Quarterly Financial Supplement
Fiscal third quarter of 2026 results
Consolidated Statements of Income (Unaudited) 3
Consolidated Selected Key Metrics (Unaudited) 4
Segment Results
Private Client Group (Unaudited) 6
Capital Markets (Unaudited) 7
Asset Management (Unaudited) 8
Bank (Unaudited) 9
Other (Unaudited) 10
Bank Segment Selected Key Metrics (Unaudited) 11
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 12
Footnotes 18
Consolidated Statements of Income (Unaudited) Three months ended % change from Nine months endedin millions, except per share amounts | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | June 30, 2026 | % change |
Revenues: | ||||||||||
Asset management and related administrative fees $ 1,733 | $ 1,877 | $ 1,999 | $ 2,016 | $ 2,075 | 20 % | 3 % | $ 5,201 | $ 6,090 | 17 % | |
Brokerage revenues: | ||||||||||
Securities commissions | 431 | 473 | 486 | 507 | 503 | 17 % | (1)% | 1,302 | 1,496 | 15 % |
Principal transactions | 128 | 133 | 126 | 136 | 126 | (2)% | (7)% | 396 | 388 | (2)% |
Total brokerage revenues | 559 | 606 | 612 | 643 | 629 | 13 % | (2)% | 1,698 | 1,884 | 11 % |
Account and service fees | 302 | 297 | 308 | 311 | 316 | 5 % | 2 % | 965 | 935 | (3)% |
Investment banking | 212 | 316 | 208 | 279 | 291 | 37 % | 4 % | 753 | 778 | 3 % |
Interest income | 990 | 1,014 | 1,007 | 960 | 994 | - % | 4 % | 2,980 | 2,961 | (1)% |
Other | 46 | 80 | 42 | 53 | 57 | 24 % | 8 % | 125 | 152 | 22 % |
Total revenues | 3,842 | 4,190 | 4,176 | 4,262 | 4,362 | 14 % | 2 % | 11,722 | 12,800 | 9 % |
Interest expense | (444) | (463) | (441) | (403) | (434) | (2)% | 8 % | (1,384) | (1,278) | (8)% |
Net revenues | 3,398 | 3,727 | 3,735 | 3,859 | 3,928 | 16 % | 2 % | 10,338 | 11,522 | 11 % |
Non-interest expenses: | ||||||||||
Compensation, commissions and benefits 2,202 | 2,394 | 2,450 | 2,541 | 2,579 | 17 % | 1 % | 6,678 | 7,570 | 13 % | |
Non-compensation expenses: | ||||||||||
Communications and information processing | 191 | 199 | 194 | 206 | 203 | 6 % | (1)% | 553 | 603 | 9 % |
Occupancy and equipment | 77 | 84 | 80 | 80 | 85 | 10 % | 6 % | 224 | 245 | 9 % |
Business development | 77 | 82 | 81 | 75 | 95 | 23 % | 27 % | 209 | 251 | 20 % |
Investment sub-advisory fees | 56 | 60 | 63 | 63 | 63 | 13 % | - % | 163 | 189 | 16 % |
Professional fees | 42 | 53 | 37 | 36 | 63 | 50 % | 75 % | 110 | 136 | 24 % |
Bank loan provision/(benefit) for credit losses | 15 | 6 | (3) | 5 | (26) | NM | NM | 31 | (24) | NM |
Other (1) | 175 | 118 | 105 | 118 | 116 | (34)% | (2)% | 387 | 339 | (12)% |
Total non-compensation expenses | 633 | 602 | 557 | 583 | 599 | (5)% | 3 % | 1,677 | 1,739 | 4 % |
Total non-interest expenses | 2,835 | 2,996 | 3,007 | 3,124 | 3,178 | 12 % | 2 % | 8,355 | 9,309 | 11 % |
Pre-tax income | 563 | 731 | 728 | 735 | 750 | 33 % | 2 % | 1,983 | 2,213 | 12 % |
Provision for income taxes | 127 | 127 | 165 | 191 | 155 | 22 % | (19)% | 452 | 511 | 13 % |
Net income | 436 | 604 | 563 | 544 | 595 | 36 % | 9 % | 1,531 | 1,702 | 11 % |
Preferred stock dividends | 1 | 1 | 1 | 2 | - | (100)% | (100)% | 4 | 3 | (25)% |
Net income available to common shareholders | $ 435 | $ 603 | $ 562 | $ 542 | $ 595 | 37 % | 10 % | $ 1,527 | $ 1,699 | 11 % |
Earnings per common share - basic (2) | $ 2.16 | $ 3.03 | $ 2.85 | $ 2.76 | $ 3.06 | 42 % | 11 % | $ 7.51 | $ 8.67 | 15 % |
Earnings per common share - diluted (2) | $ 2.12 | $ 2.95 | $ 2.79 | $ 2.72 | $ 3.01 | 42 % | 11 % | $ 7.35 | $ 8.52 | 16 % |
Weighted-average common shares outstanding - basic | 201.2 | 199.0 | 197.1 | 196.1 | 194.0 | (4)% | (1)% | 203.0 | 195.7 | (4)% |
Weighted-average common and common equivalent shares outstanding - diluted | 205.5 | 203.8 | 201.4 | 199.2 | 197.2 | (4)% | (1)% | 207.6 | 199.1 | (4)% |
June 30, | September 30, | December 31, | March 31, | June 30, | June 30, | March 31, | ||
$ in billions, except per share amounts | 2025 | 2025 | 2025 | 2026 | 2026 | 2025 | 2026 |
$ 84.8 | $ 88.2 | $ 88.8 | $ 91.9 | $ 94.2 | 11 % | 3 % |
$ 12.2 | $ 12.4 | $ 12.5 | $ 12.6 | $ 12.7 | 4 % | 1 % |
$ 60.90 | $ 62.72 | $ 63.41 | $ 64.58 | $ 66.11 | 9 % | 2 % |
$ 52.32 | $ 54.12 | $ 54.82 | $ 55.14 | $ 53.74 | 3 % | (3)% |
Total assets
Total common equity attributable to Raymond James Financial, Inc.
