quarter of 2021, our Board of Directors approved a three-for-two stock split, effected in the form of a 50% stock dividend and paid on September 21, 2021. All share and per share information has been retroactively adjusted to reflect this stock split.

During our fiscal second quarter of 2022, we amended our Restated Articles of Incorporation, as filed with the Secretary of State of Florida on November 25, 2008, to increase the number of authorized shares of capital stock from 360 million shares to 660 million shares, consisting of 650 million shares of common stock, par value of $0.01 per share, and 10 million shares of preferred stock, par value of $0.10 per share. The Amended and Restated Articles of Incorporation, which were filed with the Secretary of State of Florida on February 28, 2022, were approved by our Board of Directors and our shareholders on December 1, 2021 and February 24, 2022, respectively.

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 2021 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 contingent assets and 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.

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 2 – UPDATE OF SIGNIFICANT ACCOUNTING POLICIES

A summary of our significant accounting policies is included in Note 2 of our 2021 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2021.

NOTE 3 – ACQUISITIONS

Recent acquisition activities

Charles Stanley

On January 21, 2022, we completed our acquisition of all of the outstanding share capital of United Kingdom (“U.K.”)-based Charles Stanley Group PLC (“Charles Stanley”) at a price of £5.15 per Charles Stanley share outstanding, or £277 million ($376 million as of January 21, 2022). The acquisition enables us to accelerate our financial planning, investment advisory and securities transaction services growth in the U.K. and, through Charles Stanley’s multiple affiliation options, gives us the ability to offer wealth management affiliation choices to financial advisors in the U.K. consistent with our Private Client Group (“PCG”) model in the U.S. and Canada. For purposes of certain acquisition-related financial reporting requirements, the Charles Stanley acquisition is not considered a material acquisition. Charles Stanley has been integrated into our PCG segment and its results of operations have been included in our results prospectively from the closing date of January 21, 2022.

Upon closing, the Charles Stanley acquisition resulted in the addition of £121 million of goodwill and £63 million of identifiable intangible assets, or $164 million and $85 million, respectively, as of January 21, 2022. The goodwill associated with this acquisition primarily represents synergies from combining Charles Stanley and our existing businesses. The identifiable intangible assets primarily relate to client relationships and a trade name and have a weighted-average useful life of 12 years. In the event that new information regarding facts and circumstances which existed at the acquisition date becomes available, we may have adjustments to the initially measured goodwill balance. On the closing date, the Charles Stanley acquisition also resulted in the addition of $2.0 billion of cash and cash equivalents, of which $1.9 billion was segregated for regulatory purposes and was offset by corresponding brokerage client payables.

TriState Capital

On October 20, 2021, we announced we had entered into a definitive agreement to acquire TriState Capital Holdings, Inc. (“TriState Capital”) in a combination cash and stock transaction, valued at approximately $1.1 billion. Under the terms of the agreement, TriState Capital common stockholders will receive $6.00 cash and 0.25 RJF shares for each share of TriState Capital common stock, which represents per share consideration of $31.09 based on the closing price of RJF common stock on October 19, 2021. We have entered into an agreement with the sole holder of the TriState Capital Series C Perpetual Non-Cumulative Convertible Non-Voting Preferred Stock (“Series C Convertible Preferred Stock”) pursuant to which the Series C Convertible Preferred Stock will be converted to common shares at the prescribed exchange ratio and cashed out at $30 per share. The TriState Capital Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) and Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”) will remain outstanding and will be converted into equivalent shares of preferred stock of RJF. As of April 30, 2022, we had received approval to complete the transaction from the Board of Governors of the Federal Reserve System, the Pennsylvania Department of Banking and Securities, and the Financial Industry Regulatory Authority (“FINRA”), and TriState Capital received approval to complete the transaction from its shareholders. Subject to additional applicable closing conditions, we currently expect the transaction to close in our fiscal third quarter of 2022. We currently have the ability to utilize our cash on hand to fund the cash component of the acquisition. TriState Capital offers private banking, commercial banking, and investment management products and services. TriState Capital will continue to operate as a separately branded firm and as an independently-charted bank subsidiary upon closing of the acquisition.

