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AVAILABLE-FOR-SALE SECURITIES | 9 Months Ended
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Jun. 30, 2026
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 2025 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities. See Note 4 of this Form 10-Q for additional information regarding the fair value of available-for-sale securities.
$ in millions |  | Cost basis |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
June 30, 2026 |  |  |  |  |  |  |  |
Agency residential MBS |  | $ | 3,306 |  |  | $ | 2 |  |  | $ | (247) |  |  | $ | 3,061 |
Agency commercial MBS |  | 950 |  |  | — |  |  | (70) |  |  | 880 |
Agency CMOs |  | 1,546 |  |  | 1 |  |  | (142) |  |  | 1,405 |
U.S. Treasuries |  | 532 |  |  | — |  |  | (1) |  |  | 531 |
Other agency obligations |  | 139 |  |  | — |  |  | (2) |  |  | 137 |
Non-agency residential MBS |  | 434 |  |  | — |  |  | (33) |  |  | 401 |
Corporate bonds |  | 65 |  |  | 1 |  |  | — |  |  | 66 |
Other |  | 15 |  |  | 1 |  |  | (1) |  |  | 15 |
Total available-for-sale securities |  | $ | 6,987 |  |  | $ | 5 |  |  | $ | (496) |  |  | $ | 6,496 |
September 30, 2025 |  |  |  |  |  |  |  |
Agency residential MBS |  | $ | 3,531 |  |  | $ | 3 |  |  | $ | (265) |  |  | $ | 3,269 |
Agency commercial MBS |  | 1,223 |  |  | — |  |  | (85) |  |  | 1,138 |
Agency CMOs |  | 1,421 |  |  | 3 |  |  | (147) |  |  | 1,277 |
U.S. Treasuries |  | 429 |  |  | 1 |  |  | — |  |  | 430 |
Other agency obligations |  | 229 |  |  | — |  |  | (2) |  |  | 227 |
Non-agency residential MBS |  | 484 |  |  | 1 |  |  | (32) |  |  | 453 |
Corporate bonds |  | 79 |  |  | 1 |  |  | (1) |  |  | 79 |
Other |  | 14 |  |  | 1 |  |  | — |  |  | 15 |
Total available-for-sale securities |  | $ | 7,410 |  |  | $ | 10 |  |  | $ | (532) |  |  | $ | 6,888 |
The amortized costs and fair values in the preceding table exclude $19 million and $18 million of accrued interest on available-for-sale securities as of June 30, 2026 and September 30, 2025, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition. See Note 7 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 3.8 years as of June 30, 2026.
|  | June 30, 2026
$ in millions |  | Within one year |  | After one but within five years |  | After five but within ten years |  | After ten years |  | Total
Agency residential MBS |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 1 |  |  | $ | 413 |  |  | $ | 1,567 |  |  | $ | 1,325 |  |  | $ | 3,306 |
Fair value |  | $ | 1 |  |  | $ | 390 |  |  | $ | 1,428 |  |  | $ | 1,242 |  |  | $ | 3,061 |
Weighted-average yield |  | 2.18 | % |  | 1.18 | % |  | 1.35 | % |  | 3.39 | % |  | 2.14 | %
Agency commercial MBS |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 161 |  |  | $ | 738 |  |  | $ | 8 |  |  | $ | 43 |  |  | $ | 950 |
Fair value |  | $ | 159 |  |  | $ | 680 |  |  | $ | 7 |  |  | $ | 34 |  |  | $ | 880 |
Weighted-average yield |  | 1.65 | % |  | 1.28 | % |  | 1.21 | % |  | 1.83 | % |  | 1.37 | %
Agency CMOs |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | 1,517 |  |  | $ | 1,546 |
Fair value |  | $ | — |  |  | $ | — |  |  | $ | 27 |  |  | $ | 1,378 |  |  | $ | 1,405 |
Weighted-average yield |  | — | % |  | — | % |  | 1.46 | % |  | 2.67 | % |  | 2.64 | %
U.S. Treasuries |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 205 |  |  | $ | 327 |  |  | $ | — |  |  | $ | — |  |  | $ | 532 |
Fair value |  | $ | 205 |  |  | $ | 326 |  |  | $ | — |  |  | $ | — |  |  | $ | 531 |
Weighted-average yield |  | 3.98 | % |  | 3.96 | % |  | — | % |  | — | % |  | 3.97 | %
Other agency obligations |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 27 |  |  | $ | 105 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 139 |
Fair value |  | $ | 27 |  |  | $ | 103 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 137 |
Weighted-average yield |  | 3.08 | % |  | 3.85 | % |  | — | % |  | 3.06 | % |  | 3.66 | %
