INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of investments by category

The following table presents Citi’s investments by category:

In millions of dollars	March 31, 2025		December 31, 2024
Debt securities available-for-sale (AFS)	$	225,180	$	226,876
Debt securities held-to-maturity (HTM)(1)	220,385		242,382
Marketable equity securities carried at fair value(2)	133		151
Non-marketable equity securities carried at fair value(2)(3)	443		427
Non-marketable equity securities measured using the measurement alternative(4)	1,541		1,574
Non-marketable equity securities carried at cost(5)	5,206		5,247
Total investments(6)	$	452,888	$	476,657

(1)Carried at adjusted amortized cost basis, net of any ACL.

(2)Unrealized gains and losses are recognized in earnings.

(3)Includes $29 million and $23 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 March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, 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 quarters ended March 31, 2025 and 2024.

Interest and dividends on investments

The following table presents interest and dividend income on investments:

	Three Months Ended March 31,
In millions of dollars	2025		2024
Taxable interest	$	4,021	$	4,691
Interest exempt from U.S. federal income tax	77		80
Dividend income	68		78
Total interest and dividend income on investments	$	4,166	$	4,849

Realized gains and losses on investments excluding other-than-temporary impairment

The following table presents realized gains and losses on the sales of investments, which exclude impairment losses:

	Three Months Ended March 31,
In millions of dollars	2025		2024
Gross realized investment gains	$	134	$	141
Gross realized investment losses	(13)		(26)
Net realized gains on sales of investments	$	121	$	115

Amortized cost and fair value of AFS debt securities

The amortized cost and fair value of AFS debt securities were as follows:

	March 31, 2025										December 31, 2024
In millions of dollars	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Fair value		Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Fair value
Debt securities AFS
Mortgage-backed securities(1)
U.S. government-sponsored agency guaranteed(2)	$	35,690	$	34	$	841	$	—	$	34,883	$	30,208	$	40	$	942	$	—	$	29,306
Residential	751		—		3		—		748		626		—		2		—		624
Commercial	1		—		—		—		1		1		—		—		—		1
Total mortgage-backed securities	$	36,442	$	34	$	844	$	—	$	35,632	$	30,835	$	40	$	944	$	—	$	29,931
U.S. Treasury and federal agency securities
U.S. Treasury	$	34,128	$	24	$	200	$	—	$	33,952	$	52,630	$	13	$	264	$	—	$	52,379
Total U.S. Treasury and federal agency securities	$	34,128	$	24	$	200	$	—	$	33,952	$	52,630	$	13	$	264	$	—	$	52,379
State and municipal	$	1,758	$	3	$	90	$	—	$	1,671	$	1,749	$	12	$	103	$	—	$	1,658
Foreign government	142,862		608		747		—		142,723		134,002		444		1,087		—		133,359
Corporate	5,592		22		86		6		5,522		4,923		19		122		6		4,814
Asset-backed securities(1)	937		3		7		—		933		856		3		11		—		848
Other debt securities	4,747		1		1		—		4,747		3,887		1		1		—		3,887
Total debt securities AFS	$	226,466	$	695	$	1,975	$	6	$	225,180	$	228,882	$	532	$	2,532	$	6	$	226,876

(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 21 for mortgage- and asset-backed securitizations in which the Company has other involvement.

(2)Amortized cost includes unallocated portfolio-layer cumulative basis adjustments of $0.2 billion and $(0.2) billion as of March 31, 2025 and December 31, 2024, respectively. Gross unrealized gains and gross unrealized (losses) on mortgage-backed securities excluding the effect of unallocated portfolio-layer hedges cumulative basis adjustments were $143 million and $(743) million, respectively, as of March 31, 2025. 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 months				12 months or longer				Total
In millions of dollars	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
March 31, 2025
Debt securities AFS
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	21,178	$	228	$	8,595	$	613	$	29,773	$	841
Residential	457		2		197		1		654		3
Commercial	1		—		—		—		1		—
Total mortgage-backed securities	$	21,636	$	230	$	8,792	$	614	$	30,428	$	844
U.S. Treasury and federal agency securities
U.S. Treasury	$	17,690	$	117	$	4,790	$	83	$	22,480	$	200
Total U.S. Treasury and federal agency securities	$	17,690	$	117	$	4,790	$	83	$	22,480	$	200
State and municipal	$	920	$	53	$	451	$	37	$	1,371	$	90
Foreign government	34,294		297		16,215		450		50,509		747
Corporate	501		25		1,909		61		2,410		86
Asset-backed securities	445		7		—		—		445		7
Other debt securities	322		—		843		1		1,165		1
Total debt securities AFS	$	75,808	$	729	$	33,000	$	1,246	$	108,808	$	1,975
December 31, 2024
Debt securities AFS
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	16,690	$	255	$	8,484	$	687	$	25,174	$	942
Residential	375		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 government	49,384		487		19,719		600		69,103		1,087
Corporate	455		45		2,444		77		2,899		122
Asset-backed securities	388		11		—		—		388		11
Other debt securities	1,098		—		939		1		2,037		1
Total debt securities AFS	$	82,905	$	1,037	$	33,848	$	1,495	$	116,753	$	2,532