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

On December 15, 2021, we loaned TriState Capital $125 million under an unsecured fixed-to-floating rate note (the “Note”). The Note matures on December 15, 2024 and bears interest at a fixed annual rate of 2.25% for the first year, and at a floating annual rate thereafter until maturity. The floating rate resets quarterly to a rate equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 2.11%. The Note is not redeemable prior to December 15, 2022. On and after December 15, 2022, the Note is redeemable on any interest payment date at 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. As of March 31, 2022, the outstanding Note balance of $125 million and the related accrued interest were included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

SumRidge Partners

On March 28, 2022, we announced we had reached an agreement to acquire SumRidge Partners, LLC (“SumRidge Partners”), a technology-driven fixed income market maker specializing in investment-grade and high-yield corporate bonds, municipal bonds, and institutional preferred securities. The transaction, which is subject to certain regulatory and other closing conditions, is currently expected to close in our fiscal fourth quarter of 2022. The acquisition of SumRidge Partners will add an institutional market-making operation, as well as additional trading technologies and risk management tools to our existing fixed income operations. We currently have the ability to utilize our cash on hand to fund the acquisition. SumRidge Partners will operate within our Capital Markets segment upon completion of the acquisition.

Acquisition-related expenses

Certain acquisition and integration costs associated with the aforementioned acquisitions, as well as acquisitions completed in our prior fiscal year were included in “Acquisition-related expenses” on our Condensed Consolidated Statements of Income and Comprehensive Income. Such costs primarily included legal and other professional fees, amortization expense related to those identifiable intangible assets with short useful lives associated with our fiscal 2021 acquisitions of Financo LLC (“Financo”) and Cebile Capital (“Cebile”), and other costs incurred to effect our business combinations. The following table details our acquisition-related expenses.


	Three months ended March 31,				Six months ended March 31,
$ in millions	2022		2021		2022		2021
Acquisition-related expenses:
Legal and other professional fees	$	5	$	—	$	7	$	2
Identifiable intangible asset amortization	—		—		4		—
Other	6		—		6		—
Total Acquisition-related expenses	$	11	$	—	$	17	$	2

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 4 – 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 2021 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 6 for additional information.


$ in millions	Level 1		Level 2		Level 3		Netting adjustments		Balance as of March 31, 2022
Assets at fair value on a recurring basis:
Assets segregated for regulatory purposes (1)	$	10,394	$	—	$	—	$	—	$	10,394
Trading assets:
Municipal and provincial obligations	—		115		—		—		115
Corporate obligations	10		47		—		—		57
Government and agency obligations	20		74		—		—		94
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”)	—		118		—		—		118
Non-agency CMOs and ABS	—		23		—		—		23
Total debt securities	30		377		—		—		407
Equity securities	13		1		—		—		14
Brokered certificates of deposit	—		41		—		—		41
Other	—		—		13		—		13
Total trading assets	43		419		13		—		475
Available-for-sale securities (2)	213		8,602		—		—		8,815
Derivative assets:
Interest rate - matched book	—		124		—		—		124
Interest rate - other	61		108		—		(110)		59


Total derivative assets	61		232		—		(110)		183
Other investments - private equity - not measured at net asset value (“NAV”)	—		—		23		—		23
All other investments:
Government and agency obligations (3)	136		—		—		—		136
Other	121		2		30		—		153
Total all other investments	257		2		30		—		289
Subtotal	10,968		9,255		66		(110)		20,179
Other investments - private equity - measured at NAV									95
Total assets at fair value on a recurring basis	$	10,968	$	9,255	$	66	$	(110)	$	20,274

Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations	$	1	$	—	$	—	$	—	$	1
Corporate obligations	—		3		—		—		3
Government and agency obligations	166		—		—		—		166


Total debt securities	167		3		—		—		170
Equity securities	15		—		—		—		15
Other	—		—		1		—		1
Total trading liabilities	182		3		1		—		186
Derivative liabilities:
Interest rate - matched book	—		124		—		—		124
Interest rate - other	56		141		—		(63)		134
Foreign exchange	—		13		—		—		13

Total derivative liabilities	56		278		—		(63)		271
Total liabilities at fair value on a recurring basis	$	238	$	281	$	1	$	(63)	$	457

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)


