Allaire Bella Loykhter 4

What Happened
Allaire Bella Loykhter, Chief Administrative Officer of Raymond James Financial (RJF), reported a disposition of 29,551 shares on March 19, 2026. The shares were valued at $142.34 each for a total of $4,206,289. The Form 4 characterizes the transaction as a sale/disposition; a footnote clarifies the shares were contributed to an exchange fund in exchange for shares of that fund.

Key Details

• Transaction date and value: March 19, 2026 — 29,551 shares at $142.34 per share (total $4,206,289).
• Transaction type: Reported as a sale/disposition (contribution to an exchange fund) — Form 4 filed March 20, 2026 (appears timely).
• Footnote F1: Shares were contributed to an exchange fund; $142.34/share used to determine exchange-fund shares issued.
• Footnote F2: Report includes shares acquired under the reporting person’s ESOP account through March 16, 2026.
• Shares owned after the transaction: not specified in the provided summary of the filing.

Context
Contributing shares to an exchange fund is an in-kind disposition that converts company stock into a stake in a diversified fund; it is reported as a disposition but is not necessarily an open-market cash sale. Such transactions can be driven by diversification or tax/planning reasons and do not, by themselves, indicate insider confidence or lack thereof.