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AVAILABLE-FOR-SALE SECURITIES
 9 Months Ended
Jun. 30, 2023
Debt Securities, Available-for-Sale [Abstract]  
AVAILABLE-FOR-SALE SECURITIES AVAILABLE-FOR-SALE SECURITIES
Refer to Note 2 of our 2022 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. See Note 3 for additional information regarding the fair value of available-for-sale securities.
$ in millionsCost basisGross
unrealized gains		Gross
unrealized losses		Fair value
June 30, 2023    
Agency residential MBS$5,064 $1 $(560)$4,505 
Agency commercial MBS1,469 — (197)1,272 
Agency CMOs1,497 — (245)1,252 
Other agency obligations710 — (28)682 
Non-agency residential MBS509 — (44)465 
U.S. Treasuries1,265 — (27)1,238 
Corporate bonds140 — (6)134 
Other18 — — 18 
Total available-for-sale securities$10,672 $1 $(1,107)$9,566 
September 30, 2022    
Agency residential MBS$5,662 $— $(668)$4,994 
Agency commercial MBS1,518 — (208)1,310 
Agency CMOs1,637 — (233)1,404 
Other agency obligations613 — (31)582 
Non-agency residential MBS492 — (41)451 
U.S. Treasuries1,014 — (28)986 
Corporate bonds146 — (5)141 
Other18 — (1)17 
Total available-for-sale securities$11,100 $— $(1,215)$9,885 

The amortized costs and fair values in the preceding table exclude $28 million and $24 million of accrued interest on available-for-sale securities as of June 30, 2023 and September 30, 2022, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

See Note 6 for more information regarding available-for-sale securities pledged with the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank of Atlanta (“FRB”).
The following table details the contractual maturities, amortized costs, carrying 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. The weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 4.30 years as of June 30, 2023.
 June 30, 2023
$ in millionsWithin one yearAfter one but
within five years		After five but
within ten years		After ten yearsTotal
Agency residential MBS
     
Amortized cost
$— $127 $2,240 $2,697 $5,064 
Carrying value
$— $122 $2,011 $2,372 $4,505 
Weighted-average yield
— %2.46 %1.29 %1.90 %1.65 %
Agency commercial MBS
Amortized cost
$— $919 $499 $51 $1,469 
Carrying value
$— $824 $406 $42 $1,272 
Weighted-average yield
— %1.61 %1.21 %1.87 %1.48 %
Agency CMOs
 
Amortized cost
$— $10 $45 $1,442 $1,497 
Carrying value
$— $8 $40 $1,204 $1,252 
Weighted-average yield
— %2.27 %1.54 %1.57 %1.58 %
Other agency obligations
Amortized cost
$60 $560 $80 $10 $710 
Carrying value
$59 $539 $74 $10 $682 
Weighted-average yield
2.54 %3.24 %3.44 %3.07 %3.20 %
Non-agency residential MBS
Amortized cost
$— $— $— $509 $509 
Carrying value
$— $— $— $465 $465 
Weighted-average yield
— %— %— %4.10 %4.10 %
U.S. Treasuries
Amortized cost
$417 $848 $— $— $1,265 
Carrying value
$408 $830 $— $— $1,238 
Weighted-average yield
2.40 %3.51 %— %— %3.14 %
Corporate bonds
Amortized cost
$25 $87 $28 $— $140 
Carrying value
$25 $84 $25 $— $134 
Weighted-average yield
4.79 %6.32 %4.90 %— %5.76 %
Other
Amortized cost
$— $5 $5 $8 $18 
Carrying value
$— $5 $5 $8 $18 
Weighted-average yield
— %7.05 %5.23 %8.05 %7.06 %
Total available-for-sale securities
Amortized cost
$502 $2,556 $2,897 $4,717 $10,672 
Carrying value
$492 $2,412 $2,561 $4,101 $9,566 
Weighted-average yield
2.54 %2.81 %1.38 %2.05 %2.07 %
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
June 30, 2023
Agency residential MBS
$190 $(8)$4,274 $(552)$4,464 $(560)
Agency commercial MBS
136 (5)1,136 (192)1,272 (197)
Agency CMOs
26 (1)1,226 (244)1,252 (245)
Other agency obligations208 (3)474 (25)682 (28)
Non-agency residential MBS53 (2)412 (42)465 (44)
U.S. Treasuries325 (6)763 (21)1,088 (27)
Corporate bonds26 (1)65 (5)91 (6)
Other 5 — 13 — 18 — 
Total$969 $(26)$8,363 $(1,081)$9,332 $(1,107)
September 30, 2022
Agency residential MBS
$2,165 $(226)$2,829 $(442)$4,994 $(668)
Agency commercial MBS
494 (41)816 (167)1,310 (208)
Agency CMOs
337 (32)1,067 (201)1,404 (233)
Other agency obligations582 (31)— — 582 (31)
Non-agency residential MBS451 (41)— — 451 (41)
U.S. Treasuries982 (28)4 — 986 (28)
Corporate bonds128 (5)— — 128 (5)
Other17 (1)— — 17 (1)
Total
$5,156 $(405)$4,716 $(810)$9,872 $(1,215)

At June 30, 2023, of the 1,079 available-for-sale securities in an unrealized loss position, 144 were in a continuous unrealized loss position for less than 12 months and 935 securities were in a continuous unrealized loss position for greater than 12 months.

At June 30, 2023, 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 $4.91 billion and $2.95 billion, respectively, and fair values of $4.31 billion and $2.57 billion, respectively.
During the three and nine months ended June 30, 2023, there were no sales of available-for-sale securities. During the three and nine months ended June 30, 2022, sales of available-for-sale securities were insignificant.