Book value per share (3)
Tangible book value per share (3) (4)
Capital ratios: | |||||
Tier 1 leverage | 13.1 % | 13.1 % | 12.7 % | 12.4 % | 11.7 % (5) |
Tier 1 capital | 22.9 % | 23.0 % | 23.2 % | 22.9 % | 21.6 % (5) |
Common equity tier 1 | 22.7 % | 22.9 % | 23.0 % | 22.9 % | 21.6 % (5) |
Total capital | 24.2 % | 24.1 % | 24.3 % | 24.0 % | 22.5 % (5) |
$ in millions | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | June 30, 2026 | % change |
Adjusted pre-tax income (4) | $ 582 | $ 770 | $ 748 | $ 762 | $ 782 | 34 % | 3 % | $ 2,041 | $ 2,292 | 12 % |
Adjusted net income available to common shareholders (4) | $ 449 | $ 635 | $ 577 | $ 564 | $ 620 | 38 % | 10 % | $ 1,570 | $ 1,761 | 12 % |
Adjusted earnings per common share - basic (2) (4) | $ 2.23 | $ 3.19 | $ 2.92 | $ 2.88 | $ 3.19 | 43 % | 11 % | $ 7.72 | $ 8.99 | 16 % |
Adjusted earnings per common share - diluted (2) (4) | $ 2.18 | $ 3.11 | $ 2.86 | $ 2.83 | $ 3.14 | 44 % | 11 % | $ 7.55 | $ 8.83 | 17 % |
Return on common equity (6) | 14.3 % | 19.6 % | 18.0 % | 17.3 % | 18.8 % | 17.1 % | 18.1 % | |||
Adjusted return on common equity (4) (6) | 14.8 % | 20.6 % | 18.5 % | 18.0 % | 19.6 % | 17.5 % | 18.7 % | |||
Adjusted return on tangible common equity (4) (6) | 17.2 % | 23.9 % | 21.4 % | 20.9 % | 23.5 % | 20.5 % | 22.0 % | |||
Pre-tax margin (7) | 16.6 % | 19.6 % | 19.5 % | 19.0 % | 19.1 % | 19.2 % | 19.2 % | |||
Adjusted pre-tax margin (4) (7) | 17.1 % | 20.7 % | 20.0 % | 19.7 % | 19.9 % | 19.7 % | 19.9 % | |||
Total compensation ratio (8) | 64.8 % | 64.2 % | 65.6 % | 65.8 % | 65.7 % | 64.6 % | 65.7 % | |||
Adjusted total compensation ratio (4) (8) | 64.5 % | 64.0 % | 65.4 % | 65.7 % | 65.5 % | 64.4 % | 65.5 % | |||
Effective tax rate | 22.6 % | 17.4 % | 22.7 % | 26.0 % | 20.7 % | 22.8 % | 23.1 % |
June 30, Client asset metrics ($ in billions) 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | March 31, 2026 | |
Client assets under administration | $ 1,637.1 | $ 1,730.6 | $ 1,773.1 | $ 1,762.9 | $ 1,922.4 | 17 % | 9 % |
Private Client Group assets under administration | $ 1,574.2 | $ 1,666.5 | $ 1,708.5 | $ 1,699.0 | $ 1,856.5 | 18 % | 9 % |
Private Client Group assets in fee-based accounts | $ 943.9 | $ 1,008.1 | $ 1,040.1 | $ 1,043.2 | $ 1,153.8 | 22 % | 11 % |
Financial assets under management (9) | $ 263.2 | $ 274.9 | $ 280.8 | $ 282.4 | $ 345.0 | 31 % | 22 % |
Domestic Private Client Group net new assets
Domestic Private Client Group net new assets growth - annualized
Three months ended | Nine months ended | |||||
June 30, | September 30, | December 31, | March 31, | June 30, | June 30, | June 30, |
2025 | 2025 | 2025 | 2026 | 2026 | 2025 | 2026 |
$ 11,651 | $ 17,930 | $ 30,828 | $ 22,954 | $ 21,692 | $ 34,501 | $ 75,474 |
3.4 % | 5.0 % | 8.0 % | 5.8 % | 5.5 % | 3.3 % | 6.6 % |
Raymond James Bank Deposit Program ("RJBDP"): (11)
June 30,
2025
September 30,
2025
December 31,
2025
March 31,
2026
June 30, 2026June 30,
2025
March 31,
2026
Bank segment (11) $ 26,635 $ 26,555 $ 27,819 $ 29,829 $ 26,004 (2)% (13)%
Third-party banks 13,878 14,761 15,996 13,597 16,243 17 % 19 %
Subtotal RJBDP 40,513 41,316 43,815 43,426 42,247 4 % (3)%
Client Interest Program 1,640 1,572 1,815 1,843 1,677 2 % (9)%
Total clients' domestic cash sweep balances 42,153 42,888 45,630 45,269 43,924 4 % (3)%Enhanced Savings Program ("ESP") (12) 13,027 13,465 12,448 12,493 14,911 14 % 19 %
Total clients' domestic cash sweep and ESP balances $ 55,180 $ 56,353 $ 58,078 $ 57,762 $ 58,835 7 % 2 %Three months ended % change from | Nine months ended | |||||||||
Net interest income and RJBDP fees | June 30, | September 30, | December 31, | March 31, | June 30, | June 30, | March 31, | June 30, | June 30, | % |