Non-agency residential MBS |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 434 |  |  | $ | 434 |
Fair value |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 401 |  |  | $ | 401 |
Weighted-average yield |  | — | % |  | — | % |  | — | % |  | 3.96 | % |  | 3.96 | %
Corporate bonds |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 8 |  |  | $ | 48 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 65 |
Fair value |  | $ | 8 |  |  | $ | 48 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 66 |
Weighted-average yield |  | 4.20 | % |  | 4.62 | % |  | 5.66 | % |  | — | % |  | 4.72 | %
Other |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 10 |  |  | $ | 15 |
Fair value |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 10 |  |  | $ | 15 |
Weighted-average yield |  | — | % |  | — | % |  | 1.99 | % |  | 6.30 | % |  | 4.84 | %
Total available-for-sale securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 402 |  |  | $ | 1,631 |  |  | $ | 1,618 |  |  | $ | 3,336 |  |  | $ | 6,987 |
Fair value |  | $ | 400 |  |  | $ | 1,547 |  |  | $ | 1,477 |  |  | $ | 3,072 |  |  | $ | 6,496 |
Weighted-average yield |  | 2.98 | % |  | 2.06 | % |  | 1.37 | % |  | 3.12 | % |  | 2.46 | %
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 months |  | 12 months or more |  | Total
$ in millions |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |
Agency residential MBS |  | $ | 365 |  |  | $ | (3) |  |  | $ | 2,526 |  |  | $ | (244) |  |  | $ | 2,891 |  |  | $ | (247) |
Agency commercial MBS |  | 5 |  |  | — |  |  | 871 |  |  | (70) |  |  | 876 |  |  | (70) |
Agency CMOs |  | 401 |  |  | (3) |  |  | 871 |  |  | (139) |  |  | 1,272 |  |  | (142) |
U.S. Treasuries |  | 243 |  |  | (1) |  |  | 8 |  |  | — |  |  | 251 |  |  | (1) |
Other agency obligations |  | 43 |  |  | (1) |  |  | 95 |  |  | (1) |  |  | 138 |  |  | (2) |
Non-agency residential MBS |  | 12 |  |  | — |  |  | 355 |  |  | (33) |  |  | 367 |  |  | (33) |
Corporate bonds |  | 5 |  |  | — |  |  | 9 |  |  | — |  |  | 14 |  |  | — |
Other |  | 1 |  |  | — |  |  | 5 |  |  | (1) |  |  | 6 |  |  | (1) |
Total |  | $ | 1,075 |  |  | $ | (8) |  |  | $ | 4,740 |  |  | $ | (488) |  |  | $ | 5,815 |  |  | $ | (496) |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Agency residential MBS |  | $ | 23 |  |  | $ | — |  |  | $ | 2,994 |  |  | $ | (265) |  |  | $ | 3,017 |  |  | $ | (265) |
Agency commercial MBS |  | — |  |  | — |  |  | 1,129 |  |  | (85) |  |  | 1,129 |  |  | (85) |
Agency CMOs |  | 2 |  |  | — |  |  | 978 |  |  | (147) |  |  | 980 |  |  | (147) |
U.S. Treasuries |  | 215 |  |  | — |  |  | 9 |  |  | — |  |  | 224 |  |  | — |
Other agency obligations |  | — |  |  | — |  |  | 227 |  |  | (2) |  |  | 227 |  |  | (2) |
Non-agency residential MBS |  | — |  |  | — |  |  | 380 |  |  | (32) |  |  | 380 |  |  | (32) |
Corporate bonds |  | — |  |  | — |  |  | 15 |  |  | (1) |  |  | 15 |  |  | (1) |
Other |  | 1 |  |  | — |  |  | 5 |  |  | — |  |  | 6 |  |  | — |
Total |  | $ | 241 |  |  | $ | — |  |  | $ | 5,737 |  |  | $ | (532) |  |  | $ | 5,978 |  |  | $ | (532) |
At June 30, 2026, of the 830 available-for-sale securities in an unrealized loss position, 97 were in a continuous unrealized loss position for less than 12 months and 733 securities were in a continuous unrealized loss position for greater than 12 months. During the three and nine months ended June 30, 2026, we received proceeds of $40 million from sales of available-for-sale securities resulting in insignificant gains. There were no sales of available-for-sale securities during the three months ended June 30, 2025. 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 accumulated other comprehensive income/loss (“AOCI”) to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the nine months ended June 30, 2025.

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