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BANK LOANS, NET (Tables)
 3 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Held for investment Loans by Portfolio Segment
The following table presents the balances for held for investment loans by portfolio segment and held for sale loans.
$ in millionsDecember 31, 2025September 30, 2025
SBL$21,667 $19,775 
C&I loans10,801 10,777 
CRE loans7,753 7,840 
REIT loans1,779 1,690 
Residential mortgage loans10,567 10,295 
Tax-exempt loans1,148 1,226 
Total loans held for investment53,715 51,603 
Held for sale loans168 416 
Total loans held for sale and investment53,883 52,019 
Allowance for credit losses(440)(452)
Bank loans, net
$53,443 $51,567 
ACL as a % of total loans held for investment0.82 %0.88 %
Accrued interest receivable on bank loans (included in “Other receivables, net”)$213 $216 
Loan Purchases and Sales
The following table presents purchases and sales of loans held for investment by portfolio segment.
$ in millionsC&I loansResidential mortgage loansTotal
Three months ended December 31, 2025
Purchases$165 $14 $179 
Sales$84 $— $84 
Three months ended December 31, 2024
Purchases$242 $65 $307 
Sales$48 $— $48 
Analysis of the Payment Status of Loans Held for Investment
The following table presents information on delinquency status of our loans held for investment.
$ in millions30-89 days and accruing90 days or more and accruing Total past due and accruingNonaccrual with allowanceNonaccrual with no allowanceCurrent and accruingTotal loans held for investment
December 31, 2025      
SBL$3 $— $3 $— $— $21,664 $21,667 
C&I loans2 — 2 52 5 10,742 10,801 
CRE loans— — — 111 8 7,634 7,753 
REIT loans— — — 18 — 1,761 1,779 
Residential mortgage loans5 — 5 — 13 10,549 10,567 
Tax-exempt loans— — — — — 1,148 1,148 
Total loans held for investment$10 $— $10 $181 $26 $53,498 $53,715 
September 30, 2025      
SBL$1 $— $1 $— $— $19,774 $19,775 
C&I loans1 — 1 39 5 10,732 10,777 
CRE loans— — — 101 9 7,730 7,840 
REIT loans— — — 19 — 1,671 1,690 
Residential mortgage loans5 — 5 — 13 10,277 10,295 
Tax-exempt loans— — — — — 1,226 1,226 
Total loans held for investment$7 $— $7 $159 $27 $51,410 $51,603 
Loans Pledged as Collateral The following table presents the amortized cost of our collateral-dependent loans and the nature of the collateral.
$ in millionsNature of collateralDecember 31, 2025September 30, 2025
C&I loansCommercial real estate and other business assets$23 $13 
CRE loansOffice, hospitality, multi-family residential, industrial, and medical office real estate$144 $165 
REIT loansOffice real estate$106 $113 
Residential mortgage loansSingle family homes$6 $9 
Credit Quality of Held for Investment Loan Portfolio
The following tables present our held for investment bank loan portfolio by credit quality indicator. Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans.
As of and for the three months ended December 31, 2025
Loans by origination fiscal year
$ in millions20262025202420232022PriorRevolving loansTotal
SBL
Risk rating:
Pass$9$19$57$30$19$72$21,407$21,613
Special mention (1)
——————5454
Substandard
————————
Doubtful————————
Total SBL$9$19$57$30$19$72$21,461$21,667
Gross charge-offs
$—$—$—$—$—$—$—$—
C&I loans
Risk rating:
Pass$244$696$809$341$976$4,237$3,405$10,708
Special mention—1—131——15
Substandard——1——621578
Doubtful————————
Total C&I loans$244$697$810$354$977$4,299$3,420$10,801
Gross charge-offs
$—$1$—$—$—$—$—$1
CRE loans
Risk rating:
Pass$317$1,414$696$960$1,484$1,878$690$7,439
Special mention——426115——145
Substandard———267941—146
Doubtful—————23—23
Total CRE loans$317$1,414$700$1,012$1,678$1,942$690$7,753
Gross charge offs
$—$—$—$—$6$2$—$8
REIT loans
Risk rating:
Pass$17$302$67$158$59$351$701$1,655
Special mention————————
Substandard———18—106—124
Doubtful————————
Total REIT loans$17$302$67$176$59$457$701$1,779
Gross charge-offs
$—$—$—$—$—$—$—$—
Residential mortgage loans
Risk rating:
Pass$541$1,778$1,165$1,411$2,463$3,144$39$10,541
Special mention———114—6
Substandard————713—20
Doubtful————————
Total residential mortgage loans$541$1,778$1,165$1,412$2,471$3,161$39$10,567
Gross charge-offs
$—$—$—$—$—$—$—$—
Tax-exempt loans
Risk rating:
Pass$55$49$—$57$197$790$—$1,148
Special mention————————
Substandard————————
Doubtful————————
Total tax-exempt loans$55$49$—$57$197$790$—$1,148
Gross charge-offs
$—$—$—$—$—$—$—$—