($ in millions) | 2025 | 2025 | 2025 | 2026 | 2026 | 2025 | 2026 | 2025 | 2026 | change |
Net interest income and RJBDP fees (third-party banks) | $ 656 | $ 653 | $ 667 | $ 650 | $ 658 | - % | 1 % | $ 1,980 | $ 1,975 | - % |
Average yield on RJBDP - third-party banks (13) | 2.96 % | 2.91 % | 2.76 % | 2.70 % | 2.75 % | 3.03 % | 2.74 % | |||
$ in millions | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | June 30, 2026 | % change |
Revenues: | ||||||||||
Asset management and related administrative fees $ 1,462 | $ 1,585 | $ 1,693 | $ 1,711 | $ 1,734 | 19 % | 1 % | $ 4,395 | $ 5,138 | 17 % | |
Brokerage revenues: | ||||||||||
Mutual and other fund products | 146 | 155 | 164 | 176 | 170 | 16 % | (3)% | 450 | 510 | 13 % |
Insurance and annuity products | 129 | 147 | 132 | 132 | 142 | 10 % | 8 % | 364 | 406 | 12 % |
Equities, ETFs, and fixed income products | 145 | 163 | 174 | 180 | 173 | 19 % | (4)% | 458 | 527 | 15 % |
Total brokerage revenues Account and service fees: | 420 | 465 | 470 | 488 | 485 | 15 % | (1)% | 1,272 | 1,443 | 13 % |
Mutual fund and other investment products | 126 | 136 | 142 | 152 | 149 | 18 % | (2)% | 382 | 443 | 16 % |
RJBDP fees: (11) | ||||||||||
Bank segment | 193 | 191 | 188 | 187 | 185 | (4)% | (1)% | 563 | 560 | (1)% |
Third-party banks | 110 | 102 | 101 | 93 | 98 | (11)% | 5 % | 384 | 292 | (24)% |
Client account and other fees | 72 | 67 | 71 | 74 | 78 | 8 % | 5 % | 208 | 223 | 7 % |
Total account and service fees | 501 | 496 | 502 | 506 | 510 | 2 % | 1 % | 1,537 | 1,518 | (1)% |
Investment banking | 9 | 9 | 8 | 7 | 9 | - % | 29 % | 26 | 24 | (8)% |
Interest income | 114 | 118 | 114 | 107 | 115 | 1 % | 7 % | 350 | 336 | (4)% |
All other | 5 | 13 | 4 | 8 | 8 | 60 % | - % | 16 | 20 | 25 % |
Total revenues | 2,511 | 2,686 | 2,791 | 2,827 | 2,861 | 14 % | 1 % | 7,596 | 8,479 | 12 % |
Interest expense | (23) | (26) | (23) | (17) | (20) | (13)% | 18 % | (74) | (60) | (19)% |
Net revenues | 2,488 | 2,660 | 2,768 | 2,810 | 2,841 | 14 % | 1 % | 7,522 | 8,419 | 12 % |
Financial advisor compensation:
Commissions, benefits and other compensation | 1,317 | 1,434 | 1,512 | 1,554 | 1,566 | 19 % | 1 % | 3,964 | 4,632 | 17 % |
Recruiting and retention-related compensation (14) | 97 | 98 | 107 | 111 | 117 | 21 % | 5 % | 274 | 335 | 22 % |
Total financial advisor compensation | 1,414 | 1,532 | 1,619 | 1,665 | 1,683 | 19 % | 1 % | 4,238 | 4,967 | 17 % |
Administrative compensation and benefits | 389 | 419 | 432 | 443 | 441 | 13 % | - % | 1,195 | 1,316 | 10 % |
Total compensation, commissions and benefits | 1,803 | 1,951 | 2,051 | 2,108 | 2,124 | 18 % | 1 % | 5,433 | 6,283 | 16 % |
Non-compensation expenses | 274 | 293 | 278 | 286 | 294 | 7 % | 3 % | 785 | 858 | 9 % |
Total non-interest expenses | 2,077 | 2,244 | 2,329 | 2,394 | 2,418 | 16 % | 1 % | 6,218 | 7,141 | 15 % |
Pre-tax income | $ 411 | $ 416 | $ 439 | $ 416 | $ 423 | 3 % | 2 % | $ 1,304 | $ 1,278 | (2)% |
$ in millions | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | June 30, 2026 | % change |
Revenues: | ||||||||||
Brokerage revenues: | ||||||||||
Fixed income | $ 97 | $ 99 | $ 91 | $ 104 | $ 99 | 2 % | (5)% | $ 298 | $ 294 | (1)% |
Equity | 41 | 41 | 50 | 52 | 50 | 22 % | (4)% | 127 | 152 | 20 % |
Total brokerage revenues Investment banking: | 138 | 140 | 141 | 156 | 149 | 8 % | (4)% | 425 | 446 | 5 % |
Merger & acquisition and advisory | 105 | 163 | 119 | 139 | 150 | 43 % | 8 % | 460 | 408 | (11)% |
Equity underwriting | 38 | 46 | 31 | 56 | 50 | 32 % | (11)% | 104 | 137 | 32 % |
Debt underwriting | 60 | 100 | 50 | 77 | 85 | 42 % | 10 % | 163 | 212 | 30 % |
