RJFRaymond James Financial

1 paragraph in Risk Factors of the 10-K filed Nov 25, 2025 with nothing like it in the 10-K filed Nov 26, 2024. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

target range, and/or negatively impact our revenue growth. Further, new business initiatives and efforts to expand existing businesses generally require that we incur compensation and benefits expense, and other expenses before generating additional revenues.

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New in the latest 10-Q

6 paragraphs in the 10-Q filed Aug 5, 2026 with nothing like them in the 10-Q filed May 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

A portion of the purchase price for the Clark Capital and GreensLedge acquisitions is contingent upon the achievement of specified revenue-based performance targets and is payable over a period ranging from five to seven years. The aggregate maximum potential contingent consideration payable for such acquisitions is $ 275 million. The acquisition-date fair value of the contingent consideration for each acquisition was included in the respective purchase consideration for the acquisitions and recorded as a liability in “Other payables” on the Condensed Consolidated Statements of Financial Condition. The contingent consideration liabilities are subsequently remeasured to fair value at each reporting date, with changes in fair value recognized in “Other” expenses in the Condensed Consolidated Statements of Income and Comprehensive Income. As of June 30, 2026, the contingent consideration liabilities for the Clark Capital and GreensLedge acquisitions had an aggregate fair value of $ 180 million. See Note 4 for additional information regarding the fair value of our acquisition-related contingent consideration liabilities.

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Our acquisition-related contingent consideration liabilities in the preceding tables are attributable to acquisitions completed during fiscal 2026. Refer to Note 3 for further information regarding those acquisitions and the related contingent consideration arrangements. The fair values of these liabilities were determined using probability-weighted expected cash flow or Monte Carlo simulation techniques, as applicable, discounted to present value. Significant unobservable inputs used in these measurements included the estimated amount and timing of projected cash flows, the likelihood of achieving the specified revenue-based performance targets, and the discount rate. Significant increases or decreases in any of these inputs, individually or in combination, could result in a higher or lower fair value measurement. As of June 30, 2026, the weighted-average discount rate used in the fair value measurement of our acquisition-related contingent consideration liabilities was 15 %.

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Non-compensation expenses decreased 5%, primarily due to a $58 million prior-year quarter expense associated with the settlement of a certain legal matter which did not reoccur, as well as the impact of a bank loan benefit for credit losses of $26 million for the current quarter compared with a provision of $15 million for the prior-year quarter. These decreases were partially offset by higher professional fees, reflecting an increase in external legal fees during the current quarter, and an increase in expenses related to our growth, including incremental expenses associated with our acquisitions of Clark Capital and GreensLedge in fiscal 2026 and higher business development expenses.

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Non-compensation expenses, excluding the bank loan benefit for credit losses, decreased $12 million, or 4%, primarily due to a decline in RJBDP fees paid to PCG. These Bank segment fees paid to PCG and the related revenues earned by the PCG segment are eliminated in consolidation (see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Private Client Group” for further information about these servicing fees).

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During the three months ended June 30, 2026, RJ&A, our large clearing/carrying broker-dealer subsidiary, adopted the SEC’s amendments to Rules 15c3-3, the Customer Protection Rule, and 15c3-1, the Net Capital Rule. The amendments require large

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clearing/carrying broker-dealers to calculate customer and Proprietary Account of Broker-Dealer reserve requirements and make any required reserve account deposits on a daily basis rather than weekly. We implemented enhancements to certain operational processes and controls at RJ&A to support compliance with the amended requirements. The adoption of these amendments did not have a material impact on our results of operations, financial condition, or liquidity.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Aug 5, 2026 against Item 1A of the 10-K filed Nov 25, 2025. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

What the 10-Q itself says about its risk factors:
During the nine months ended June 30, 2026, there have been no material changes to the risk factors set forth under “Part 1 - Item 1A. Risk factors” of our 2025 Form 10-K.

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1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.