FAIR VALUE MEASUREMENT

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

For additional information regarding fair value measurement at Citi, see Note 26 to the Consolidated Financial Statements in Citi’s 2024 Form 10-K.

Fair Value Hierarchy Principles

ASC 820-10 specifies a hierarchy of inputs based on whether the inputs are observable or unobservable. Observable inputs are developed using market data and reflect market participant assumptions, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy:

•Level 1: Quoted prices for identical instruments in active markets.

•Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and value drivers are observable in the market.

•Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

As required under the fair value hierarchy, the Company considers relevant and observable market inputs in its valuations where possible.

The fair value hierarchy classification approach typically utilizes rules-based and data-driven criteria to determine whether an instrument is classified as Level 1, Level 2 or Level 3:

•The determination of whether an instrument is quoted in an active market and therefore considered a Level 1 instrument is based on the frequency of observed transactions and the quality of independent market data available on the measurement date.

•A Level 2 classification is assigned where there is observability of prices/market inputs to models, or where any unobservable inputs are not significant to the valuation. The determination of whether an input is considered observable is based on the availability of independent market data and its corroboration, for example through observed transactions in the market.

•Otherwise, an instrument is classified as Level 3.

Market Valuation Adjustments

The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments (recorded in Trading account assets and Trading account liabilities on the Consolidated Balance Sheet) at March 31, 2025 and December 31, 2024:

	Credit and funding valuation adjustments contra-liability (contra-asset)
In millions of dollars	March 31, 2025		December 31, 2024
Counterparty CVA	$	(573)	$	(561)
Asset FVA	(537)		(539)
Citigroup (own credit) CVA	392		346
Liability FVA	215		209
Total CVA and FVA—derivative instruments	$	(503)	$	(545)

The table below summarizes pretax gains (losses) related to changes in CVA and FVA on derivative instruments, net of hedges (recorded in Principal transactions revenue in the Consolidated Statement of Income), and changes in debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities (recorded in Other comprehensive income in the Consolidated Statement of Comprehensive Income) for the periods indicated:

	Credit/funding/debt valuation adjustments gain (loss)
	Three Months Ended March 31,
In millions of dollars	2025		2024
Counterparty CVA	$	(24)	$	8
Asset FVA	37		84
Own credit CVA	46		(52)
Liability FVA	5		(57)
Total CVA and FVA—derivative instruments	$	64	$	(17)
DVA related to own FVO liabilities(1)	$	1,000	$	(750)
Total CVA, DVA and FVA	$	1,064	$	(767)

(1)    See Note 21 to the Consolidated Financial Statements in Citi’s 2024 Form 10-K.

Items Measured at Fair Value on a Recurring Basis

The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024. The Company may hedge positions

that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2. The effects of these hedges are presented gross in the following tables:

Fair Value Levels

In millions of dollars at March 31, 2025	Level 1		Level 2		Level 3		Gross inventory		Netting(1)		Net balance
Assets
Securities borrowed and purchased under agreements to resell	$	—	$	459,861	$	153	$	460,014	$	(195,140)	$	264,874
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed	—		78,870		614		79,484		—		79,484
Residential	—		667		118		785		—		785
Commercial	—		899		87		986		—		986
Total trading mortgage-backed securities	$	—	$	80,436	$	819	$	81,255	$	—	$	81,255
U.S. Treasury and federal agency securities	$	131,572	$	1,355	$	—	$	132,927	$	—	$	132,927
State and municipal	—		171		1		172		—		172
Foreign government	67,902		48,367		3		116,272		—		116,272
Corporate	2,151		19,656		250		22,057		—		22,057
Equity securities	66,974		8,131		227		75,332		—		75,332
Asset-backed securities	—		1,763		220		1,983		—		1,983
Other trading assets	—		33,102		468		33,570		—		33,570
Total trading non-derivative assets	$	268,599	$	192,981	$	1,988	$	463,568	$	—	$	463,568
Trading derivatives
Interest rate contracts	$	55	$	157,998	$	1,371	$	159,424
Foreign exchange contracts	—		137,777		692		138,469
Equity contracts	107		59,864		1,121		61,092
Commodity contracts	—		15,617		937		16,554
Credit derivatives	—		8,415		637		9,052
Total trading derivatives—before netting and collateral	$	162	$	379,671	$	4,758	$	384,591
Netting agreements									$	(304,560)
Netting of cash collateral received									(25,022)
Total trading derivatives—after netting and collateral	$	162	$	379,671	$	4,758	$	384,591	$	(329,582)	$	55,009
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	—	$	34,851	$	32	$	34,883	$	—	$	34,883
Residential	—		738		10		748		—		748
Commercial	—		1		—		1		—		1
Total investment mortgage-backed securities	$	—	$	35,590	$	42	$	35,632	$	—	$	35,632
U.S. Treasury and federal agency securities	$	33,952	$	—	$	—	$	33,952	$	—	$	33,952
State and municipal	—		1,236		435		1,671		—		1,671
Foreign government	69,937		72,777		9		142,723		—		142,723
Corporate	3,686		1,642		194		5,522		—		5,522
Marketable equity securities	118		9		6		133		—		133
Asset-backed securities	—		933		—		933		—		933
Other debt securities	—		4,746		1		4,747		—		4,747
Non-marketable equity securities(2)	—		—		414		414		—		414
Total investments	$	107,693	$	116,933	$	1,101	$	225,727	$	—	$	225,727

Table continues on the next page.

