RAYMOND JAMES FINANCIAL INCRJF
RAYMOND JAMES FINANCIAL INC Debt Disclosure
OTHER BORROWINGS
The following table details the components of our other borrowings.
| September 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 | 4.44 | % | December 2025 - December 2026 | $ | 500 | 5.14 | % | March 2025 - December 2025 | $ | 650 | ||||||||||||||||
| Fixed rate | 4.10 | % | December 2028 | 200 | 4.47 | % | December 2024 - December 2028 | 300 | ||||||||||||||||||
| Total FHLB advances | 700 | 950 | ||||||||||||||||||||||||
Subordinated notes - fixed-to-floating (including an unaccreted premium of $— and $1, respectively) | N/A | N/A | — | 5.75 | % | May 2030 | 99 | |||||||||||||||||||
| Total other borrowings | $ | 700 | $ | 1,049 | ||||||||||||||||||||||
FHLB advances
We have entered into advances from the FHLB at our Bank segment, which are secured by certain of our bank loans and available-for-sale securities. The interest rates on our floating-rate advances are based on a Secured Overnight Financing Rate (“SOFR”) and reset daily. 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 Notes 2 and 5 for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges. See Note 6 for additional information regarding bank loans and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings.
Subordinated notes
Our subordinated notes due May 2030, 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. On August 15, 2025, we redeemed our subordinated notes, pursuant to the applicable indenture provisions. The subordinated notes were redeemed at their principal amount of $98 million, plus accrued and unpaid interest to, but excluding the redemption date utilizing cash on hand.
Credit Facility
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 from $750 million, and incorporating a lower cost of borrowing under the Credit Facility. 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 September 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 September 30, 2025, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125% per annum.
Other
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 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 September 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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 25, 2025 | Showing above |
| 2024 | Nov 26, 2024 | |
| 2023 | Nov 21, 2023 | |
| 2022 | Nov 22, 2022 | |
| 2021 | Nov 23, 2021 | |
| 2020 | Nov 24, 2020 | |
| 2019 | Nov 26, 2019 | |
| 2018 | Nov 21, 2018 | |
| 2017 | Nov 22, 2017 | |
| 2016 | Nov 22, 2016 | |
| 2015 | Nov 25, 2015 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.