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AVAILABLE-FOR-SALE SECURITIES
 6 Months Ended
Mar. 31, 2022
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 agency CMOs owned by Raymond James Bank. Refer to Note 2 of our 2021 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities.

The following table details the amortized costs and fair values of our available-for-sale securities.
$ in millionsCost basisGross
unrealized gains		Gross
unrealized losses		Fair value
March 31, 2022    
Agency residential MBS$5,629 $4 $(276)$5,357 
Agency commercial MBS1,414 — (114)1,300 
Agency CMOs1,757 — (119)1,638 
U.S. Treasuries214 — (1)213 
Other agency obligations313 — (6)307 
Total available-for-sale securities$9,327 $4 $(516)$8,815 
September 30, 2021    
Agency residential MBS$5,168 $46 $(25)$5,189 
Agency commercial MBS1,285 7 (28)1,264 
Agency CMOs1,854 9 (16)1,847 
U.S. Treasuries15 — — 15 
Total available-for-sale securities$8,322 $62 $(69)$8,315 

The amortized costs and fair values in the preceding table exclude $15 million and $14 million of accrued interest on available-for-sale securities as of March 31, 2022 and September 30, 2021, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

See Note 4 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 a result, as of March 31, 2022, the weighted-average life of our available-for-sale securities portfolio was approximately four years.
 March 31, 2022
$ in millionsWithin one yearAfter one but
within five years		After five but
within ten years		After ten yearsTotal
Agency residential MBS
     
Amortized cost
$— $130 $2,746 $2,753 $5,629 
Carrying value
$— $130 $2,628 $2,599 $5,357 
Agency commercial MBS
Amortized cost
$26 $427 $888 $73 $1,414 
Carrying value
$26 $406 $800 $68 $1,300 
Agency CMOs
   
Amortized cost
$— $7 $39 $1,711 $1,757 
Carrying value
$— $7 $38 $1,593 $1,638 
U.S. Treasuries
Amortized cost
$— $211 $3 $— $214 
Carrying value
$— $210 $3 $— $213 
Other agency obligations
Amortized cost
$— $313 $— $— $313 
Carrying value
$— $307 $— $— $307 
Total available-for-sale securities
Amortized cost
$26 $1,088 $3,676 $4,537 $9,327 
Carrying value
$26 $1,060 $3,469 $4,260 $8,815 
Weighted-average yield
2.23 %1.67 %1.18 %1.30 %1.30 %

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 millionsEstimated
fair value		Unrealized
losses		Estimated
fair value		Unrealized
losses		Estimated
fair value		Unrealized
losses
March 31, 2022
Agency residential MBS
$3,893 $(193)$1,117 $(83)$5,010 $(276)
Agency commercial MBS
650 (36)635 (78)1,285 (114)
Agency CMOs
1,172 (76)443 (43)1,615 (119)
U.S. Treasuries168 (1)— — 168 (1)
Other agency obligations307 (6)— — 307 (6)
         Total
$6,190 $(312)$2,195 $(204)$8,385 $(516)
September 30, 2021
Agency residential MBS
$3,155 $(25)$18 $— $3,173 $(25)
Agency commercial MBS
645 (13)353 (15)998 (28)
Agency CMOs
918 (12)231 (4)1,149 (16)
U.S. Treasuries3 — — — 3 — 
Total
$4,721 $(50)$602 $(19)$5,323 $(69)

The contractual cash flows of our available-for-sale securities are guaranteed by the U.S. government or its agencies. At March 31, 2022, of the 650 available-for-sale securities in an unrealized loss position, 517 were in a continuous unrealized loss position for less than 12 months and 133 securities were in a continuous unrealized loss position for greater than 12 months. We do not consider unrealized losses associated with these securities to be credit losses due to the guarantee of the full payment of principal and interest, and the fact that we have the ability and intent to hold these securities. In addition, unrealized losses related to these available-for-sale securities are generally due to changes in market interest rates. At March 31, 2022, based on our assessment of this portfolio, we did not recognize an allowance for credit losses on our available-for-sale securities. At March 31, 2022, debt securities we held in excess of ten percent of our equity included those issued by the Federal National
Home Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $5.54 billion and $3.07 billion, respectively, and fair values of $5.23 billion and $2.88 billion, respectively.

There were no sales of available-for-sale securities during the three and six months ended March 31, 2022 and the three months ended March 31, 2021. During the six months ended March 31, 2021, we received proceeds of $519 million, resulting in insignificant gains, from sales of agency MBS and agency CMO available-for-sale securities. The gains that resulted from the sales were included in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income.