In millions of dollars at March 31, 2025	Level 1			Level 2			Level 3			Gross inventory		Netting(1)		Net balance
Loans	$	—		$	7,847		$	318		$	8,165	$	—	$	8,165
Mortgage servicing rights	—			—			751			751		—		751
Other financial assets	$	7,780		$	9,365		$	13		$	17,158	$	—	$	17,158
Total assets	$	384,234		$	1,166,658		$	9,082		$	1,559,974	$	(524,722)	$	1,035,252
Total as a percentage of gross assets(3)	24.6%			74.8%			0.6%
Liabilities
Deposits	$	—		$	4,179		$	47		$	4,226	$	—	$	4,226
Securities loaned and sold under agreements to repurchase	—			300,803			798			301,601		(141,778)		159,823
Trading account liabilities
Securities sold, not yet purchased	84,876			14,270			29			99,175		—		99,175
Other trading liabilities	—			15			—			15		—		15
Total trading account liabilities	$	84,876		$	14,285		$	29		$	99,190	$	—	$	99,190
Trading derivatives
Interest rate contracts	$	42		$	149,026		$	2,008		$	151,076
Foreign exchange contracts	—			128,665			511			129,176
Equity contracts	42			62,777			3,326			66,145
Commodity contracts	—			18,034			612			18,646
Credit derivatives	—			7,610			609			8,219
Total trading derivatives—before netting and collateral	$	84		$	366,112		$	7,066		$	373,262
Netting agreements												$	(304,560)
Netting of cash collateral paid												(19,204)
Total trading derivatives—after netting and collateral	$	84		$	366,112		$	7,066		$	373,262	$	(323,764)	$	49,498
Short-term borrowings	$	—		$	17,900		$	721		$	18,621	$	—	$	18,621
Long-term debt	—			95,807			21,441			117,248		—		117,248
Other financial liabilities	$	6,817		$	152		$	1		$	6,970	$	—	$	6,970
Total liabilities	$	91,777		$	799,238		$	30,103		$	921,118	$	(465,542)	$	455,576
Total as a percentage of gross liabilities(3)	10.0		%	86.8		%	3.2		%

(1)Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.

(2)Amounts exclude $29 million of investments measured at net asset value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).

(3)Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.

Fair Value Levels

In millions of dollars at December 31, 2024	Level 1		Level 2		Level 3		Gross inventory		Netting(1)		Net balance
Assets
Securities borrowed and purchased under agreements to resell	$	—	$	462,542	$	128	$	462,670	$	(321,815)	$	140,855
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed	—		63,365		301		63,666		—		63,666
Residential	—		528		67		595		—		595
Commercial	—		631		36		667		—		667
Total trading mortgage-backed securities	$	—	$	64,524	$	404	$	64,928	$	—	$	64,928
U.S. Treasury and federal agency securities	$	142,837	$	6,517	$	1	$	149,355	$	—	$	149,355
State and municipal	—		168		11		179		—		179
Foreign government	35,805		39,035		15		74,855		—		74,855
Corporate	1,197		13,474		269		14,940		—		14,940
Equity securities	41,163		7,479		166		48,808		—		48,808
Asset-backed securities	—		2,131		178		2,309		—		2,309
Other trading assets	—		26,441		333		26,774		—		26,774
Total trading non-derivative assets	$	221,002	$	159,769	$	1,377	$	382,148	$	—	$	382,148
Trading derivatives
Interest rate contracts	$	17	$	128,562	$	1,699	$	130,278
Foreign exchange contracts	—		215,330		715		216,045
Equity contracts	44		53,734		1,366		55,144
Commodity contracts	—		11,546		1,074		12,620
Credit derivatives	—		7,993		722		8,715
Total trading derivatives—before netting and collateral	$	61	$	417,165	$	5,576	$	422,802
Netting agreements									$	(334,900)
Netting of cash collateral received									(27,303)
Total trading derivatives—after netting and collateral	$	61	$	417,165	$	5,576	$	422,802	$	(362,203)	$	60,599
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	—	$	29,270	$	36	$	29,306	$	—	$	29,306
Residential	—		596		28		624		—		624
Commercial	—		1		—		1		—		1
Total investment mortgage-backed securities	$	—	$	29,867	$	64	$	29,931	$	—	$	29,931
U.S. Treasury and federal agency securities	$	51,501	$	878	$	—	$	52,379	$	—	$	52,379
State and municipal	—		1,230		428		1,658		—		1,658
Foreign government	62,106		71,241		12		133,359		—		133,359
Corporate	3,163		1,505		146		4,814		—		4,814
Marketable equity securities	130		7		14		151		—		151
Asset-backed securities	—		846		2		848		—		848
Other debt securities	—		3,881		6		3,887		—		3,887
Non-marketable equity securities(2)	—		—		404		404		—		404
Total investments	$	116,900	$	109,455	$	1,076	$	227,431	$	—	$	227,431

Table continues on the next page.