Total investment banking | 203 | 309 | 200 | 272 | 285 | 40 % | 5 % | 727 | 757 | 4 % |
Interest income | 27 | 27 | 28 | 27 | 25 | (7)% | (7)% | 84 | 80 | (5)% |
Affordable housing investments business revenues | 33 | 58 | 31 | 28 | 35 | 6 % | 25 % | 82 | 94 | 15 % |
All other | 4 | 4 | 4 | 6 | 6 | 50 % | - % | 13 | 16 | 23 % |
Total revenues | 405 | 538 | 404 | 489 | 500 | 23 % | 2 % | 1,331 | 1,393 | 5 % |
Interest expense | (24) | (25) | (24) | (25) | (23) | (4)% | (8)% | (74) | (72) | (3)% |
Net revenues | 381 | 513 | 380 | 464 | 477 | 25 % | 3 % | 1,257 | 1,321 | 5 % |
Non-interest expenses: | ||||||||||
Compensation, commissions and benefits | 262 | 303 | 261 | 293 | 300 | 15 % | 2 % | 825 | 854 | 4 % |
Non-compensation expenses (1) | 173 | 120 | 110 | 120 | 129 | (25)% | 8 % | 376 | 359 | (5)% |
Total non-interest expenses | 435 | 423 | 371 | 413 | 429 | (1)% | 4 % | 1,201 | 1,213 | 1 % |
Pre-tax income/(loss) | $ (54) | $ 90 | $ 9 | $ 51 | $ 48 | NM | (6)% | $ 56 | $ 108 | 93 % |
$ in millions | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | June 30, 2026 | % change |
Revenues: | ||||||||||
Asset management and related administrative fees: | ||||||||||
Managed programs | $ 189 | $ 204 | $ 211 | $ 211 | $ 230 | 22 % | 9 % | $ 565 | $ 652 | 15 % |
Administration and other | 91 | 99 | 105 | 104 | 122 | 34 % | 17 % | 275 | 331 | 20 % |
Total asset management and related administrative | ||||||||||
fees | 280 | 303 | 316 | 315 | 352 | 26 % | 12 % | 840 | 983 | 17 % |
Account and service fees | 5 | 6 | 6 | 7 | 6 | 20 % | (14)% | 17 | 19 | 12 % |
All other | 6 | 5 | 4 | 5 | 4 | (33)% | (20)% | 17 | 13 | (24)% |
Net revenues | 291 | 314 | 326 | 327 | 362 | 24 % | 11 % | 874 | 1,015 | 16 % |
Non-interest expenses: | ||||||||||
Compensation, commissions and benefits | 54 | 60 | 59 | 65 | 76 | 41 % | 17 % | 169 | 200 | 18 % |
Non-compensation expenses | 112 | 122 | 124 | 125 | 143 | 28 % | 14 % | 334 | 392 | 17 % |
Total non-interest expenses | 166 | 182 | 183 | 190 | 219 | 32 % | 15 % | 503 | 592 | 18 % |
Pre-tax income | $ 125 | $ 132 | $ 143 | $ 137 | $ 143 | 14 % | 4 % | $ 371 | $ 423 | 14 % |
June 30, | September 30, | December 31, | March 31, | June 30, | June 30, | March 31, | June 30, | June 30, | % | ||||||||||
$ in millions | 2025 | 2025 | 2025 | 2026 | 2026 | 2025 | 2026 | 2025 | 2026 | change | |||||||||
Revenues: Interest income | $ | 823 | $ | 843 | $ | 831 | $ | 802 | $ | 831 | 1 % | 4 % | $ | 2,472 | $ | 2,464 | - % | ||
Interest expense | (383) | (401) | (361) | (330) | (359) | (6)% | 9 % | (1,199) | (1,050) | (12)% | |||||||||
Net interest income | 440 | 442 | 470 | 472 | 472 | 7 % | - % | 1,273 | 1,414 | 11 % | |||||||||
All other | 18 | 17 | 17 | 14 | 16 | (11)% | 14 % | 44 | 47 | 7 % | |||||||||
Net revenues | 458 | 459 | 487 | 486 | 488 | 7 % | - % | 1,317 | 1,461 | 11 % | |||||||||
Non-interest expenses: Compensation and benefits | 47 | 46 | 48 | 47 | 47 | - % | - % | 138 | 142 | 3 % | |||||||||
Non-compensation expenses: Bank loan provision/(benefit) for credit losses | 15 | 6 | (3) | 5 | (26) | NM | NM | 31 | (24) | NM | |||||||||
RJBDP fees to Private Client Group (11) | 193 | 191 | 188 | 187 | 185 | (4)% | (1)% | 563 | 560 | (1)% | |||||||||
All other | 80 | 83 | 81 | 81 | 76 | (5)% | (6)% | 227 | 238 | 5 % | |||||||||
Total non-compensation expenses | 288 | 280 | 266 | 273 | 235 | (18)% | (14)% | 821 | 774 | (6)% | |||||||||
Total non-interest expenses | 335 | 326 | 314 | 320 | 282 | (16)% | (12)% | 959 | 916 | (4)% | |||||||||
Pre-tax income | $ | 123 | $ | 133 | $ | 173 | $ | 166 | $ | 206 | 67 % | 24 % | $ | 358 | $ | 545 | 52 % | ||
June 30, | September 30, | December 31, | March 31, | June 30, | June 30, | March 31, | June 30, | June 30, | % | |||||||||||||
