Director McDaniel (NYSE: RJF) granted 1,303 deferred stock units as board pay

Rhea-AI Filing Summary

Raymond James Financial director Raymond W. McDaniel received an equity-based compensation grant of 1,303 Deferred Restricted Stock Units (DRSUs) on common stock. These DRSUs vest at the date of the next annual shareholders meeting following the grant, but no later than March 15 of the following calendar year.

Each DRSU converts into one share of common stock at settlement, along with cash in lieu of any dividends accrued during the deferral period. According to the filing, settlement is deferred until McDaniel ends his service on the Board of Directors. Following this grant, he holds a total of 6,113 common shares and DRSUs directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider MCDANIEL RAYMOND W

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,303	$0.00	--

Holdings After Transaction: Common Stock — 6,113 shares (Direct)

Footnotes (1)

1. Consists of a grant of Deferred Restricted Stock Units ("DRSUs") as part of compensation for service on the registrant's Board of Directors. Upon vesting, the DRSUs convert to the right to receive shares of common stock on a one-to-one basis, together with accrued cash in lieu of dividends. The DRSUs vest at the date of the next succeeding annual shareholders meeting following the grant date, but no later than March 15 of the calendar year following grant. Pursuant to an irrevocable election by the reporting person, settlement of the DRSUs will be deferred following vesting until the date the reporting person terminates his or her service on the Board of Directors. Includes DRSUs.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MCDANIEL RAYMOND W

(Last) (First) (Middle)

880 CARILLON PARKWAY

(Street)

ST. PETERSBURG FL 33716

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RAYMOND JAMES FINANCIAL INC [ RJF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/19/2026		A		1,303(1)	A	$0.0000	6,113(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Consists of a grant of Deferred Restricted Stock Units ("DRSUs") as part of compensation for service on the registrant's Board of Directors. Upon vesting, the DRSUs convert to the right to receive shares of common stock on a one-to-one basis, together with accrued cash in lieu of dividends. The DRSUs vest at the date of the next succeeding annual shareholders meeting following the grant date, but no later than March 15 of the calendar year following grant. Pursuant to an irrevocable election by the reporting person, settlement of the DRSUs will be deferred following vesting until the date the reporting person terminates his or her service on the Board of Directors.

2. Includes DRSUs.

Remarks:

This Form 4 reports the acquisition by the reporting person of DRSUs resulting from an annual grant to the registrant's non-executive directors.

	/s/ Raymond W. McDaniel by Jonathan J. Doyle as Attorney-in-Fact	02/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did RJF director Raymond W. McDaniel report on this Form 4?

Raymond W. McDaniel reported receiving 1,303 Deferred Restricted Stock Units as part of his Board compensation. These units are tied to Raymond James Financial common stock and increase his total direct holdings to 6,113 shares and DRSUs combined.

How do the Deferred Restricted Stock Units granted to RJF director McDaniel vest?

The 1,303 DRSUs vest at the next annual shareholders meeting after the grant date. If that meeting is delayed, vesting will occur no later than March 15 of the calendar year following the grant, according to the compensation terms disclosed.

When will Raymond W. McDaniel receive RJF shares from these DRSUs?

Settlement of the vested DRSUs is deferred until McDaniel’s service on the Raymond James Financial Board ends. At that time, each DRSU converts into one share of common stock, plus cash in lieu of any dividends accrued during the deferral period.

What does the one-to-one DRSU conversion mean for RJF director McDaniel?

Each DRSU represents the right to receive one share of Raymond James Financial common stock upon settlement. This structure directly links McDaniel’s compensation to future share value while deferring actual share delivery until he leaves the Board of Directors.

How many RJF shares and DRSUs does director McDaniel hold after this grant?

After the grant of 1,303 DRSUs, McDaniel’s total direct holdings are 6,113 common shares and DRSUs combined. This total reflects the new award and includes previously reported Deferred Restricted Stock Units as noted in the ownership footnote.