In millions of dollars at December 31, 2024	Level 1			Level 2			Level 3			Gross inventory		Netting(1)		Net balance
Loans	$	—		$	7,778		$	262		$	8,040	$	—	$	8,040
Mortgage servicing rights	—			—			760			760		—		760
Other financial assets	$	5,373		$	9,424		$	15		$	14,812	$	—	$	14,812
Total assets	$	343,336		$	1,166,133		$	9,194		$	1,518,663	$	(684,018)	$	834,645
Total as a percentage of gross assets(3)	22.6%			76.8%			0.6%
Liabilities
Deposits	$	—		$	3,569		$	39		$	3,608	$	—	$	3,608
Securities loaned and sold under agreements to repurchase	—			260,286			390			260,676		(211,522)		49,154
Trading account liabilities
Securities sold, not yet purchased	72,324			13,184			28			85,536		—		85,536
Other trading liabilities	—			12			—			12		—		12
Total trading account liabilities	$	72,324		$	13,196		$	28		$	85,548	$	—	$	85,548
Trading derivatives
Interest rate contracts	$	6		$	120,097		$	2,029		$	122,132
Foreign exchange contracts	—			205,487			530			206,017
Equity contracts	40			58,642			3,054			61,736
Commodity contracts	—			13,960			670			14,630
Credit derivatives	—			6,635			618			7,253
Total trading derivatives—before netting and collateral	$	46		$	404,821		$	6,901		$	411,768
Netting agreements												$	(334,900)
Netting of cash collateral paid												(28,570)
Total trading derivatives—after netting and collateral	$	46		$	404,821		$	6,901		$	411,768	$	(363,470)	$	48,298
Short-term borrowings	$	—		$	12,187		$	297		$	12,484	$	—	$	12,484
Long-term debt	—			91,619			21,100			112,719		—		112,719
Other financial liabilities	$	4,478		$	744		$	—		$	5,222	$	—	$	5,222
Total liabilities	$	76,848		$	786,422		$	28,755		$	892,025	$	(574,992)	$	317,033
Total as a percentage of gross liabilities(3)	8.6		%	88.2		%	3.2		%

(1)Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.

(2)Amounts exclude $23 million of investments measured at NAV in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).

(3)Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.

Changes in Level 3 Fair Value Category

The following tables present the changes in the Level 3 fair value category for the three months ended March 31, 2025 and 2024. The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs.

The Company often hedges positions with offsetting positions that are classified in a different level. For example,

the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables:

Level 3 Fair Value Rollforward

			Net realized/unrealized gains (losses) incl. in(1)				Transfers														Unrealized gains (losses) still held(3)
In millions of dollars	Dec. 31, 2024		Principal transactions		Other(1)(2)		into Level 3		out of Level 3		Purchases		Issuances		Sales		Settlements		Mar. 31, 2025
Assets
Securities borrowed and purchased under agreements to resell	$	128	$	6	$	—	$	—	$	(84)	$	150	$	—	$	—	$	(47)	$	153	$	3
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed	301		23		—		156		(36)		320		—		(150)		—		614		25
Residential	67		1		—		11		(12)		60		—		(9)		—		118		—
Commercial	36		(4)		—		21		(9)		43		—		—		—		87		(3)
Total trading mortgage-backed securities	$	404	$	20	$	—	$	188	$	(57)	$	423	$	—	$	(159)	$	—	$	819	$	22
U.S. Treasury and federal agency securities	$	1	$	—	$	—	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	11		1		—		—		(11)		—		—		—		—		1		—
Foreign government	15		1		—		—		(6)		—		—		(7)		—		3		1
Corporate	269		(16)		—		17		(60)		93		—		(53)		—		250		(6)
Marketable equity securities	166		5		—		22		(2)		71		—		(35)		—		227		29
Asset-backed securities	178		(9)		—		10		(5)		97		—		(51)		—		220		(6)
Other trading assets	333		79		—		44		(8)		54		12		(38)		(8)		468		92
Total trading non-derivative assets	$	1,377	$	81	$	—	$	281	$	(150)	$	738	$	12	$	(343)	$	(8)	$	1,988	$	132
Trading derivatives, net(4)
Interest rate contracts	$	(330)	$	(232)	$	—	$	(14)	$	(98)	$	(9)	$	3	$	(9)	$	52	$	(637)	$	(321)
Foreign exchange contracts	185		(74)		—		62		50		41		—		(59)		(24)		181		(137)
Equity contracts	(1,688)		135		—		(148)		133		(914)		—		(21)		298		(2,205)		44
Commodity contracts	404		97		—		(23)		116		(126)		—		(4)		(139)		325		104
Credit derivatives	104		(78)		—		10		82		(96)		—		—		6		28		60
Total trading derivatives, net(4)	$	(1,325)	$	(152)	$	—	$	(113)	$	283	$	(1,104)	$	3	$	(93)	$	193	$	(2,308)	$	(250)

Table continues on the next page.

