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AVAILABLE-FOR-SALE SECURITIES
 6 Months Ended
Mar. 31, 2020
Debt Securities, Available-for-sale [Abstract]  
AVAILABLE-FOR-SALE SECURITIES AVAILABLE-FOR-SALE SECURITIES

Available-for-sale securities are primarily comprised of agency MBS and CMOs owned by Raymond James Bank (“RJ Bank”). Refer to the discussion of our available-for-sale securities accounting policies, including the fair value determination process, in Note 2 of our 2019 Form 10-K.

The following table details the amortized cost and fair values of our available-for-sale securities.
$ in millions
 
Cost basis
 
Gross
unrealized gains
 
Gross
unrealized losses
 
Fair value
March 31, 2020
 
 
 
 
 
 
 
 
Agency residential MBS
 
$
1,929

 
$
56

 
$
—

 
$
1,985

Agency commercial MBS
 
533

 
16

 
—

 
549

Agency CMOs
 
1,677

 
39

 
(1
)
 
1,715

Other securities
 
15

 
1

 
—

 
16

Total available-for-sale securities
 
$
4,154

 
$
112

 
$
(1
)
 
$
4,265

 
 
 
 
 
 
 
 
 
September 30, 2019
 
 

 
 

 
 

 
 

Agency residential MBS
 
$
1,555

 
$
20

 
$
(1
)
 
$
1,574

Agency commercial MBS
 
305

 
5

 
—

 
310

Agency CMOs
 
1,195

 
7

 
(3
)
 
1,199

Other securities
 
10

 
—

 
—

 
10

Total available-for-sale securities
 
$
3,065

 
$
32

 
$
(4
)
 
$
3,093



See Note 3 for additional information regarding the fair value of available-for-sale securities.

The following table details the contractual maturities, amortized costs, carrying values and current yields for our available-for-sale 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 of March 31, 2020, the duration of our available-for-sale securities portfolio was approximately three years.
 
 
March 31, 2020
$ 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
 
$
—

 
$
32

 
$
791

 
$
1,106

 
$
1,929

Carrying value
 
$
—

 
$
33

 
$
818

 
$
1,134

 
$
1,985

Agency commercial MBS
 
 
 
 
 
 
 
 
 
 
Amortized cost
 
$
—

 
$
189

 
$
265

 
$
79

 
$
533

Carrying value
 
$
—

 
$
193

 
$
276

 
$
80

 
$
549

Agency CMOs
 
 
 
 
 
 
 
 
 
 
Amortized cost
 
$
—

 
$
2

 
$
79

 
$
1,596

 
$
1,677

Carrying value
 
$
—

 
$
2

 
$
81

 
$
1,632

 
$
1,715

Other securities
 
 
 
 
 
 
 
 
 
 
Amortized cost
 
$
—

 
$
3

 
$
12

 
$
—

 
$
15

Carrying value
 
$
—

 
$
4

 
$
12

 
$
—

 
$
16

Total available-for-sale securities
 
 
 
 
 
 
 
 
 
 
Amortized cost
 
$
—

 
$
226

 
$
1,147

 
$
2,781

 
$
4,154

Carrying value
 
$
—

 
$
232

 
$
1,187

 
$
2,846

 
$
4,265

Weighted-average yield
 
—
%
 
2.28
%
 
2.34
%
 
2.25
%
 
2.27
%


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
 
Estimated
fair value
 
Unrealized
losses
 
Estimated
fair value
 
Unrealized
losses
 
Estimated
fair value
 
Unrealized
losses
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
Agency residential MBS
 
$
7

 
$
—

 
$
—

 
$
—

 
$
7

 
$
—

Agency commercial MBS
 
14

 
—

 
22

 
—

 
36

 
—

Agency CMOs
 
63

 
(1
)
 
18

 
—

 
81

 
(1
)
         Total
 
$
84

 
$
(1
)
 
$
40

 
$
—

 
$
124

 
$
(1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Agency residential MBS
 
$
166

 
$
—

 
$
114

 
$
(1
)
 
$
280

 
$
(1
)
Agency commercial MBS
 
—

 
—

 
44

 
—

 
44

 
—

Agency CMOs
 
145

 
(1
)
 
351

 
(2
)
 
496

 
(3
)
Other securities
 
2

 
—

 
—

 
—

 
2

 
—

Total
 
$
313

 
$
(1
)
 
$
509

 
$
(3
)
 
$
822

 
$
(4
)


The contractual cash flows of our available-for-sale securities are guaranteed by the U.S. government or its agencies. At March 31, 2020, of the 20 available-for-sale securities in an unrealized loss position, 14 were in a continuous unrealized loss position for less than 12 months and 6 were for 12 months or more. At March 31, 2020, debt securities we held in excess of ten percent of our equity included Federal National Home Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”) which had an amortized cost of $2.67 billion and $1.22 billion, respectively, and a fair value of $2.74 billion and $1.25 billion, respectively.

During the three and six months ended March 31, 2020 and 2019, there were no sales of available-for-sale securities.