$ in millions | 2025 | 2025 | 2025 | 2026 | 2026 | 2025 | 2026 | 2025 | 2026 | change | ||||||||||||
Revenues: Interest income | $ | 34 | $ | 37 | $ | 42 | $ | 34 | $ | 34 | - % | - % | $ | 102 | $ | 110 | 8 % | |||||
All other | - | - | 1 | 9 | 4 | NM | (56)% | 7 | 14 | 100 % | ||||||||||||
Total revenues | 34 | 37 | 43 | 43 | 38 | 12 % | (12)% | 109 | 124 | 14 % | ||||||||||||
Interest expense | (25) | (25) | (44) | (44) | (45) | 80 % | 2 % | (75) | (133) | 77 % | ||||||||||||
Net revenues | 9 | 12 | (1) | (1) | (7) | NM | (600)% | 34 | (9) | NM | ||||||||||||
Non-interest expenses: Compensation and benefits | 36 | 35 | 31 | 29 | 30 | (17)% | 3 % | 112 | 90 | (20)% | ||||||||||||
All other | 15 | 17 | 4 | 5 | 33 | 120 % | 560 % | 28 | 42 | 50 % | ||||||||||||
Total non-interest expenses | 51 | 52 | 35 | 34 | 63 | 24 % | 85 % | 140 | 132 | (6)% | ||||||||||||
Pre-tax loss | $ | (42) | $ | (40) | $ | (36) | $ | (35) | $ | (70) | (67)% | (100)% | $ | (106) | $ | (141) | (33)% | |||||
$ in billions | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | March 31, 2026 |
Total assets | $ 63.6 | $ 65.3 | $ 66.7 | $ 69.0 | $ 70.1 | 10 % | 2 % |
Bank deposits | $ 57.2 | $ 58.9 | $ 60.2 | $ 62.4 | $ 63.3 | 11 % | 1 % |
$ in millions | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | March 31, 2026 |
Bank loans by portfolio segment: | |||||||
Securities-based loans (16) | $ 18,497 | $ 19,775 | $ 21,667 | $ 23,007 | $ 24,767 | 34 % | 8 % |
Commercial and industrial loans | 10,754 | 10,777 | 10,801 | 10,489 | 10,040 | (7)% | (4)% |
Commercial real estate loans | 7,777 | 7,840 | 7,753 | 7,972 | 7,689 | (1)% | (4)% |
Real estate investment trust loans | 1,735 | 1,690 | 1,779 | 1,695 | 1,671 | (4)% | (1)% |
Residential mortgage loans | 9,976 | 10,295 | 10,567 | 10,789 | 11,223 | 13 % | 4 % |
Tax-exempt loans | 1,311 | 1,226 | 1,148 | 1,123 | 1,101 | (16)% | (2)% |
Total loans held for investment | 50,050 | 51,603 | 53,715 | 55,075 | 56,491 | 13 % | 3 % |
Held for sale loans | 255 | 416 | 168 | 198 | 134 | (47)% | (32)% |
Total loans held for sale and investment | 50,305 | 52,019 | 53,883 | 55,273 | 56,625 | 13 % | 2 % |
Allowance for credit losses | (465) | (452) | (440) | (440) | (398) | (14)% | (10)% |
Bank loans, net | $ 49,840 | $ 51,567 | $ 53,443 | $ 54,833 | $ 56,227 | 13 % | 3 % |
Total nonperforming assets | $ 214 | $ 187 | $ 208 | $ 183 | $ 152 | (29)% | (17)% |
Total criticized loans | $ 572 | $ 660 | $ 611 | $ 607 | $ 593 | 4 % | (2)% |
Bank loan allowance for credit losses as a % of total loans held for | |||||||
investment | 0.93 % | 0.88 % | 0.82 % | 0.80 % | 0.70 % | ||
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (17) | 1.96 % | 1.88 % | 1.82 % | 1.83 % | 1.69 % | ||
Nonperforming assets as a % of total assets | 0.34 % | 0.29 % | 0.31 % | 0.27 % | 0.22 % | ||
Criticized loans as a % of total loans held for investment | 1.14 % | 1.28 % | 1.14 % | 1.10 % | 1.05 % | ||
Three months ended | Nine months ended | ||||||
June 30, | September 30, | December 31, | March 31, | June 30, | June 30, | June 30, | |
$ in millions | 2025 | 2025 | 2025 | 2026 | 2026 | 2025 | 2026 |
Net interest margin (net yield on interest-earning assets) | 2.74 % | 2.71 % | 2.81 % | 2.81 % | 2.71 % | 2.67 % | 2.78 % |
Bank loan provision/(benefit) for credit losses | $ 15 | $ 6 | $ (3) | $ 5 | $ (26) | $ 31 | $ (24) |
Net charge-offs | $ 3 | $ 19 | $ 9 | $ 5 | $ 15 | $ 22 | $ 29 |
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited)
We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe a certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments.