			Net realized/unrealized gains (losses) incl. in(1)				Transfers														Unrealized gains (losses) still held(3)
In millions of dollars	Dec. 31, 2024		Principal transactions		Other(1)(2)		into Level 3		out of Level 3		Purchases		Issuances		Sales		Settlements		Mar. 31, 2025
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	36	$	—	$	(1)	$	—	$	(3)	$	—	$	—	$	—	$	—	$	32	$	(1)
Residential	28		—		—		—		(5)		—		—		(13)		—		10		—
Commercial	—		—		—		—		—		—		—		—		—		—		—
Total investment mortgage-backed securities	$	64	$	—	$	(1)	$	—	$	(8)	$	—	$	—	$	(13)	$	—	$	42	$	(1)
U.S. Treasury and federal agency securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	428		—		4		22		(13)		248		—		(254)		—		435		5
Foreign government	12		—		(1)		—		(2)		—		—		—		—		9		(1)
Corporate	146		—		9		—		(32)		97		—		(26)		—		194		8
Marketable equity securities	14		—		(8)		—		—		—		—		—		—		6		(2)
Asset-backed securities	2		—		—		—		(2)		—		—		—		—		—		—
Other debt securities	6		—		—		—		—		1		—		(6)		—		1		—
Non-marketable equity securities	404		—		5		—		—		12		—		(7)		—		414		5
Total investments	$	1,076	$	—	$	8	$	22	$	(57)	$	358	$	—	$	(306)	$	—	$	1,101	$	14
Loans	$	262	$	—	$	77	$	—	$	(2)	$	—	$	4	$	—	$	(23)	$	318	$	82
Mortgage servicing rights	760		—		(15)		—		—		—		25		—		(19)		751		(16)
Other financial assets	15		—		—		—		—		1		11		—		(14)		13		—
Liabilities
Deposits	$	39	$	—	$	—	$	—	$	—	$	—	$	19	$	—	$	(11)	$	47	$	(6)
Securities loaned and sold under agreements to repurchase	390		3		—		—		—		732		—		—		(321)		798		2
Trading account liabilities
Securities sold, not yet purchased	28		29		—		2		(5)		57		—		—		(24)		29		10
Other trading liabilities	—		1		—		—		(2)		25		—		—		(22)		—		—
Short-term borrowings	297		9		—		14		(35)		—		573		—		(119)		721		8
Long-term debt	21,100		51		—		612		(841)		—		1,284		—		(663)		21,441		71
Other financial liabilities measured on a recurring basis	—		—		—		—		—		—		1		—		—		1		—

(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.

(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.

(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at March 31, 2025.

(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.

			Net realized/unrealized gains (losses) incl. in(1)				Transfers														Unrealized gains (losses) still held(3)
In millions of dollars	Dec. 31, 2023		Principal transactions		Other(1)(2)		into Level 3		out of Level 3		Purchases		Issuances		Sales		Settlements		Mar. 31, 2024
Assets
Securities borrowed and purchased under agreements to resell	$	139	$	(5)	$	—	$	—	$	—	$	45	$	—	$	—	$	(47)	$	132	$	(4)
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed	581		(39)		—		79		(154)		200		—		(136)		—		531		(33)
Residential	116		2		—		36		(35)		313		—		(262)		—		170		2
Commercial	202		14		—		13		(67)		97		—		(100)		—		159		4
Total trading mortgage-backed securities	$	899	$	(23)	$	—	$	128	$	(256)	$	610	$	—	$	(498)	$	—	$	860	$	(27)
U.S. Treasury and federal agency securities	$	7	$	4	$	—	$	—	$	(1)	$	—	$	—	$	—	$	(10)	$	—	$	—
State and municipal	3		—		—		—		—		—		—		(2)		—		1		—
Foreign government	54		—		—		12		(40)		125		—		(38)		—		113		2
Corporate	500		73		—		13		(208)		260		—		(166)		(8)		464		68
Marketable equity securities	292		18		—		29		(23)		31		—		(115)		—		232		10
Asset-backed securities	531		3		—		15		(118)		136		—		(197)		—		370		(39)
Other trading assets	833		67		—		57		(68)		75		4		(215)		(1)		752		46
Total trading non-derivative assets	$	3,119	$	142	$	—	$	254	$	(714)	$	1,237	$	4	$	(1,231)	$	(19)	$	2,792	$	60
Trading derivatives, net(4)
Interest rate contracts	$	(1,085)	$	(485)	$	—	$	31	$	(29)	$	(27)	$	6	$	3	$	224	$	(1,362)	$	(580)
Foreign exchange contracts	295		(46)		—		2		93		694		—		(22)		(681)		335		(147)
Equity contracts	(1,634)		(349)		—		(144)		213		(270)		—		(1)		(37)		(2,222)		383
Commodity contracts	279		82		—		31		(6)		10		—		(11)		(43)		342		143
Credit derivatives	(73)		59		—		(3)		(31)		8		—		—		3		(37)		(63)
Total trading derivatives, net(4)	$	(2,218)	$	(739)	$	—	$	(83)	$	240	$	415	$	6	$	(31)	$	(534)	$	(2,944)	$	(264)

Table continues on the next page.

