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COLLATERALIZED AGREEMENTS AND FINANCINGS
 3 Months Ended
Dec. 31, 2022
Offsetting [Abstract]  
COLLATERALIZED AGREEMENTS AND FINANCINGS COLLATERALIZED AGREEMENTS AND FINANCINGS
Collateralized agreements are comprised of securities purchased under agreements to resell (“reverse repurchase agreements”) and securities borrowed. Collateralized financings are comprised of securities sold under agreements to repurchase (“repurchase agreements”) and securities loaned. We enter into these transactions in order to facilitate client activities, acquire securities to cover short positions and finance certain firm activities. The significant accounting policies governing our collateralized agreements and financings are described in Note 2 of our 2022 Form 10-K.

Our reverse repurchase agreements, repurchase agreements, securities borrowing, and securities lending transactions are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course, as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the parties to the transaction. For financial statement purposes, we do not offset our reverse repurchase agreements, repurchase agreements, securities borrowed, and securities loaned because the conditions for netting as specified by GAAP are not met. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table.
Collateralized agreementsCollateralized financings
$ in millionsReverse repurchase agreementsSecurities borrowedTotalRepurchase agreementsSecurities loanedTotal
December 31, 2022
Gross amounts of recognized assets/liabilities$156 $179 $335 $150 $44 $194 
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition— — — — — — 
Net amounts included in the Condensed Consolidated Statements of Financial Condition156 179 335 150 44 194 
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition(156)(174)(330)(150)(40)(190)
Net amounts$— $5 $5 $— $4 $4 
September 30, 2022
Gross amounts of recognized assets/liabilities$367 $337 $704 $294 $172 $466 
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition— — — — — — 
Net amounts included in the Condensed Consolidated Statements of Financial Condition367 337 704 294 172 466 
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition(367)(327)(694)(294)(162)(456)
Net amounts$— $10 $10 $— $10 $10 

The total amount of collateral received under reverse repurchase agreements and the total amount of collateral posted under repurchase agreements exceeds the carrying value of these agreements on our Condensed Consolidated Statements of Financial Condition.
Repurchase agreements and securities loaned accounted for as secured borrowings

The following table presents the remaining contractual maturity of repurchase agreements and securities lending transactions accounted for as secured borrowings.
$ in millionsOvernight and continuousUp to 30 days30-90 daysGreater than 90 daysTotal
December 31, 2022
Repurchase agreements:
Government and agency obligations$139 $— $— $— $139 
Agency MBS and agency CMOs11 — — — 11 
Total repurchase agreements
150 — — — 150 
Securities loaned:
Equity securities44 — — — 44 
Total collateralized financings$194 

$— 

$— 

$— 

$194 
September 30, 2022
Repurchase agreements:
Government and agency obligations$183 $— $— $— $183 
Agency MBS and agency CMOs111 — — — 111 
Total repurchase agreements
294 — — — 294 
Securities loaned:
Equity securities172 — — — 172 
Total collateralized financings$466 $— $— $— $466 

Collateral received and pledged

We receive cash and securities as collateral, primarily in connection with reverse repurchase agreements, securities borrowing agreements, derivative transactions, and client margin loans. The collateral we receive reduces our credit exposure to individual counterparties.

In many cases, we are permitted to deliver or repledge financial instruments we have received as collateral to satisfy our collateral requirements under our repurchase agreements, securities lending agreements or other secured borrowings, to satisfy deposit requirements with clearing organizations, or to otherwise meet either our or our clients’ settlement requirements.

The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described.
$ in millionsDecember 31, 2022September 30, 2022
Collateral we received that was available to be delivered or repledged$3,256 $3,812 
Collateral that we delivered or repledged $523 $947 
Encumbered assets

We pledge certain of our assets to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments. We pledge certain of our bank loans with the Federal Home Loan Bank (“FHLB”) as security for both the repayment of certain borrowings and to secure capacity for additional borrowings as needed as well as with the Federal Reserve Bank of Atlanta (“FRB”) to be eligible to participate in the Federal Reserve’s discount window program. For additional information regarding our outstanding FHLB advances see Note 13. The following table presents information about our assets that have been pledged for one of the purposes previously described.
$ in millionsDecember 31, 2022September 30, 2022
Had the right to deliver or repledge$1,058 $1,276 
Did not have the right to deliver or repledge$64 $63 
Bank loans, net pledged with the:
FHLB$8,360 $8,009 
FRB746 791 
Total bank loans, net pledged with the FHLB and FRB$9,106 $8,800