Three months ended | Nine months ended | |||||||||||||
June 30, | September 30, December 31, | March 31, | June 30, | June 30, June 30, | ||||||||||
$ in millions | 2025 | 2025 2025 | 2026 | 2026 | 2025 2026 | |||||||||
Net income available to common shareholders | $ 435 | $ 603 $ 562 | $ 542 | $ 595 | $ 1,527 $ 1,699 | |||||||||
Non-GAAP adjustments: | ||||||||||||||
Expenses related to acquisitions: | ||||||||||||||
Compensation, commissions and benefits: | ||||||||||||||
Acquisition-related retention (18) | 9 | 6 | 7 | 6 | 8 | 25 | 21 | |||||||
Other acquisition-related compensation | - | 4 | - | 1 | - | - | 1 | |||||||
Total "Compensation, commissions and benefits" | ||||||||||||||
expense | 9 | 10 | 7 | 7 | 8 | 25 | 22 | |||||||
Communications and information processing | - | 2 | 1 | 3 | 2 | - | 6 | |||||||
Professional fees | - | 8 | 2 | 4 | 5 | 2 | 11 | |||||||
Other: | ||||||||||||||
Amortization of identifiable intangible assets (19) | 10 | 10 | 10 | 10 | 14 | 31 | 34 | |||||||
All other acquisition-related expenses | - | 9 | - | 3 | 3 | - | 6 | |||||||
Total "Other" expense | 10 | 19 | 10 | 13 | 17 | 31 | 40 | |||||||
Total pre-tax impact of non-GAAP adjustments related to acquisitions | 19 | 39 | 20 | 27 | 32 | 58 | 79 | |||||||
Tax effect of non-GAAP adjustments | (5) | (7) | (5) | (5) | (7) | (15) | (17) | |||||||
Total non-GAAP adjustments, net of tax | 14 | 32 | 15 | 22 | 25 | 43 | 62 | |||||||
Adjusted net income available to common shareholders (4) | $ 449 | $ 635 | $ 577 | $ 564 | $ 620 | $ 1,570 | $ 1,761 | |||||||
Pre-tax income | $ 563 | $ 731 | $ 728 | $ 735 | $ 750 | $ 1,983 | $ 2,213 | |||||||
Pre-tax impact of non-GAAP adjustments (as detailed above) | 19 | 39 | 20 | 27 | 32 | 58 | 79 | |||||||
Adjusted pre-tax income (4) | $ 582 | $ 770 | $ 748 | $ 762 | $ 782 | $ 2,041 | $ 2,292 | |||||||
Compensation, commissions and benefits expense | $ 2,202 | $ 2,394 | $ 2,450 | $ 2,541 | $ 2,579 | $ 6,678 | $ 7,570 | |||||||
Less: Total compensation-related acquisition expenses (as detailed above) (18) | 9 | 10 | 7 | 7 | 8 | 25 | 22 | |||||||
Adjusted "Compensation, commissions and benefits" expense (4) | $ | 2,193 | $ | 2,384 | $ | 2,443 | $ | 2,534 | $ | 2,571 | $ | 6,653 | $ | 7,548 |
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page)
Three months ended Nine months endedJune 30, | September 30, | December 31, | March 31, | June 30, | June 30, | June 30, | |
2025 | 2025 | 2025 | 2026 | 2026 | 2025 | 2026 | |
Pre-tax margin (7) | 16.6 % | 19.6 % | 19.5 % | 19.0 % | 19.1 % | 19.2 % | 19.2 % |
Impact of non-GAAP adjustments on pre-tax margin: | |||||||
Expenses related to acquisitions: | |||||||
Compensation, commissions and benefits: | |||||||
Acquisition-related retention (18) | 0.3 % | 0.1 % | 0.2 % | 0.1 % | 0.2 % | 0.2 % | 0.2 % |
Other acquisition-related compensation | - % | 0.1 % | - % | - % | - % | - % | - % |
Total "Compensation, commissions and benefits" | |||||||
expense | 0.3 % | 0.2 % | 0.2 % | 0.1 % | 0.2 % | 0.2 % | 0.2 % |
Communications and information processing | - % | 0.1 % | - % | 0.1 % | - % | - % | - % |
Professional fees | - % | 0.2 % | - % | 0.1 % | 0.1 % | - % | 0.1 % |
Other: | |||||||
Amortization of identifiable intangible assets (19) | 0.2 % | 0.3 % | 0.3 % | 0.3 % | 0.4 % | 0.3 % | 0.3 % |
All other acquisition-related expenses | - % | 0.3 % | - % | 0.1 % | 0.1 % | - % | 0.1 % |
Total "Other" expense | 0.2 % | 0.6 % | 0.3 % | 0.4 % | 0.5 % | 0.3 % | 0.4 % |
Total pre-tax impact of non-GAAP adjustments related to acquisitions | 0.5 % | 1.1 % | 0.5 % | 0.7 % | 0.8 % | 0.5 % | 0.7 % |
Adjusted pre-tax margin (4) (7) | 17.1 % | 20.7 % | 20.0 % | 19.7 % | 19.9 % | 19.7 % | 19.9 % |
Total compensation ratio (8) | 64.8 % | 64.2 % | 65.6 % | 65.8 % | 65.7 % | 64.6 % | 65.7 % |
Less the impact of non-GAAP adjustments on compensation ratio: | |||||||
Acquisition-related retention (18) | 0.3 % | 0.1 % | 0.2 % | 0.1 % | 0.2 % | 0.2 % | 0.2 % |
Other acquisition-related compensation | - % | 0.1 % | - % | - % | - % | - % | - % |
Total "Compensation, commissions and benefits" | |||||||
expenses related to acquisitions | 0.3 % | 0.2 % | 0.2 % | 0.1 % | 0.2 % | 0.2 % | 0.2 % |
Adjusted total compensation ratio (4) (8) | 64.5 % | 64.0 % | 65.4 % | 65.7 % | 65.5 % | 64.4 % | 65.5 % |
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page)
Three months ended | Nine months ended | ||||||
June 30, | September 30, December 31, | March 31, | June 30, | June 30, June 30, | |||
Earnings per common share (2) | 2025 | 2025 2025 | 2026 | 2026 | 2025 2026 | ||
Basic | $ 2.16 | $ 3.03 $ 2.85 | $ 2.76 | $ 3.06 | $ 7.51 $ 8.67 | ||
Impact of non-GAAP adjustments on basic earnings per common | |||||||
share: Expenses related to acquisitions: Compensation, commissions and benefits: | |||||||
Acquisition-related retention (18) | 0.04 | 0.03 | 0.04 | 0.03 | 0.04 | 0.12 | 0.11 |
Other acquisition-related compensation | - | 0.02 | - | 0.01 | - | - | 0.01 |
