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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments
The following table presents Citi’s investments by category:

December 31,
In millions of dollars20242023
Debt securities available-for-sale (AFS)$226,876 $256,936 
Debt securities held-to-maturity (HTM)(1)
242,382 254,247 
Marketable equity securities carried at fair value(2)
151 258 
Non-marketable equity securities carried at fair value(2)(3)
427 508 
Non-marketable equity securities measured using the measurement alternative(4)
1,574 1,639 
Non-marketable equity securities carried at cost(5)
5,247 5,497 
Total investments(6)
$476,657 $519,085 

(1)Carried at adjusted amortized cost basis, net of any ACL.
(2)Unrealized gains and losses are recognized in earnings.
(3)Includes $23 million and $25 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at December 31, 2024 and 2023, respectively.
(4)Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. See “Non-Marketable Equity Securities Not Carried at Fair Value” below.
(5)Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member.
(6)Not included in the balances above is approximately $2 billion of accrued interest receivable at December 31, 2024 and 2023, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest. The Company did not reverse through interest income any accrued interest receivables for the years ended December 31, 2024 and 2023.
Interest and dividends on investments
The following table presents interest and dividend income on investments:

In millions of dollars202420232022
Taxable interest$17,978 $17,654 $10,643 
Interest exempt from U.S. federal income tax317 334 348 
Dividend income367 312 223 
Total interest and dividend income on investments$18,662 $18,300 $11,214 
Realized gains and losses on investments
The following table presents realized gains and losses on the sales of investments, which exclude impairment losses:

In millions of dollars202420232022
Gross realized investment gains$533 $324 $323 
Gross realized investment losses(205)(136)(256)
Net realized gains on sales of investments$328 $188 $67 
Amortized cost and fair value of AFS securities
The amortized cost and fair value of AFS debt securities were as follows:

 December 31, 2024December 31, 2023
In millions of dollarsAmortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Allowance for credit lossesFair
value		Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Allowance for credit lossesFair
value
Debt securities AFS        
Mortgage-backed securities(1)
        
U.S. government-sponsored agency guaranteed(2)(3)
$30,208 $40 $942 $— $29,306 $30,279 $170 $734 $— $29,715 
Residential626 — 2 — 624 426 — 3 — 423 
Commercial1 — — — 1 1 — — — 1 
Total mortgage-backed securities$30,835 $40 $944 $— $29,931 $30,706 $170 $737 $— $30,139 
U.S. Treasury and federal agency securities
U.S. Treasury$52,630 $13 $264 $— $52,379 $81,684 $59 $1,382 $— $80,361 
Total U.S. Treasury
and federal agency securities		$52,630 $13 $264 $— $52,379 $81,684 $59 $1,382 $— $80,361 
State and municipal$1,749 $12 $103 $— $1,658 $2,204 $18 $91 $— $2,131 
Foreign government134,002 444 1,087 — 133,359 132,045 528 1,375 — 131,198 
Corporate4,923 19 122 6 4,814 5,610 18 208 8 5,412 
Asset-backed securities(1)
856 3 11 — 848 921 17 — — 938 
Other debt securities3,887 1 1 — 3,887 6,754 4 1 — 6,757 
Total debt securities AFS$228,882 $532 $2,532 $6 $226,876 $259,924 $814 $3,794 $8 $256,936 

(1)The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. See Note 23 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer. See Note 1.
(3)Amortized cost includes unallocated portfolio-layer cumulative basis adjustments of $(0.2) billion as of December 31, 2024. Gross unrealized gains and gross unrealized (losses) on mortgage-backed securities excluding the effect of unallocated portfolio-layer hedges cumulative basis adjustments were $35 million and $(1,129) million, respectively, as of December 31, 2024.
Fair value of securities in unrealized loss position
The following table presents the fair value of AFS debt securities that have been in an unrealized loss position:

 Less than 12 months12 months or longerTotal
In millions of dollarsFair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses
December 31, 2024      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$16,690 $255 $8,484 $687 $25,174 $942 
Residential375 1 216 1 591 2 
Commercial— — 1 — 1 — 
Total mortgage-backed securities$17,065 $256 $8,701 $688 $25,766 $944 
U.S. Treasury and federal agency securities    
U.S. Treasury$13,660 $166 $1,710 $98 $15,370 $264 
Total U.S. Treasury and federal agency securities$13,660 $166 $1,710 $98 $15,370 $264 
State and municipal$855 $72 $335 $31 $1,190 $103 
Foreign government49,384 487 19,719 600 69,103 1,087 
Corporate455 45 2,444 77 2,899 122 
Asset-backed securities388 11 — — 388 11 
Other debt securities1,098 — 939 1 2,037 1 
Total debt securities AFS$82,905 $1,037 $33,848 $1,495 $116,753 $2,532 
December 31, 2023      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$8,602 $86 $9,734 $648 $18,336 $734 
Residential352 1 34 2 386 3 
Commercial— — — — — — 
Total mortgage-backed securities$8,954 $87 $9,768 $650 $18,722 $737 
U.S. Treasury and federal agency securities
U.S. Treasury$11,851 $113 $57,669 $1,269 $69,520 $1,382 
Total U.S. Treasury and federal agency securities$11,851 $113 $57,669 $1,269 $69,520 $1,382 
State and municipal$906 $17 $324 $74 $1,230 $91 
Foreign government42,250 540 29,176 835 71,426 1,375 
Corporate2,319 103 1,619 105 3,938 208 
Asset-backed securities154 — 16 — 170 — 
Other debt securities1,864 1 228 — 2,092 1 
Total debt securities AFS$68,298 $861 $98,800 $2,933 $167,098 $3,794 
Amortized cost and fair value of debt securities by contractual maturity dates
The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates:

 December 31, 2024
In millions of dollarsAmortized
cost		Fair
value
Weighted- average yield(1)
Mortgage-backed securities(2)
  
Due within 1 year$19 $19 2.60 %
After 1 but within 5 years880 869 4.05 
After 5 but within 10 years556 526 3.95 
After 10 years29,573 28,517 4.58 
Total(3)
$31,028 $29,931 4.55 %
U.S. Treasury and federal agency securities  
Due within 1 year$30,956 $30,924 1.91 %
After 1 but within 5 years21,474 21,280 3.14 
After 5 but within 10 years200 175 3.63 
After 10 years— — — 
Total$52,630 $52,379 2.42 %
State and municipal  
Due within 1 year$12 $12 1.75 %
After 1 but within 5 years131 126 3.68 
After 5 but within 10 years399 387 3.70 
After 10 years1,207 1,133 3.99 
Total$1,749 $1,658 3.89 %
Foreign government  
Due within 1 year$58,930 $58,958 4.73 %
After 1 but within 5 years69,775 69,297 5.17 
After 5 but within 10 years4,770 4,670 4.50 
After 10 years527 434 4.85 
Total$134,002 $133,359 4.95 %
All other(4)
  
Due within 1 year$5,122 $5,110 2.55 %
After 1 but within 5 years3,731 3,657 3.31 
After 5 but within 10 years741 743 2.18 
After 10 years72 39 1.84 
Total$9,666 $9,549 2.81 %
Total debt securities AFS(3)
$229,075 $226,876 4.22 %

(1)Weighted-average yields are weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives.
(2)Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. See Note 23 for additional information about mortgage- and asset-backed securitizations in which the Company has other involvement.
(3)Amortized cost excludes unallocated portfolio-layer cumulative basis adjustments of $(0.2) billion as of December 31, 2024.
(4)Includes corporate, asset-backed and other debt securities.
Carrying value and fair value of debt securities HTM
The carrying value and fair value of debt securities HTM were as follows:

In millions of dollars
Amortized
cost, net(1)
Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
December 31, 2024    
Debt securities HTM    
Mortgage-backed securities(2)
    
