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SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Securitizations and Variable Interest Entities [Abstract]  
Schedule of consolidated and unconsolidated VIEs with which the Company holds significant variable interests
Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below:

As of March 31, 2025
Maximum exposure to loss in significant unconsolidated VIEs(1)
Funded exposures(2)
Unfunded exposures
In millions of dollars
Total
involvement
with SPE
assets		Consolidated
VIE/SPE assets
Significant
unconsolidated
VIE assets(3)
Debt
investments		Equity
investments		Funding
commitments		Guarantees
and
derivatives		Total
Credit card securitizations
$27,809 $27,809 $— $— $— $— $— $— 
Mortgage securitizations(4)
U.S. agency-sponsored
122,108 — 122,108 3,264 — — 121 3,385 
Non-agency-sponsored
63,748 — 63,748 3,706 — 323 — 4,029 
Citi-administered asset-backed commercial paper conduits18,285 18,285 — — — — — — 
Collateralized loan obligations (CLOs)2,592 — 2,592 1,077 — — — 1,077 
Asset-based financing(5)
307,174 8,425 298,749 55,400 706 13,647 — 69,753 
Municipal securities tender option bond trusts (TOBs)1,516 1,516 — — — — — — 
Municipal investments
20,740 3 20,737 2,430 2,671 3,297 — 8,398 
Client intermediation
377 78 299 11 — — 51 62 
Investment funds850 14 836 4 34 105 — 143 
Total
$565,199 $56,130 $509,069 $65,892 $3,411 $17,372 $172 $86,847 

As of December 31, 2024
Maximum exposure to loss in significant unconsolidated VIEs(1)
Funded exposures(2)
Unfunded exposures
In millions of dollars
Total
involvement
with SPE
assets		Consolidated
VIE/SPE assets
Significant
unconsolidated
VIE assets(3)
Debt
investments		Equity
investments		Funding
commitments		Guarantees
and
derivatives		Total
Credit card securitizations
$29,746 $29,746 $— $— $— $— $— $— 
Mortgage securitizations(4)
U.S. agency-sponsored
120,568 — 120,568 2,387 — — 123 2,510 
Non-agency-sponsored
62,378 — 62,378 3,479 — 566 — 4,045 
Citi-administered asset-backed commercial paper conduits21,306 21,306 — — — — — — 
Collateralized loan obligations (CLOs)3,920 — 3,920 2,019 — — — 2,019 
Asset-based financing(5)
268,498 7,947 260,551 54,349 735 13,185 — 68,269 
Municipal securities tender option bond trusts (TOBs)935 935 — — — — — — 
Municipal investments
20,280 3 20,277 2,360 2,730 2,502 — 7,592 
Client intermediation
387 81 306 20 — — 49 69 
Investment funds641 21 620 4 18 98 — 120 
Total
$528,659 $60,039 $468,620 $64,618 $3,483 $16,351 $172 $84,624 

(1)    The definition of maximum exposure to loss is included in the text that follows this table.
(2)    Included on Citigroup’s March 31, 2025 and December 31, 2024 Consolidated Balance Sheet.
(3)    A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss.
(4)    Citigroup mortgage securitizations also include agency and non-agency (private label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion.
(5)     Included within this line are loans to third-party-sponsored private equity funds, which represent $82.6 billion and $45.5 billion in unconsolidated VIE assets and $875 million and $824 million in maximum exposure to loss as of March 31, 2025 and December 31, 2024, respectively.
The following tables present certain assets and liabilities of consolidated VIEs, which are included on Citi’s Consolidated Balance Sheet. The assets include those assets that can only be used to settle obligations of consolidated VIEs and are in excess of those obligations. In addition, the assets include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup.