			Net realized/unrealized gains (losses) incl. in(1)				Transfers														Unrealized gains (losses) still held(3)
In millions of dollars	Dec. 31, 2023		Principal transactions		Other(1)(2)		into Level 3		out of Level 3		Purchases		Issuances		Sales		Settlements		Mar. 31, 2024
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	75	$	—	$	(3)	$	—	$	—	$	3	$	—	$	(48)	$	—	$	27	$	(3)
Residential	116		—		(1)		—		(90)		—		—		—		—		25		(1)
Total investment mortgage-backed securities	$	191	$	—	$	(4)	$	—	$	(90)	$	3	$	—	$	(48)	$	—	$	52	$	(4)
U.S. Treasury and federal agency securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	542		—		(26)		—		(1)		—		—		(36)		—		479		(28)
Foreign government	194		—		(8)		6		(168)		36		—		(36)		—		24		—
Corporate	362		—		—		30		(28)		41		—		(17)		—		388		6
Marketable equity securities	27		—		(19)		—		—		—		—		—		—		8		—
Asset-backed securities	—		—		—		—		—		—		—		—		—		—		—
Other debt securities	—		—		—		—		—		—		—		—		—		—		—
Non-marketable equity securities	483		—		(5)		—		—		39		—		(29)		—		488		(11)
Total investments	$	1,799	$	—	$	(62)	$	36	$	(287)	$	119	$	—	$	(166)	$	—	$	1,439	$	(37)
Loans	$	427	$	—	$	(29)	$	663	$	(40)	$	—	$	104	$	—	$	(68)	$	1,057	$	(6)
Mortgage servicing rights	691		—		12		—		—		—		17		—		(18)		702		18
Other financial assets	30		—		(1)		—		—		3		13		—		(14)		31		(1)
Liabilities
Deposits	$	29	$	—	$	3	$	46	$	(1)	$	—	$	5	$	—	$	(4)	$	72	$	3
Securities loaned and sold under agreements to repurchase	390		—		—		—		—		254		—		—		(318)		326		—
Trading account liabilities
Securities sold, not yet purchased	35		(6)		—		1		(2)		87		—		—		(22)		105		(5)
Other trading liabilities	—		—		—		—		—		—		—		—		—		—		—
Short-term borrowings	481		(94)		—		11		(38)		1		34		—		—		583		(64)
Long-term debt	38,380		595		—		1,358		(840)		—		3,590		—		(1,529)		40,364		619
Other financial liabilities	6		—		—		—		—		—		3		—		(6)		3		—

(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.

(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.

(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at March 31, 2024.

(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.

Level 3 Fair Value Transfers

There were no significant Level 3 transfers for the period from December 31, 2024 to March 31, 2025.

The following were the significant Level 3 transfers for the period from December 31, 2023 to March 31, 2024:

During the three months ended March 31, 2024, transfers of Long-term debt were $1.4 billion from Level 2 to Level 3. Of the $1.4 billion transfer, approximately $0.9 billion related to interest rate option volatility inputs becoming unobservable and/or significant relative to their overall valuation, and $0.4 billion related to equity and credit derivative inputs (in addition to other volatility inputs, e.g., interest rate volatility inputs) becoming unobservable and/or significant to their overall valuation. In other instances, market changes have resulted in some inputs becoming more observable, and some unobservable inputs becoming less significant to the overall valuation of the instruments (e.g., when an option becomes deep-in or deep-out of the money). This has primarily resulted in $0.8 billion of certain structured long-term debt products being transferred from Level 3 to Level 2 during the three months ended March 31, 2024

Valuation Techniques and Inputs for Level 3 Fair Value Measurements

The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements.

Differences between these tables and amounts presented in the Level 3 Fair Value Rollforward tables represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed.

