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AVAILABLE-FOR-SALE SECURITIES
 9 Months Ended
Jun. 30, 2025
Debt Securities, Available-for-Sale [Abstract]  
AVAILABLE-FOR-SALE SECURITIES AVAILABLE-FOR-SALE SECURITIES
The following table details the amortized costs and fair values of our available-for-sale securities. See Note 2 of our 2024 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities. See Note 3 of this Form 10-Q for additional information regarding the fair value of available-for-sale securities.
$ in millionsCost basisGross
unrealized gains		Gross
unrealized losses		Fair value
June 30, 2025    
Agency residential MBS$3,693 $2 $(299)$3,396 
Agency commercial MBS1,282 — (98)1,184 
Agency CMOs1,394 2 (161)1,235 
U.S. Treasuries431 1 — 432 
Other agency obligations354 — (3)351 
Non-agency residential MBS499 1 (37)463 
Corporate bonds89 — — 89 
Other15 1 (1)15 
Total available-for-sale securities$7,757 $7 $(599)$7,165 
September 30, 2024    
Agency residential MBS$4,147 $3 $(327)$3,823 
Agency commercial MBS1,415 — (119)1,296 
Agency CMOs1,394 1 (170)1,225 
U.S. Treasuries706 — (2)704 
Other agency obligations565 — (6)559 
Non-agency residential MBS553 1 (27)527 
Corporate bonds107 1 (2)106 
Other19 1 — 20 
Total available-for-sale securities$8,906 $7 $(653)$8,260 

The amortized costs and fair values in the preceding table exclude $19 million and $23 million of accrued interest on available-for-sale securities as of June 30, 2025 and September 30, 2024, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

See Note 6 for additional information regarding available-for-sale securities pledged with the FHLB and FRB.
The following table details the contractual maturities, amortized costs, fair values and current yields for our available-for-sale securities.  Weighted-average yields are calculated on a taxable-equivalent basis based on estimated annual income divided by the average amortized cost of these securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 3.9 years as of June 30, 2025.
 June 30, 2025
$ in millionsWithin one yearAfter one but
within five years		After five but
within ten years		After ten yearsTotal
Agency residential MBS
     
Amortized cost
$— $125 $1,385 $2,183 $3,693 
Fair value$— $120 $1,295 $1,981 $3,396 
Weighted-average yield
— %1.77 %1.29 %2.22 %1.86 %
Agency commercial MBS
Amortized cost
$236 $636 $362 $48 $1,282 
Fair value$231 $601 $314 $38 $1,184 
Weighted-average yield
1.67 %1.43 %1.21 %1.86 %1.43 %
Agency CMOs
 
Amortized cost
$— $— $26 $1,368 $1,394 
Fair value$— $— $24 $1,211 $1,235 
Weighted-average yield
— %— %1.43 %2.17 %2.16 %
U.S. Treasuries
Amortized cost
$178 $253 $— $— $431 
Fair value$178 $254 $— $— $432 
Weighted-average yield
4.43 %4.29 %— %— %4.35 %
Other agency obligations
Amortized cost
$189 $129 $28 $8 $354 
Fair value$188 $127 $28 $8 $351 
Weighted-average yield
2.85 %3.77 %2.42 %3.07 %3.16 %
Non-agency residential MBS
Amortized cost
$— $— $— $499 $499 
Fair value$— $— $— $463 $463 
Weighted-average yield
— %— %— %4.18 %4.18 %
Corporate bonds
Amortized cost
$4 $63 $22 $— $89 
Fair value$4 $63 $22 $— $89 
Weighted-average yield
5.71 %5.40 %5.02 %— %5.32 %
Other
Amortized cost
$— $— $5 $10 $15 
Fair value$— $— $4 $11 $15 
Weighted-average yield
— %— %6.99 %6.92 %6.94 %
Total available-for-sale securities
Amortized cost
$607 $1,206 $1,828 $4,116 $7,757 
Fair value$601 $1,165 $1,687 $3,712 $7,165 
Weighted-average yield
2.88 %2.52 %1.36 %2.45 %2.24 %
The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position.
 Less than 12 months12 months or moreTotal
$ in millionsFair valueUnrealized
losses		Fair valueUnrealized
losses		Fair valueUnrealized
losses
June 30, 2025
Agency residential MBS
$82 $— $3,138 $(299)$3,220 $(299)
Agency commercial MBS
5 — 1,176 (98)1,181 (98)
Agency CMOs
8 — 996 (161)1,004 (161)
U.S. Treasuries— — 11 — 11 — 
Other agency obligations— — 342 (3)342 (3)
Non-agency residential MBS14 — 383 (37)397 (37)
Corporate bonds4 — 21 — 25 — 
Other 1 — 4 (1)5 (1)
Total$114 $— $6,071 $(599)$6,185 $(599)
September 30, 2024
Agency residential MBS
$— $— $3,679 $(327)$3,679 $(327)
Agency commercial MBS
— — 1,287 (119)1,287 (119)
Agency CMOs
30 — 1,114 (170)1,144 (170)
U.S. Treasuries475 — 229 (2)704 (2)
Other agency obligations10 — 539 (6)549 (6)
Non-agency residential MBS— — 417 (27)417 (27)
Corporate bonds— — 42 (2)42 (2)
Other— — 4 — 4 — 
Total
$515 $— $7,311 $(653)$7,826 $(653)

At June 30, 2025, of the 794 available-for-sale securities in an unrealized loss position, 17 were in a continuous unrealized loss position for less than 12 months and 777 securities were in a continuous unrealized loss position for greater than 12 months.

At June 30, 2025, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $3.66 billion and $2.28 billion, respectively, and fair values of $3.35 billion and $2.05 billion, respectively.

During the nine months ended June 30, 2025, we received proceeds of $78 million from sales of available-for-sale securities resulting in $2 million of losses. Such losses were reclassified from AOCI to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the nine months ended June 30, 2025. During the three months ended June 30, 2025 and the three and nine months ended June 30, 2024, there were no sales of available-for-sale securities.