March 31,
2025December 31,
In millions of dollars(Unaudited)2024
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs  
Cash and due from banks$73 $65 
Trading account assets7,665 6,971 
Investments1,079 739 
Loans, net of unearned income 
Consumer30,708 32,958 
Corporate18,726 21,492 
Loans, net of unearned income$49,434 $54,450 
Allowance for credit losses on loans (ACLL)(2,296)(2,376)
Total loans, net$47,138 $52,074 
Other assets175 190 
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs$56,130 $60,039 

March 31,
2025December 31,
In millions of dollars(Unaudited)2024
Liabilities of consolidated VIEs for which creditors or beneficial interest holders
do not have recourse to the general credit of Citigroup		  
Short-term borrowings$12,319 $13,628 
Long-term debt
5,277 5,271 
Other liabilities403 920 
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders
do not have recourse to the general credit of Citigroup		$17,999 $19,819 
Schedule of funding commitments of unconsolidated Variable Interest Entities
The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above:

March 31, 2025December 31, 2024
In millions of dollars
Liquidity
facilities		Loan/equity
commitments		Liquidity
facilities		Loan/equity
commitments
Non-agency-sponsored mortgage securitizations$— $323 $— $566 
Citi-administered asset-backed commercial paper conduits— — — — 
Asset-based financing
— 13,647 — 13,185 
Municipal securities tender option bond trusts (TOBs)
— — — — 
Municipal investments
— 3,297 — 2,502 
Investment funds
— 105 — 98 
Total funding commitments
$— $17,372 $— $16,351 
Schedule of significant interests in unconsolidated VIEs - balance sheet classification
The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs:

In billions of dollars
March 31, 2025December 31, 2024
Cash
$— $— 
Trading account assets
3.8 3.4 
Investments
5.1 5.6 
Total loans, net of allowance
59.7 58.4 
Other
0.6 0.6 
Total assets
$69.2 $68.0 
Schedule of cash flow information, mortgage securitizations
The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations:

Three Months Ended March 31,
20252024
In billions of dollars
U.S. agency-
sponsored
mortgages		Non-agency-
sponsored
mortgages		U.S. agency-
sponsored
mortgages		Non-agency-
sponsored
mortgages
Principal securitized
$1.6 $1.3 $1.4 $1.0 
Proceeds from new securitizations
1.7 1.3 1.5 1.0 
Contractual servicing fees received— — — — 
Cash flows received on retained interests and other net cash flows— — — — 
Purchases of previously transferred financial assets
— — — — 
Note: Excludes re-securitization transactions.
Schedule of carrying value of retained interests
March 31, 2025December 31, 2024
Non-agency-sponsored mortgages(1)
Non-agency-sponsored mortgages(1)
In millions of dollars
U.S. agency-
sponsored mortgages		Senior
interests		Subordinated
interests		U.S. agency-
sponsored mortgages		Senior
interests		Subordinated
interests
Carrying value of retained interests(2)
$776 $918 $1,040 $783 $902 $1,058 

(1)    Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization.
(2)    Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 23 for more information about fair value measurements.
Schedule of information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities
The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities:

Liquidation (gains) losses
Securitized assets90 days past dueThree Months Ended March 31,
In billions of dollars, except liquidation losses in millionsMar. 31, 2025Dec. 31, 2024Mar. 31, 2025Dec. 31, 202420252024
Securitized assets
Residential mortgages(1)
$31.1 $31.0 $0.3 $0.3 $— $0.7 
Commercial and other
31.1 31.1 — — — — 
Total
$62.2 $62.1 $0.3 $0.3 $— $0.7 
(1)    Securitized assets include $0.1 billion of personal loan securitizations as of March 31, 2025.
Schedule of changes in capitalized MSRs
Schedule of fees received on servicing previously securitized mortgages The amounts of these fees were as follows:
Three Months Ended March 31,
In millions of dollars20252024
Servicing fees
$37 $32 
Late fees
1 — 
Total MSR fees
$38 $32 
Schedule of asset-based financing
March 31, 2025December 31, 2024
In millions of dollars
Total
unconsolidated
VIE assets
Maximum
exposure to
unconsolidated VIEs
Total
unconsolidated
VIE assets
Maximum
exposure to
unconsolidated VIEs
Type
Commercial and other real estate$63,412 $10,524 $61,322 $9,693 
Corporate loans
50,809 25,220 45,542 21,009 
Other (including investment funds, airlines and shipping)184,528 34,009 153,687 37,567 
Total
$298,749 $69,753 $260,551 $68,269