Total "Compensation, commissions and benefits" | |||||||
expense | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 | 0.12 | 0.12 |
Communications and information processing | - | 0.01 | - | 0.02 | 0.01 | - | 0.03 |
Professional fees | - | 0.04 | 0.01 | 0.02 | 0.03 | 0.01 | 0.06 |
Other: | |||||||
Amortization of identifiable intangible assets (19) | 0.05 | 0.05 | 0.05 | 0.05 | 0.07 | 0.15 | 0.17 |
All other acquisition-related expenses | - | 0.05 | - | 0.02 | 0.02 | - | 0.03 |
Total "Other" expense | 0.05 | 0.10 | 0.05 | 0.07 | 0.09 | 0.15 | 0.20 |
Total pre-tax impact of non-GAAP adjustments related to acquisitions | 0.09 | 0.20 | 0.10 | 0.15 | 0.17 | 0.28 | 0.41 |
Tax effect of non-GAAP adjustments | (0.02) | (0.04) | (0.03) | (0.03) | (0.04) | (0.07) | (0.09) |
Total non-GAAP adjustments, net of tax | 0.07 | 0.16 | 0.07 | 0.12 | 0.13 | 0.21 | 0.32 |
Adjusted basic (4) | $ 2.23 | $ 3.19 | $ 2.92 | $ 2.88 | $ 3.19 | $ 7.72 | $ 8.99 |
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page)
Three months ended | Nine months ended | ||||||
June 30, | September 30, December 31, | March 31, | June 30, | June 30, June 30, | |||
Earnings per common share (2) | 2025 | 2025 2025 | 2026 | 2026 | 2025 2026 | ||
Diluted | $ 2.12 | $ 2.95 $ 2.79 | $ 2.72 | $ 3.01 | $ 7.35 $ 8.52 | ||
Impact of non-GAAP adjustments on diluted earnings per | |||||||
common share: Expenses related to acquisitions: Compensation, commissions and benefits: | |||||||
Acquisition-related retention (18) | 0.04 | 0.03 | 0.03 | 0.03 | 0.04 | 0.12 | 0.11 |
Other acquisition-related compensation | - | 0.02 | - | - | - | - | - |
Total "Compensation, commissions and benefits" | |||||||
expense | 0.04 | 0.05 | 0.03 | 0.03 | 0.04 | 0.12 | 0.11 |
Communications and information processing | - | 0.01 | - | 0.02 | 0.01 | - | 0.03 |
Professional fees | - | 0.04 | 0.01 | 0.02 | 0.03 | 0.01 | 0.06 |
Other: | |||||||
Amortization of identifiable intangible assets (19) | 0.04 | 0.05 | 0.05 | 0.05 | 0.07 | 0.14 | 0.17 |
All other acquisition-related expenses | - | 0.04 | - | 0.02 | 0.02 | - | 0.03 |
Total "Other" expense | 0.04 | 0.09 | 0.05 | 0.07 | 0.09 | 0.14 | 0.20 |
Total pre-tax impact of non-GAAP adjustments related to acquisitions | 0.08 | 0.19 | 0.09 | 0.14 | 0.17 | 0.27 | 0.40 |
Tax effect of non-GAAP adjustments | (0.02) | (0.03) | (0.02) | (0.03) | (0.04) | (0.07) | (0.09) |
Total non-GAAP adjustments, net of tax | 0.06 | 0.16 | 0.07 | 0.11 | 0.13 | 0.20 | 0.31 |
Adjusted diluted (4) | $ 2.18 | $ 3.11 | $ 2.86 | $ 2.83 | $ 3.14 | $ 7.55 | $ 8.83 |
Book value per share | As of | ||||||
June 30, | September 30, | December 31, | March 31, | June 30, | |||
$ in millions, except per share amounts | 2025 | 2025 | 2025 | 2026 | 2026 | ||
Total common equity attributable to Raymond James Financial, Inc. | $ 12,180 | $ 12,424 | $ 12,491 | $ 12,567 | $ 12,699 | ||
Less non-GAAP adjustments: | |||||||
Goodwill and identifiable intangible assets, net | 1,860 | 1,847 | 1,838 | 1,983 | 2,608 | ||
Deferred tax liabilities related to goodwill and identifiable intangible assets, net | (143) | (144) | (146) | (147) | (232) | ||
Tangible common equity attributable to Raymond James Financial, Inc. (4) | $ 10,463 | $ 10,721 | $ 10,799 | $ 10,731 | $ 10,323 | ||
Common shares outstanding | 200.0 | 198.1 | 197.0 | 194.6 | 192.1 | ||
Book value per share (3) | $ 60.90 | $ 62.72 | $ 63.41 | $ 64.58 | $ 66.11 | ||
Tangible book value per share (3) (4) | $ 52.32 | $ 54.12 | $ 54.82 | $ 55.14 | $ 53.74 | ||
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page)
Return on common equity | Three months ended | Nine months ended | |||||
June 30, | September 30, December 31, | March 31, | June 30, | June 30, June 30, | |||
$ in millions | 2025 | 2025 2025 | 2026 | 2026 | 2025 2026 | ||
Average common equity (20) | $ 12,157 | $ 12,302 $ 12,458 | $ 12,529 | $ 12,633 | $ 11,938 $ 12,545 | ||
Impact of non-GAAP adjustments on average common equity: | |||||||
Expenses related to acquisitions: | |||||||
Compensation, commissions and benefits: | |||||||
Acquisition-related retention (18) | 5 | 3 | 4 | 3 | 4 | 12 | 10 |
Other acquisition-related compensation | - | 2 | - | 1 | - | - | 1 |
Total "Compensation, commissions and benefits" | |||||||
expense | 5 | 5 | 4 | 4 | 4 | 12 | 11 |
Communications and information processing | - | 1 | 1 | 1 | 1 | - | 3 |
Professional fees | - | 4 | 1 | 2 | 3 | 1 | 5 |
Other: | |||||||
Amortization of identifiable intangible assets (19) | 5 | 5 | 5 | 5 | 7 | 16 | 16 |
All other acquisition-related expenses | - | 5 | - | 2 | 2 | - | 2 |
Total "Other" expense | 5 | 10 | 5 | 7 | 9 | 16 | 18 |
Total pre-tax impact of non-GAAP adjustments related to acquisitions | 10 | 20 | 11 | 14 | 17 | 29 | 37 |
Tax effect of non-GAAP adjustments | (3) | (4) | (3) | (3) | (4) | (7) | (8) |
Total non-GAAP adjustments, net of tax | 7 | 16 | 8 | 11 | 13 | 22 | 29 |