As of March 31, 2025	Fair value(1) (in millions)		Methodology	Input	Low(2)(3)			High(2)(3)			Weighted average(4)
Assets
Securities borrowed and purchased under agreements to resell	$	153	Model-based	IR Normal volatility	0.66		%	1.29		%	0.80		%
				Interest rate	3.38		%	3.38		%	3.38		%
Mortgage-backed securities	$	469	Yield analysis	Yield	4.73		%	16.46		%	7.49		%
	391		Price-based	Price	$	0.72		$	100.00		$	35.89
State and municipal, foreign government, corporate and other debt securities	$	843	Price-based	Price	$	—		$	237.78		$	102.92
	398		Model-based	Yield	4.00		%	10.40		%	9.68		%
				WAL	3.48 years			8.57 years			7.35 years
				Equity forward	72.95		%	313.69		%	106.14		%
				Equity volatility	0.05		%	281.22		%	33.27		%
				Credit spread	216.50 bps			550.00 bps			400.57 bps
Marketable equity securities(5)	$	191	Price-based	Price	$	—		$	13,549.21		$	207.84
	24		Model-based	WAL	2.15 years			2.15 years			2.15 years
				Recovery rate	6.76		%	6.76		%	6.76		%
Asset-backed securities	$	153	Price-based	Price	$	5.82		$	129.79		$	82.25
	67		Yield analysis	Yield	5.73		%	21.02		%	9.91		%
Non-marketable equities	$	243	Comparables analysis	Illiquidity discount	7.40		%	33.00		%	16.19		%
				Revenue multiple	3.80x			13.13x			11.46x
				EBITDA multiple	17.80x			17.80x			17.80x
	102		Model-based	Discount rate	9.75		%	17.50		%	13.44		%
	60		Price-based	Price	$	0.37		$	3,088.78		$	599.95
Derivatives—gross(6)
Interest rate contracts (gross)	$	3,372	Model-based	IR normal volatility	0.04		%	3.00		%	0.86		%
				Yield	1.65		%	14.60		%	4.34		%
				Equity volatility	0.05		%	281.22		%	31.74		%
				Inflation volatility	0.20		%	6.40		%	2.19		%
Foreign exchange contracts (gross)	$	1,195	Model-based	IR normal volatility	0.44		%	1.29		%	0.69		%
				Yield	1.65		%	14.60		%	5.55		%
				FX volatility	4.61		%	19.00		%	9.11		%
Equity contracts (gross)(7)	$	4,379	Model-based	Equity volatility	0.05		%	281.22		%	42.00		%
				Equity forward	72.95		%	313.69		%	106.49		%
				Equity-FX correlation	(95.00)		%	70.00		%	(8.32)		%
				Equity-Equity correlation	(36.22)		%	99.00		%	73.27		%
				WAL	2.15 years			2.15 years			2.15 years
				Recovery rate	6.76		%	6.76		%	6.76		%
Commodity and other contracts (gross)	$	1,519	Model-based	Forward price	1.84		%	194.74		%	110.07		%
				Commodity volatility	12.50		%	223.37		%	47.99		%
Credit derivatives (gross)	$	742	Model-based	Credit spread	5.00 bps			628.71 bps			114.68 bps
				Recovery rate	20.00		%	40.00		%	37.29		%
	466		Price-based	Price	$	43.71		$	124.27		$	90.49

As of March 31, 2025	Fair value(1) (in millions)		Methodology	Input	Low(2)(3)			High(2)(3)			Weighted average(4)
				Upfront points	3.28%			99.86%			52.17%
Other financial assets and liabilities (gross)	$	14	Price-based	Price	$	0.11		$	105.35		$	90.06
Loans and leases	$	229	Model-based	Equity volatility	42.52		%	45.43		%	43.49		%
				Forward price	1.98		%	176.30		%	100.63		%
	89		Price-based	Price	$	—		$	100.15		$	83.59
Mortgage servicing rights	$	657	Cash flow	WAL	3.48 years			8.57 years			7.34 years
	86		Model-based	Yield	0.10		%	12.00		%	6.73		%
Liabilities
Interest-bearing deposits	$	47	Model-based	Forward price	100.00		%	100.00		%	100.00		%
				Price	$	98.92		$	124.27		$	107.60
Securities loaned and sold under agreements to repurchase	$	798	Model-based	Interest rate	3.91		%	4.59		%	4.20		%
				IR Normal volatility	0.66		%	1.29		%	0.80		%
Trading account liabilities
Securities sold, not yet purchased and other trading liabilities	$	28	Price-based	Price	$	—		$	13,549.21		$	45.23
				FX volatility	4.61		%	19.00		%	9.17		%
Short-term borrowings and long-term debt	$	21,977	Model-based	IR normal volatility	0.04		%	3.00		%	0.82		%
				Equity volatility	0.05		%	281.22		%	33.08		%
				IR-FX correlation	(35.00)		%	60.00		%	46.86		%
				Equity-IR correlation	(30.00)		%	60.00		%	31.05		%

As of December 31, 2024	Fair value(1) (in millions)		Methodology	Input	Low(2)(3)			High(2)(3)			Weighted average(4)
Assets
Securities borrowed and purchased under agreements to resell	$	128	Model-based	Credit spread	10 bps			10 bps			10 bps
				Interest rate	3.81		%	3.81		%	3.81		%
Mortgage-backed securities	$	230	Yield analysis	Yield	5.24		%	18.43		%	9.25		%
	214		Price-based	Price	$	0.01		$	99.81		$	35.24
State and municipal, foreign government, corporate and other debt securities	$	560	Price-based	Price	$	—		$	173.20		$	98.52
	489		Model-based	Credit spread	35 bps			550 bps			277 bps
				Yield	4.20		%	10.60		%	9.88		%
	140		Cash flow	WAL	3.59 years			8.82 years			7.57 years
Marketable equity securities(5)	$	131	Price-based	Price	$	—		$	14,382.07		$	442.64
	22		Model-based	WAL	2.40 years			2.40 years			2.40 years
				Recovery (in millions)	$	8,628		$	8,628		$	8,628
Asset-backed securities	$	132	Price-based	Price	$	3.46		$	132.54		$	74.86
	47		Yield analysis	Yield	5.85		%	12.76		%	8.07		%
Non-marketable equities	$	222	Comparables analysis	Illiquidity discount	7.40		%	33.00		%	16.47		%
				Revenue multiple	4.50x			16.31x			11.97x
				EBITDA multiples	16.20x			16.20x			16.20x
	81		Price-based	Price	$	0.54		$	2,960.96		$	432.84
	50		Cash flow	Discount rate	9.75		%	17.50		%	13.28		%
	50		Model-based
Derivatives—gross(6)