U.S. government-sponsored agency guaranteed(3)
$72,542 $— $10,291 $62,251 
Non-U.S. residential— — — — 
Commercial1,247 12 151 1,108 
Total mortgage-backed securities$73,789 $12 $10,442 $63,359 
U.S. Treasury securities$126,142 $— $6,934 $119,208 
State and municipal8,903 27 668 8,262 
Foreign government988 3 — 991 
Asset-backed securities(2)
32,560 91 61 32,590 
Total debt securities HTM, net$242,382 $133 $18,105 $224,410 
December 31, 2023    
Debt securities HTM    
Mortgage-backed securities(2)
    
U.S. government-sponsored agency guaranteed$79,689 $7 $8,603 $71,093 
Non-U.S. residential198 — — 198 
Commercial1,146 2 156 992 
Total mortgage-backed securities$81,033 $9 $8,759 $72,283 
U.S. Treasury securities$131,776 $— $9,908 $121,868 
State and municipal9,182 73 477 8,778 
Foreign government2,210 — 58 2,152 
Asset-backed securities(2)
30,046 9 135 29,920 
Total debt securities HTM, net$254,247 $91 $19,337 $235,001 

(1)Amortized cost is reported net of ACL of $137 million and $95 million at December 31, 2024 and 2023, respectively.
(2)The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. See Note 23 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(3)In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion (amortized cost) of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer. See Note 1.
The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates:

 December 31, 2024
In millions of dollars
Amortized
cost(1)
Fair
value
Weighted- average yield(2)
Mortgage-backed securities  
Due within 1 year$68 $68 5.53 %
After 1 but within 5 years1,127 1,075 3.24 
After 5 but within 10 years1,168 1,075 2.73 
After 10 years71,426 61,141 2.89 
Total$73,789 $63,359 2.90 %
U.S. Treasury securities
Due within 1 year$36,665 $36,296 0.94 %
After 1 but within 5 years89,477 82,912 1.16 
After 5 but within 10 years— — — 
After 10 years— — — 
Total$126,142 $119,208 1.10 %
State and municipal  
Due within 1 year$32 $31 2.73 %
After 1 but within 5 years162 162 3.89 
After 5 but within 10 years1,923 1,810 2.87 
After 10 years6,786 6,259 3.40 
Total$8,903 $8,262 3.29 %
Foreign government  
Due within 1 year$328 $327 9.95 %
After 1 but within 5 years660 664 9.80 
After 5 but within 10 years— — — 
After 10 years— — — 
Total$988 $991 9.86 %
All other(3)
  
Due within 1 year$— $— — %
After 1 but within 5 years— — — 
After 5 but within 10 years13,040 13,058 6.07 
After 10 years19,520 19,532 5.97 
Total$32,560 $32,590 6.01 %
Total debt securities HTM$242,382 $224,410 2.38 %

(1)Amortized cost is reported net of ACL of $137 million at December 31, 2024.
(2)Weighted-average yields are weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives.
(3)Includes corporate and asset-backed securities.
Total other-than-temporary impairments recognized
The following table presents total impairment on AFS investments recognized in earnings:

Year ended
In millions of dollars202420232022
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise$323 $188 $360 
Carrying value of non-marketable equity securities measured using the measurement alternative
Below is the carrying value of non-marketable equity securities measured using the measurement alternative at December 31, 2024 and 2023:

In millions of dollarsDecember 31, 2024December 31, 2023
Measurement alternative:
Carrying value$1,574 $1,639 

Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:

Year ended December 31,
In millions of dollars20242023
Measurement alternative(1):
Impairment losses$108 $135 
Downward changes for observable prices5 24 
Upward changes for observable prices84 87 

(1)     See Note 26 for additional information on these nonrecurring fair value measurements.

Life-to-date amounts on securities still held
In millions of dollarsDecember 31, 2024
Measurement alternative:
Impairment losses$438 
Downward changes for observable prices38 
Upward changes for observable prices1,033