Adjusted average common equity (4) (20) | $ 12,164 | $ 12,318 | $ 12,466 | $ 12,540 | $ 12,646 | $ 11,960 | $ 12,574 |
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page)
Return on tangible common equity Three months ended Nine months endedJune 30, | September 30, | December 31, | March 31, | June 30, | June 30, | June 30, | |
$ in millions | 2025 | 2025 | 2025 | 2026 | 2026 | 2025 | 2026 |
$ 12,157 | $ 12,302 | $ 12,458 | $ 12,529 | $ 12,633 | $ 11,938 | $ 12,545 | ||||||
1,858 | 1,854 | 1,843 | 1,911 | 2,296 | 1,865 | 2,069 | ||||||
(142) | (144) | (145) | (147) | (190) | (140) | (168) | ||||||
$ | 10,441 | $ | 10,592 | $ | 10,760 | $ | 10,765 | $ | 10,527 | $ 10,213 $ 10,644 | ||
Less:
Average goodwill and identifiable intangible assets, net
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net
Average tangible common equity (4) (20)Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: | |||||||
Acquisition-related retention (18) | 5 | 3 | 4 | 3 | 4 | 12 | 10 |
Other acquisition-related compensation | - | 2 | - | 1 | - | - | 1 |
Total "Compensation, commissions and benefits" | |||||||
expense | 5 | 5 | 4 | 4 | 4 | 12 | 11 |
Communications and information processing | - | 1 | 1 | 1 | 1 | - | 3 |
Professional fees | - | 4 | 1 | 2 | 3 | 1 | 5 |
Other: | |||||||
Amortization of identifiable intangible assets (19) | 5 | 5 | 5 | 5 | 7 | 16 | 16 |
All other acquisition-related expenses | - | 5 | - | 2 | 2 | - | 2 |
Total "Other" expense | 5 | 10 | 5 | 7 | 9 | 16 | 18 |
Total pre-tax impact of non-GAAP adjustments related to acquisitions | 10 | 20 | 11 | 14 | 17 | 29 | 37 |
Tax effect of non-GAAP adjustments | (3) | (4) | (3) | (3) | (4) | (7) | (8) |
Total non-GAAP adjustments, net of tax | 7 | 16 | 8 | 11 | 13 | 22 | 29 |
Adjusted average tangible common equity (4) (20) | $ 10,448 | $ 10,608 | $ 10,768 | $ 10,776 | $ 10,540 | $ 10,235 | $ 10,673 |
Return on common equity (6) | 14.3 % | 19.6 % | 18.0 % | 17.3 % | 18.8 % | 17.1 % | 18.1 % |
Adjusted return on common equity (4) (6) | 14.8 % | 20.6 % | 18.5 % | 18.0 % | 19.6 % | 17.5 % | 18.7 % |
Return on tangible common equity (4) (6) | 16.7 % | 22.8 % | 20.9 % | 20.1 % | 22.6 % | 19.9 % | 21.3 % |
Adjusted return on tangible common equity (4) (6) | 17.2 % | 23.9 % | 21.4 % | 20.9 % | 23.5 % | 20.5 % | 22.0 % |
Footnotes
Results for the three and nine months ended June 30, 2025 included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 to 2015. The impact of this settlement was an increase in "Other" expense in the Capital Markets segment of $58 million for the three and nine months ended June 30, 2025.
Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended September 30, 2025, December 31, 2025, and June 30, 2026, an insignificant amount for both of the three months ended June 30, 2025 and March 31, 2026, and $2 million for both of the nine months ended June 30, 2025 and 2026.
Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period.
These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures.
Estimated.
Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes.
Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period.
Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period.
On April 30, 2026, we completed our acquisition of Clark Capital Management Group, Inc. ("Clark Capital"), which has been integrated into our Asset Management segment. As of the acquisition date, Clark Capital contributed $36 billion of financial assets under management and $11 billion of non-discretionary assets, representing total client assets of $47 billion.
Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth - annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period.
We earn fees from the RJBDP, a multi-bank sweep program in which clients' cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in "Account and service fees" on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.
Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release.
Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks.
PCG recruiting and retention-related compensation includes expenses related to cash and equity awards issued in conjunction with recruiting activities, as retention for existing advisors, or in conjunction with our acquisitions (as further described in footnote 18). Such awards are expensed over the requisite service period (typically between 5 and 10 years).
The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses.
Securities-based loans included loans collateralized by the borrower's marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market.
Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.
Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period.
Amortization of identifiable intangible assets, which was included in "Other" expense, includes amortization of identifiable intangible assets arising from our acquisitions.
Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period.