VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Mar. 31, 2016

Variable Interest Entities [Abstract]

VIEs where we are the primary beneficiary - aggregate assets and liabilities

The aggregate assets and liabilities of the VIEs we consolidate are provided in the table below.



	Aggregate assets ⁽¹⁾		Aggregate liabilities ⁽¹⁾
	(in thousands)
March 31, 2016
LIHTC Funds	$	135,581	$	34,173
Guaranteed LIHTC Fund ⁽²⁾	64,715		2,427
Restricted Stock Trust Fund	11,186		11,186
EIF Funds	4,040		—
Total	$	215,522	$	47,786

September 30, 2015
LIHTC Funds	$	143,111	$	41,125
Guaranteed LIHTC Fund ⁽²⁾	71,231		2,263
Restricted Stock Trust Fund	6,405		6,405
EIF Funds	4,627		—
Total	$	225,374	$	49,793


(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.


(2)	In connection with one of the multi-investor tax credit funds in which RJTCF is the managing member, RJTCF has provided one investor member with a guaranteed return on their investment in the fund (the “Guaranteed LIHTC Fund”). See Note 16 for additional information regarding this commitment.

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 which 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.



	March 31, 2016		September 30, 2015
	(in thousands)
Assets:
Assets segregated pursuant to regulations and other segregated assets	$	8,019	$	8,525
Receivables, other	5,494		5,542
Investments in real estate partnerships held by consolidated variable interest entities	191,801		199,678
Trust fund investment in RJF common stock ⁽¹⁾	11,185		6,404
Prepaid expenses and other assets	3,944		4,297
Total assets	$	220,443	$	224,446

Liabilities and equity:
Trade and other payables	$	23,443	$	12,424
Intercompany payables	11,154		6,400
Loans payable of consolidated variable interest entities ⁽²⁾	19,365		25,960
Total liabilities	53,962		44,784
RJF equity	6,112		6,121
Noncontrolling interests	160,369		173,541
Total equity	166,481		179,662
Total liabilities and equity	$	220,443	$	224,446


(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 income (loss) of the VIEs which we consolidate, and is included within our Condensed Consolidated Statements of Income and Comprehensive Income. The noncontrolling interests presented in this table represent the portion of the net loss from these VIEs which is not ours.



	Three months ended March 31,						Six months ended March 31,
	2016			2015			2016			2015
	(in thousands)
Revenues:
Interest	$	2		$	2		$	2		$	2
Other	(201		)	(382		)	414			292
Total revenues	(199		)	(380		)	416			294
Interest expense	(315		)	(537		)	(625		)	(1,066		)
Net revenues	(514		)	(917		)	(209		)	(772		)
Non-interest expenses ⁽¹⁾	9,398			11,085			18,419			19,099
Net loss including noncontrolling interests	(9,912		)	(12,002		)	(18,628		)	(19,871		)
Net loss attributable to noncontrolling interests	(9,905		)	(11,975		)	(18,619		)	(19,858		)
Net loss attributable to RJF	$	(7	)	$	(27	)	$	(9	)	$	(13	)


(1)	Primarily comprised of items reported in other expense on our Condensed Consolidated Statements of Income and Comprehensive Income.

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 as to which we have concluded we are not the primary beneficiary, are provided in the table below.



	March 31, 2016						September 30, 2015
	Aggregate assets		Aggregate liabilities		Our risk of loss		Aggregate assets		Aggregate liabilities		Our risk of loss
	(in thousands)
LIHTC Funds	$	3,727,454	$	1,114,185	$	73,959	$	3,317,594	$	951,465	$	42,244
NMTC Funds	65,468		67		12		65,388		40		12
Other Real Estate Limited Partnerships and LLCs	29,523		37,062		140		29,523		37,062		163
Total	$	3,822,445	$	1,151,314	$	74,111	$	3,412,505	$	988,567	$	42,419

VIEs where we hold a variable interest but we are not required to consolidated - aggregate assets, liabilities and exposure to loss

The aggregate assets, liabilities, and our exposure to loss from Managed Funds in which we hold a variable interest as of the dates indicated are provided in the table below:



	March 31, 2016						September 30, 2015
	Aggregate assets		Aggregate liabilities		Our risk of loss		Aggregate assets		Aggregate liabilities		Our risk of loss
	(in thousands)
Managed Funds	$	98,168	$	577	$	5,005	$	83,132	$	22	$	53