$ in millions	Level 1		Level 2		Level 3		Netting adjustments		Balance as of September 30, 2021
Assets at fair value on a recurring basis:
Assets segregated for regulatory purposes (1)	$	2,100	$	—	$	—	$	—	$	2,100
Trading assets:
Municipal and provincial obligations	—		155		—		—		155
Corporate obligations	16		63		—		—		79
Government and agency obligations	15		94		—		—		109
Agency MBS, CMOs and ABS	—		211		—		—		211
Non-agency CMOs and ABS	—		14		—		—		14
Total debt securities	31		537		—		—		568
Equity securities	8		4		—		—		12
Brokered certificates of deposit	—		16		—		—		16
Other	—		—		14		—		14
Total trading assets	39		557		14		—		610
Available-for-sale securities (2)	15		8,300		—		—		8,315
Derivative assets:
Interest rate - matched book	—		193		—		—		193
Interest rate - other	16		128		—		(87)		57
Foreign exchange	—		5		—		—		5
Total derivative assets	16		326		—		(87)		255
Other investments - private equity - not measured at NAV	—		—		75		—		75
All other investments:
Government and agency obligations (3)	86		—		—		—		86
Other	77		2		23		—		102
Total all other investments	163		2		23		—		188
Subtotal	2,333		9,185		112		(87)		11,543
Other investments - private equity - measured at NAV									94
Total assets at fair value on a recurring basis	$	2,333	$	9,185	$	112	$	(87)	$	11,637

Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations	$	2	$	—	$	—	$	—	$	2
Corporate obligations	—		6		—		—		6
Government and agency obligations	137		—		—		—		137

Total debt securities	139		6		—		—		145
Equity securities	28		3		—		—		31

Total trading liabilities	167		9		—		—		176
Derivative liabilities:
Interest rate - matched book	—		193		—		—		193
Interest rate - other	16		106		—		(88)		34

Other	—		—		1		—		1
Total derivative liabilities	16		299		1		(88)		228
Total liabilities at fair value on a recurring basis	$	183	$	308	$	1	$	(88)	$	404

(1) These assets consist of U.S. Treasury securities (“U.S. Treasuries”) with maturities greater than 3 months as of our date of purchase. These assets do not include U.S. Treasuries with maturities of less than 3 months as of our date of purchase with a fair value of $650 million at March 31, 2022 and $3.55 billion at September 30, 2021 which were considered cash equivalents. These assets are classified as Level 1.

(2) Our available-for-sale securities primarily consist of agency MBS and agency CMOs. See Note 5 for further information.

(3) These assets are comprised of U.S. Treasuries primarily purchased to meet certain deposit requirements with clearing organizations or to meet future broker-dealer customer reserve requirements.

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, 2022 Level 3 instruments at fair value
	Financial assets								Financial liabilities
	Trading assets		Derivative assets		Other investments				Trading liabilities
$ in millions	Other		Other		Private equity investments		All other		Other
Fair value beginning of period	$	2	$	1	$	75	$	23	$	—
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	$	—	$	23	$	30	$	(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 assets				Financial liabilities
	Trading assets		Other investments				Trading liabilities		Derivative liabilities
$ in millions	Other		Private equity investments		All other		Other		Other
Fair value beginning of period	$	14	$	75	$	23	$	—	$	(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	$	23	$	30	$	(1)	$	—
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	(1)	$	—	$	—	$	(1)	$	—

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)


Three months ended March 31, 2021 Level 3 instruments at fair value
	Financial assets						Financial liabilities
	Trading assets		Other investments				Trading liabilities		Derivative liabilities
$ in millions	Other		Private equity investments		All other		Other		Other
Fair value beginning of period	$	3	$	52	$	22	$	—	$	(1)
Total gains/(losses) included in earnings	(2)		—		1		(1)		(3)
Purchases and contributions	10		—		—		—		—
Sales and distributions	(6)		—		—		—		—
Transfers:
Into Level 3	—		—		—		—		—
Out of Level 3	—		—		—		—		—
Fair value end of period	$	5	$	52	$	23	$	(1)	$	(4)
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	—	$	1	$	(1)	$	(3)


Six months ended March 31, 2021 Level 3 instruments at fair value
	Financial assets						Financial liabilities
	Trading assets		Other investments				Trading liabilities		Derivative liabilities
$ in millions	Other		Private equity investments		All other		Other		Other
Fair value beginning of period	$	12	$	37	$	22	$	—	$	(5)
Total gains/(losses) included in earnings	—		15		1		(1)		1
Purchases and contributions	16		—		—		—		—
Sales and distributions	(23)		—		—		—		—
Transfers:
Into Level 3	—		—		—		—		—
Out of Level 3	—		—		—		—		—
Fair value end of period	$	5	$	52	$	23	$	(1)	$	(4)
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	15	$	1	$	(1)	$	1

As of March 31, 2022, 28% of our assets and less than 1% of our liabilities were measured at fair value on a recurring basis. In comparison, as of September 30, 2021, 19% of our assets and less than 1% of our liabilities were measured at fair value on a recurring basis. The increase in assets measured at fair value on a recurring basis as a percentage of total assets was primarily due to a significant increase in assets segregated for regulatory purposes, driven by a significant increase in client cash balances. As of both March 31, 2022 and September 30, 2021, 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 2021 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, 2022 included investments in third-party funds, as well as various direct investments. Our third-party fund portfolio is primarily invested in a broad range of strategies including leveraged buyouts, growth capital, distressed capital, venture capital and mezzanine capital. Due to the closed-end nature of certain of our fund investments, such investments cannot be redeemed directly with the funds. Our investment is monetized by distributions received through the liquidation of the underlying assets of those funds, the timing of which is uncertain.