As of December 31, 2024	Fair value(1) (in millions)		Methodology	Input	Low(2)(3)			High(2)(3)			Weighted average(4)
Interest rate contracts (gross)	$	3,574	Model-based	IR normal volatility	0.16		%	20.00		%	2.18		%
				Yield	1.69		%	46.32		%	5.64		%
				Equity forward	71.78		%	334.29		%	106.48		%
Foreign exchange contracts (gross)	$	1,247	Model-based	IR normal volatility	0.67		%	1.13		%	0.93		%
				IR basis	(7.50)		%	64.75		%	5.01		%
				FX volatility	3.33		%	27.64		%	12.55		%
				Yield	1.69		%	46.32		%	9.26		%
Equity contracts (gross)(7)	$	4,345	Model-based	Equity volatility	—		%	145.41		%	32.89		%
				Equity forward	71.78		%	334.29		%	105.90		%
				Equity-FX correlation	(93.33)		%	70.00		%	(14.52)		%
				Equity-Equity correlation	(36.22)		%	99.00		%	72.43		%
Commodity and other contracts (gross)	$	1,716	Model-based	Forward price	1.84		%	244.41		%	115.84		%
				Commodity volatility	7.14		%	285.61		%	35.86		%
Credit derivatives (gross)	$	869	Model-based	Recovery rate	20.00		%	72.00		%	41.54		%
				Credit spread	5.00 bps			747.27 bps			100.50 bps
				Credit spread volatility	29.85		%	81.44		%	67.58		%
	468		Price-based	Price	$	43.71		$	103.53		$	85.76
				Upfront points	(6.25)		%	110.52		%	43.93		%
Other financial assets and liabilities (gross)	$	14	Price-based	Price	$	91.12		$	104.49		$	100.04
Loans and leases	$	177	Model-based	Equity volatility	35.42		%	41.94		%	37.21		%
				Forward price	1.84		%	244.41		%	102.92		%
	82		Price-based	Price	$	73.88		$	99.25		$	85.09
Mortgage servicing rights	$	671	Cash flow	WAL	3.59 years			8.82 years			7.57 years
	84		Model-based	Yield	0.30		%	12.00		%	6.82		%
Liabilities
Interest-bearing deposits	$	39	Model-based	Forward price	100.00		%	100.00		%	100.00		%
Securities loaned and sold under agreements to repurchase	$	390	Model-based	Interest rate	4.25		%	4.85		%	4.28		%
				IR normal volatility	0.67		%	1.13		%	0.93		%
Trading account liabilities
Securities sold, not yet purchased and other trading liabilities	$	27	Price-based	Price	$	—		$	14,382.07		$	91.47
Short-term borrowings and long-term debt	$	20,883	Model-based	IR normal volatility	0.04		%	20.00		%	1.54		%
				Equity volatility	—		%	145.41		%	19.81		%
				Equity-IR correlation	(34.00)		%	60.00		%	27.29		%

(1)The tables above include the fair values for the items listed and may not represent the total population for each category.

(2)Some inputs are shown as zero due to rounding.

(3)When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position.

(4)Weighted averages are calculated based on the fair values of the instruments.

(5)For equity securities, the price inputs are expressed on an absolute basis, not as a percentage of the notional amount.

(6)Both trading and non-trading account derivatives—assets and liabilities—are presented on a gross absolute value basis.

(7)Includes hybrid products.

Items Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis and, therefore, are not included in the tables above. These include assets measured at cost that have been written down to fair value during the periods as a result of an impairment. These also include non-marketable equity securities that have been measured using the measurement alternative and are either (i) written down to fair value during the periods as a result of an impairment or (ii) adjusted upward or downward to fair value as a result of a transaction observed during the periods for an identical or similar investment in the same issuer. In addition, these assets include loans held-for-sale and other real estate owned that are measured at the lower of cost or market value.

The following tables present the carrying amounts of all assets that were still held for which a nonrecurring fair value measurement was recorded:

In millions of dollars	Fair value		Level 2		Level 3
March 31, 2025
Loans HFS(1)	$	622	$	429	$	193
Other real estate owned	1		—		1
Loans(2)	401		—		401
Non-marketable equity securities measured using the measurement alternative	103		—		103
Total assets at fair value on a nonrecurring basis	$	1,127	$	429	$	698

In millions of dollars	Fair value		Level 2		Level 3
December 31, 2024
Loans HFS(1)	$	684	$	413	$	271
Other real estate owned	1		—		1
Loans(2)	353		—		353
Non-marketable equity securities measured using the measurement alternative	184		—		184
Total assets at fair value on a nonrecurring basis	$	1,222	$	413	$	809

(1)Net of mark-to-market amounts on the unfunded portion of loans HFS recognized as Other liabilities on the Consolidated Balance Sheet.