(1)As of December 31, 2025, this balance related to a loan which was collateralized by private securities.
As of and for the year ended September 30, 2025
Loans by origination fiscal year
$ in millions20252024202320222021PriorRevolving loansTotal
SBL
Risk rating:
Pass$21$62$30$20$29$43$19,485$19,690
Special mention (1)
——————8585
Substandard
————————
Doubtful————————
Total SBL$21$62$30$20$29$43$19,570$19,775
Gross charge-offs
$—$—$—$—$—$—$—$—
C&I loans
Risk rating:
Pass$746$743$366$1,016$849$3,495$3,455$10,670
Special mention——161——320
Substandard—1——2642087
Doubtful
————————
Total C&I loans$746$744$382$1,017$851$3,559$3,478$10,777
Gross charge-offs
$—$—$—$—$—$32$1$33
CRE loans
Risk rating:
Pass$1,333$789$1,023$1,698$599$1,473$612$7,527
Special mention——2590—7—122
Substandard——2786—55—168
Doubtful—————23—23
Total CRE loans$1,333$789$1,075$1,874$599$1,558$612$7,840
Gross charge-offs
$—$—$—$—$—$11$1$12
REIT loans
Risk rating:
Pass$289$128$158$59$113$241$570$1,558
Special mention————————
Substandard——19—113——132
Doubtful————————
Total REIT loans$289$128$177$59$226$241$570$1,690
Gross charge-offs
$—$—$—$—$—$—$—$—
Residential mortgage loans
Risk rating:
Pass$1,810$1,206$1,465$2,511$1,389$1,849$42$10,272
Special mention———113—5
Substandard———6—12—18
Doubtful————————
Total residential mortgage loans$1,810$1,206$1,465$2,518$1,390$1,864$42$10,295
Gross charge-offs
$—$—$—$—$—$1$—$1
Tax-exempt loans
Risk rating:
Pass$49$62$57$215$144$699$—$1,226
Special mention————————
Substandard————————
Doubtful————————
Total tax-exempt loans$49$62$57$215$144$699$—$1,226
Gross charge-offs
$—$—$—$—$—$—$—$—

(1)As of September 30, 2025, this balance related to a loan which was collateralized by private securities.
The following table presents the held for investment residential mortgage loan portfolio by LTV ratio at origination and by FICO score.
December 31, 2025
Loans by origination fiscal year
$ in millions20262025202420232022PriorRevolving loansTotal
FICO score:
Below 600$2$5$5$11$16$24$—$63
600 - 69939755861931313460
700 - 7993871,3997227861,3941,728306,446
800 +1122993785549681,27563,592
FICO score not available1—2——3—6
Total$541$1,778$1,165$1,412$2,471$3,161$39$10,567
LTV ratio:
Below 80%$350$1,251$841$1,003$1,891$2,456$38$7,830
80%+19152732440958070512,737
Total$541$1,778$1,165$1,412$2,471$3,161$39$10,567

September 30, 2025
Loans by origination fiscal year
$ in millions20252024202320222021PriorRevolving loansTotal
FICO score:
Below 600$5$5$11$17$7$18$—$63
600 - 6997460669643905434
700 - 7991,4247478151,4197441,026296,204
800 +30639257298659472783,585
FICO score not available121—23—9
Total$1,810$1,206$1,465$2,518$1,390$1,864$42$10,295
LTV ratio:
Below 80%$1,271$874$1,037$1,926$1,100$1,432$41$7,681
80%+53933242859229043212,614
Total$1,810$1,206$1,465$2,518$1,390$1,864$42$10,295
Changes in the Allowance for Loan Losses
The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment.
$ in millionsSBLC&I loansCRE loansREIT loansResidential mortgage loansTax-exempt loansTotal
Three months ended December 31, 2025
Balance at beginning of period
$8 $148 $182 $52 $61 $1 $452 
Provision/(benefit) for credit losses(1)(1)2 (4)1 — (3)
Net (charge-offs)/recoveries:
     
Charge-offs— (1)(8)— — — (9)
Recoveries— — — — — — — 
Net charge-offs
— (1)(8)— — — (9)
Foreign exchange translation adjustment
— — — — — — — 
Balance at end of period
$7 $146 $176 $48 $62 $1 $440 
ACL by loan portfolio segment as a % of total ACL1.6 %33.2 %40.0 %10.9 %14.1 %0.2 %100.0 %
Three months ended December 31, 2024
Balance at beginning of period
$6 $173 $188 $23 $65 $2 $457 
Provision/(benefit) for credit losses(1)7 (10)4 — — — 
Net (charge-offs)/recoveries:
    
Charge-offs— (4)— — — — (4)
Recoveries— — — — — — — 
Net charge-offs
— (4)— — — — (4)
Foreign exchange translation adjustment
— — (1)— — — (1)
Balance at end of period
$5 $176 $177 $27 $65 $2 $452 
ACL by loan portfolio segment as a % of total ACL1.1 %38.9 %39.2 %6.0 %14.4 %0.4 %100.0 %