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 millions	Recorded value		Unfunded commitment
March 31, 2022
Private equity investments measured at NAV	$	95	$	27
Private equity investments not measured at NAV	23
Total private equity investments	$	118

September 30, 2021
Private equity investments measured at NAV	$	94	$	8
Private equity investments not measured at NAV	75
Total private equity investments (1)	$	169

(1) Of the total private equity investments, the portion we owned was $120 million, while the portion that we did not own was $49 million and was included as a component of noncontrolling interests on our Condensed Consolidated Statements of Financial Condition.

As a financial holding company, we are subject to holding period limitations for our merchant banking activities. As a result of such holding limitations, we exited or restructured certain of our private equity investments during the first half of our fiscal 2022, which resulted in a decline in private equity investments not measured at NAV compared to September 30, 2021 and a decline in noncontrolling interests on our Condensed Consolidated Statements of Financial Condition related to the portion of such investments we did not own. Additionally, many of our private equity fund investments meet the definition of prohibited covered funds as defined by the Volcker Rule enacted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). We have received approval from the Board of Governors of the Federal Reserve System (“the Fed”) to continue to hold the majority of our covered fund investments until July 2022, totaling $4 million as of March 31, 2022. As a result of our holding period limitations, we have continued to exit or restructure certain of our private equity investments and will continue to do so during the remainder of fiscal 2022 in accordance with our regulatory deadlines.

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 millions	Level 2		Level 3		Total fair value		Valuation technique(s)	Unobservable input	Range (weighted-average)
March 31, 2022
Bank loans:
Residential mortgage loans	$	3	$	10	$	13	Collateral or discounted cash flow (1)	Prepayment rate	7 yrs. - 12 yrs. (10.5 yrs.)
Corporate loans	$	—	$	60	$	60	Collateral or discounted cash flow (1)	Not meaningful (1)	Not meaningful (1)
Loans held for sale	$	150	$	—	$	150	N/A	N/A	N/A


September 30, 2021
Bank loans:
Residential mortgage loans	$	3	$	11	$	14	Collateral or discounted cash flow (1)	Prepayment rate	7 yrs. - 12 yrs. (10.5 yrs.)
Corporate loans	$	—	$	49	$	49	Collateral or discounted cash flow (1)	Not meaningful (1)	Not meaningful (1)
Loans held for sale	$	29	$	—	$	29	N/A	N/A	N/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.

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, 2022 and September 30, 2021. This table excludes financial instruments that are carried at amounts which approximate fair value. Refer to Note 4 of our 2021 Form 10-K for a discussion of the fair value hierarchy classifications of our financial instruments that are not recorded at fair value.


$ in millions	Level 2		Level 3		Total estimated fair value		Carrying amount
March 31, 2022
Financial assets:
Bank loans, net	$	128	$	27,099	$	27,227	$	27,660
Financial liabilities:
Bank deposits - certificates of deposit	$	—	$	698	$	698	$	701
Senior notes payable	$	2,169	$	—	$	2,169	$	2,037

September 30, 2021
Financial assets:
Bank loans, net	$	116	$	24,839	$	24,955	$	24,902
Financial liabilities:
Bank deposits - certificates of deposit	$	—	$	898	$	898	$	878
Senior notes payable	$	2,459	$	—	$	2,459	$	2,037

NOTE 5 – AVAILABLE-FOR-SALE SECURITIES

Available-for-sale securities are primarily comprised of agency MBS and agency CMOs owned by Raymond James Bank. Refer to Note 2 of our 2021 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.


$ in millions	Cost basis		Gross unrealized gains		Gross unrealized losses		Fair value
March 31, 2022
Agency residential MBS	$	5,629	$	4	$	(276)	$	5,357
Agency commercial MBS	1,414		—		(114)		1,300
Agency CMOs	1,757		—		(119)		1,638
U.S. Treasuries	214		—		(1)		213
Other agency obligations	313		—		(6)		307
Total available-for-sale securities	$	9,327	$	4	$	(516)	$	8,815

September 30, 2021
Agency residential MBS	$	5,168	$	46

RJF

Raymond James Financial News