(2)Represents collateral-dependent loans held for investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).

Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements

The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements:

As of March 31, 2025	Fair value(1) (in millions)		Methodology	Input	Low(2)			High			Weighted average(3)
Loans HFS	$	193	Price-based	Price	$	79.11		$	100.00		$	95.46
Loans(5)	$	401	Recovery analysis	Appraised value(4)	$	10,000		$	94,813,103		$	58,847,126
Non-marketable equity securities measured using the measurement alternative	$	63	Price-based	Price	$	8.73		$	203.98		$	136.46
	38		Comparable analysis	Equity volatility	47.88		%	108.57		%	74.57		%
				Revenue multiple	3.28x			6.00x			5.34x

As of December 31, 2024	Fair value(1) (in millions)		Methodology	Input	Low(2)		High		Weighted average(3)
Loans HFS	$	271	Price-based	Price	$	—	$	101.00	$	96.61
Loans(5)	$	353	Recovery analysis	Appraised value(4)	$	10,000	$	104,049,422	$	58,636,070
Non-marketable equity securities measured using the measurement alternative	$	136	Price-based	Price	$	1.50	$	2,961.00	$	258.00
	29		Comparable analysis	Revenue multiple	3.80x		9.19x		6.67x
	19		Recovery analysis	Appraised value(4)	$	503,332	$	7,220,000	$	4,309,976

(1)The tables above include the fair values for the items listed and may not represent the total population for each category.

(2)Some inputs are shown as zero due to rounding.

(3)Weighted averages are calculated based on the fair values of the instruments.

(4)Appraised values are disclosed in whole dollars.

(5)Represents collateral-dependent loans held for investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).

Nonrecurring Fair Value Changes

The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that were still held:

	Three Months Ended March 31,
In millions of dollars	2025		2024
Loans HFS	$	(21)	$	(82)
Other real estate owned	—		—
Loans(1)	(37)		(34)
Non-marketable equity securities measured using the measurement alternative	(44)		32
Total nonrecurring fair value gains (losses)	$	(102)	$	(84)

(1)Represents collateral-dependent loans held for investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).

Estimated Fair Value of Financial Instruments Not Carried at Fair Value

The following tables present the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The tables below therefore exclude items measured at fair value on a recurring basis presented in the tables above.

	March 31, 2025				Estimated fair value
	Carrying value		Estimated fair value
In billions of dollars					Level 1		Level 2		Level 3
Assets
HTM debt securities, net of allowance(1)	$	225.6	$	210.5	$	101.4	$	106.9	$	2.2
Securities borrowed and purchased under agreements to resell	125.3		125.3		—		125.3		—
Loans(2)(3)	674.9		684.5		—		—		684.5
Other financial assets(3)(4)	400.2		400.2		289.3		19.1		91.8
Liabilities
Deposits	$	1,312.2	$	1,312.2	$	—	$	1,312.2	$	—
Securities loaned and sold under agreements to repurchase	244.1		244.1		—		244.1		—
Long-term debt(5)	178.4		181.2		—		176.1		5.1
Other financial liabilities(6)	145.4		145.4		—		28.8		116.6

	December 31, 2024				Estimated fair value
	Carrying value		Estimated fair value
In billions of dollars					Level 1		Level 2		Level 3
Assets
HTM debt securities, net of allowance(1)	$	247.6	$	229.8	$	120.2	$	107.4	$	2.2
Securities borrowed and purchased under agreements to resell	133.2		133.2		—		133.2		—
Loans(2)(3)	667.6		673.5		—		—		673.5
Other financial assets(3)(4)	362.2		362.2		260.6		15.9		85.7
Liabilities
Deposits	$	1,280.9	$	1,280.9	$	—	$	1,280.9	$	—
Securities loaned and sold under agreements to repurchase	205.6		205.6		—		205.6		—
Long-term debt(5)	174.5		178.0		—		162.1		15.9
Other financial liabilities(6)	137.7		137.7		—		34.7		103.0

(1)Includes $5.2 billion and $5.2 billion of non-marketable equity securities carried at cost at March 31, 2025 and December 31, 2024, respectively.

(2)The carrying value of loans is net of the allowance for credit losses on loans of $18.7 billion for March 31, 2025 and $18.6 billion for December 31, 2024. In addition, the carrying values exclude $0.3 billion and $0.3 billion of lease finance receivables at March 31, 2025 and December 31, 2024, respectively.

(3)Includes items measured at fair value on a nonrecurring basis.

(4)Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverables and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.

(5)The carrying value includes long-term debt balances under qualifying fair value hedges.

(6)Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.

The estimated fair values of the Company’s corporate unfunded lending commitments at March 31, 2025 and December 31, 2024 were off-balance sheet liabilities of $10.9 billion and $13.5 billion, respectively, substantially all of which are classified as Level 3. The Company does not estimate the fair values of consumer unfunded lending commitments, which are generally cancelable by providing notice to the borrower.