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:

	March 31, 2025
In millions of dollars	Amortized cost		Fair value
Mortgage-backed securities(1)
Due within 1 year	$	4	$	4
After 1 but within 5 years	1,016		1,009
After 5 but within 10 years	558		535
After 10 years	34,658		34,084
Total(2)	$	36,236	$	35,632
U.S. Treasury and federal agency securities
Due within 1 year	$	12,176	$	12,146
After 1 but within 5 years	21,750		21,626
After 5 but within 10 years	202		180
After 10 years	—		—
Total	$	34,128	$	33,952
State and municipal
Due within 1 year	$	10	$	10
After 1 but within 5 years	157		152
After 5 but within 10 years	335		324
After 10 years	1,256		1,185
Total	$	1,758	$	1,671
Foreign government
Due within 1 year	$	63,878	$	63,846
After 1 but within 5 years	72,380		72,436
After 5 but within 10 years	5,795		5,707
After 10 years	809		734
Total	$	142,862	$	142,723
All other(3)
Due within 1 year	$	5,780	$	5,771
After 1 but within 5 years	4,834		4,785
After 5 but within 10 years	609		610
After 10 years	53		36
Total	$	11,276	$	11,202
Total debt securities AFS(2)	$	226,260	$	225,180

(1)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 21 for additional information about mortgage- and asset-backed securitizations in which the Company has other involvement.

(2)Amortized cost excludes unallocated portfolio-layer cumulative basis adjustments of $0.2 billion as of March 31, 2025.

(3)Includes corporate, asset-backed and other debt securities.

The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates:

	March 31, 2025
In millions of dollars	Amortized cost(1)		Fair value
Mortgage-backed securities
Due within 1 year	$	192	$	191
After 1 but within 5 years	998		960
After 5 but within 10 years	1,233		1,153
After 10 years	69,777		60,858
Total	$	72,200	$	63,162
U.S. Treasury securities
Due within 1 year	$	24,594	$	24,199
After 1 but within 5 years	81,540		76,510
After 5 but within 10 years	—		—
After 10 years	—		—
Total	$	106,134	$	100,709
State and municipal
Due within 1 year	$	32	$	31
After 1 but within 5 years	173		172
After 5 but within 10 years	1,942		1,861
After 10 years	6,677		6,057
Total	$	8,824	$	8,121
Foreign government
Due within 1 year	$	153	$	153
After 1 but within 5 years	524		534
After 5 but within 10 years	3		3
After 10 years	—		—
Total	$	680	$	690
All other(2)
Due within 1 year	$	—	$	—
After 1 but within 5 years	—		—
After 5 but within 10 years	9,056		9,057
After 10 years	23,491		23,448
Total	$	32,547	$	32,505
Total debt securities HTM	$	220,385	$	205,187

(1)Amortized cost is reported net of ACL of $130 million at March 31, 2025.

(2)Includes corporate and asset-backed 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
March 31, 2025
Debt securities HTM
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed	$	70,986	$	—	$	8,924	$	62,062
Non-U.S. residential	—		—		—		—
Commercial	1,214		15		129		1,100
Total mortgage-backed securities	$	72,200	$	15	$	9,053	$	63,162
U.S. Treasury securities	$	106,134	$	—	$	5,425	$	100,709
State and municipal	8,824		43		746		8,121
Foreign government	680		10		—		690
Asset-backed securities(2)	32,547		32		74		32,505
Total debt securities HTM, net	$	220,385	$	100	$	15,298	$	205,187
December 31, 2024
Debt securities HTM
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed	$	72,542	$	—	$	10,291	$	62,251
Non-U.S. residential	—		—		—		—
Commercial	1,247		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 municipal	8,903		27		668		8,262
Foreign government	988		3		—		991
Asset-backed securities(2)	32,560		91		61		32,590
Total debt securities HTM, net	$	242,382	$	133	$	18,105	$	224,410

(1)Amortized cost is reported net of ACL of $130 million and $137 million at March 31, 2025 and December 31, 2024, 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 21 for mortgage- and asset-backed securitizations in which the Company has other involvement.

Total other-than-temporary impairments recognized

The following table presents total impairment on AFS investments recognized in earnings:

	Three Months Ended March 31,
In millions of dollars	2025		2024
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	$	3	$	14

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 March 31, 2025 and December 31, 2024:

In millions of dollars	March 31, 2025		December 31, 2024
Measurement alternative:
Carrying value	$	1,541	$	1,574

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

	Three Months Ended March 31,
In millions of dollars	2025		2024
Measurement alternative(1):
Impairment losses	$	52	$	16
Downward changes for observable prices	—		—
Upward changes for observable prices	9		49

(1)     See Note 23 for additional information on these nonrecurring fair value measurements.

	Life-to-date amounts on securities still held
In millions of dollars	March 31, 2025
Measurement alternative:
Impairment losses	$	469
Downward changes for observable prices	39
Upward changes for observable prices	1,039