VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Jun. 30, 2011

VARIABLE INTEREST ENTITIES [Abstract]

VIEs Where We are the Primary Beneficiary - Aggregate Assets and Liabilities

Of the VIEs in which we hold an interest, we have determined that the EIF Funds, the Restricted Stock Trust Fund and certain LIHTC Funds require consolidation in our financial statements as we are deemed the primary beneficiary of those VIEs. The aggregate assets and liabilities of the entities we consolidate are provided in the table below.

	Aggregate Assets (1)		Aggregate Liabilities (1)
	(in thousands)
June 30, 2011:
LIHTC Funds	$	261,245	$	120,089
Guaranteed LIHTC Fund		79,350		867
Restricted Stock Trust Fund		11,858		6,172
EIF Funds		16,663		-
Total	$	369,116	$	127,128

September 30, 2010:
LIHTC Funds	$	234,742	$	94,028
Guaranteed LIHTC Fund		75,449		2,382
Restricted Stock Trust Fund		7,969		4,429
EIF Funds		18,215		-
Total	$	336,375	$	100,839

(1)	Aggregate assets and aggregate liabilities differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE.

VIEs Where We are the Primary Beneficiary - Carrying Value of Assets, Liabilities, and Equity

The following table presents information about the carrying value of the assets, liabilities and equity of the VIEs which we consolidate and are included within our Condensed Consolidated Statements of Financial Condition. The noncontrolling interests presented in this table represent the portion of these net assets which are not ours.

	June 30, 2011		September 30, 2010
	(in thousands)
Assets:
Assets segregated pursuant to regulations and other segregated assets	$	19,150	$	14,188
Receivables, other		-		6,104
Investments in real estate partnerships – held by VIEs		320,480		280,890
Trust fund investment in RJF common stock (1)		11,858		7,798
Prepaid expenses and other assets		17,831		19,398
Total assets	$	369,319	$	328,378

Liabilities and equity:
Loans payable related to investments by VIEs in real estate partnerships (2)	$	98,562	$	76,464
Trade and other payables		8,283		2,722
Intercompany payables		15,188		16,930
Total liabilities		122,033		96,116

RJF Equity		5,961		5,205
Noncontrolling interests		241,325		227,057
Total equity		247,286		232,262
Total liabilities and equity	$	369,319	$	328,378

(1)	Included in treasury stock in our Condensed Consolidated Statements of Financial Condition.

(2)	Comprised of several non-recourse loans. We are not contingently liable under any of these loans.

VIEs Where We are the Primary Beneficiary - Information about net income (loss) of VIEs

The following table presents information about the net loss of the VIEs which we consolidate and are included within our Condensed Consolidated Statements of Income. The noncontrolling interests presented in this table represent the portion of the net loss from these VIEs which are not ours.

	Three months ended June 30,						Nine months ended June 30,
	2011			2010			2011			2010
	(in thousands)
Revenues:
Interest	$	-		$	-		$	1		$	13
Other		3,164			1,093			5,755			3,262
Total revenues		3,164			1,093			5,756			3,275

Interest expense		1,430			1,026			4,563			3,252
Net revenues (expense)		1,734			67			1,193			23

Non-interest expenses		3,318			2,353			12,979			12,318
Net loss including noncontrolling interests		(1,584	)		(2,286	)		(11,786	)		(12,295	)
Net loss attributable to noncontrolling interests		(1,238	)		(2,755	)		(10,866	)		(11,302	)
Net loss attributable to RJF	$	(346	)	$	469		$	(920	)	$	(993	)

VIEs Where We Hold a Variable Interest but We are Not the Primary Beneficiary - Aggregate Assets, Liabilities, and Exposure to Loss

The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but concluded we are not the primary beneficiary, are provided in the table below.

	June 30, 2011						September 30, 2010
	Aggregate Assets		Aggregate Liabilities		Our Risk of Loss		Aggregate Assets		Aggregate Liabilities		Our Risk of Loss
	(in thousands)

LIHTC Funds	$	1,493,219	$	483,738	$	33,448	$	1,303,500	$	302,749	$	10,691
Other Real Estate Limited Partnerships and LLCs		41,604		35,723		10,656		51,166		38,699		20,246
Total	$	1,534,823	$	519,461	$	44,104	$	1,354,666	$	341,448	$	30,937

VIEs Where We Hold a Variable Interest but We are Not Required to Consolidate - Aggregate Assets, Liabilities, and Exposure to Loss from managed funds

As a result of our April 1, 2011 acquisition of Howe Barnes (see Note 1 for further information), one of our subsidiaries is the general partner in three funds which we determined to be VIEs that we are not required to consolidate. We are not required to consolidate these funds since they each satisfy the conditions for deferral of the determination of who is the primary beneficiary and therefore, who has the obligation to consolidate. These funds meet the deferral criteria as: 1) these funds' primary business activity involves investment in the securities of other entities not under common management for current income, appreciation or both; 2) ownership in the funds is represented by units of investments to which proportionate shares of net assets can be attributed; 3) the assets of the funds are pooled to avail owners of professional management; 4) the funds are the primary reporting entities; and 5) the funds do not have an obligation (explicit or implicit) to fund losses of the entities that could be potentially significant.

The aggregate assets, liabilities, and our exposure to loss from these three funds are provided in the table below:

	June 30, 2011
	Aggregate Assets		Aggregate Liabilities		Our Risk of Loss
	(in thousands)
Managed Funds	$	14,756	$	63	$	981