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INVESTMENTS
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
For additional information regarding Citi’s investment portfolios, including evaluating investments for impairment, see Note 14 to the Consolidated Financial Statements in Citi’s 2024 Form 10-K.




The following table presents Citi’s investments by category:

In millions of dollarsSeptember 30,
2025		December 31, 2024
Debt securities available-for-sale (AFS)$246,227 $226,876 
Debt securities held-to-maturity (HTM)(1)
197,092 242,382 
Marketable equity securities carried at fair value(2)
202 151 
Non-marketable equity securities carried at fair value(2)(3)
482 427 
Non-marketable equity securities measured using the measurement alternative(4)
1,545 1,574 
Non-marketable equity securities carried at cost(5)
5,184 5,247 
Total investments(6)
$450,732 $476,657 

(1)Carried at adjusted amortized cost basis, net of any ACL.
(2)Unrealized gains and losses are recognized in earnings.
(3)Includes $34 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 September 30, 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 September 30, 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 September 30, 2025 and 2024.

The following table presents interest and dividend income on investments:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2025202420252024
Taxable interest$4,033 $4,513 $12,076 $13,841 
Interest exempt from U.S. federal income tax65 78 220 239 
Dividend income72 92 246 273 
Total interest and dividend income on investments$4,170 $4,683 $12,542 $14,353 


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

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2025202420252024
Gross realized investment gains$120 $108 $406 $394 
Gross realized investment losses(15)(36)(42)(184)
Net realized gains on sales of investments$105 $72 $364 $210 
Debt Securities Available-for-Sale
The amortized cost and fair value of AFS debt securities were as follows:

 September 30, 2025December 31, 2024
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)
$36,360 $76 $763 $— $35,673 $30,208 $40 $942 $— $29,306 
Residential974 1 1 — 974 626 — 2 — 624 
Commercial1 — — — 1 1 — — — 1 
Total mortgage-backed securities$37,335 $77 $764 $— $36,648 $30,835 $40 $944 $— $29,931 
U.S. Treasury and federal agency securities     
U.S. Treasury$37,063 $69 $114 $— $37,018 $52,630 $13 $264 $— $52,379 
Total U.S. Treasury and federal agency securities$37,063 $69 $114 $— $37,018 $52,630 $13 $264 $— $52,379 
State and municipal$1,758 $6 $73 $— $1,691 $1,749 $12 $103 $— $1,658 
Foreign government161,199 1,018 576 — 161,641 134,002 444 1,087 — 133,359 
Corporate5,412 34 70 4 5,372 4,923 19 122 6 4,814 
Asset-backed securities(1)
860 4 2 — 862 856 3 11 — 848 
Other debt securities2,994 1 — — 2,995 3,887 1 1 — 3,887 
Total debt securities AFS$246,621 $1,209 $1,599 $4 $246,227 $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 $0.3 billion and $(0.2) billion as of September 30, 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 $161 million and $(555) million, respectively, as of September 30, 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.
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
September 30, 2025      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$17,579 $219 $9,345 $544 $26,924 $763 
Residential31 — 481 1 512 1 
Commercial— — 1 — 1 — 
Total mortgage-backed securities$17,610 $219 $9,827 $545 $27,437 $764 
U.S. Treasury and federal agency securities    
U.S. Treasury$14,391 $58 $1,507 $56 $15,898 $114 
Total U.S. Treasury and federal agency securities$14,391 $58 $1,507 $56 $15,898 $114 
State and municipal$644 $25 $582 $48 $1,226 $73 
Foreign government45,850 223 13,947 353 59,797 576 
Corporate416 28 1,557 42 1,973 70 
Asset-backed securities299 2 — — 299 2 
Other debt securities460 — 120 — 580 — 
Total debt securities AFS$79,670 $555 $27,540 $1,044 $107,210 $1,599 
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 
The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates:

 September 30, 2025
In millions of dollarsAmortized costFair value
Mortgage-backed securities(1)
  
Due within 1 year$7 $7 
After 1 but within 5 years1,229 1,225 
After 5 but within 10 years684 670 
After 10 years35,122 34,746 
Total(2)
$37,042 $36,648 
U.S. Treasury and federal agency securities 
Due within 1 year$19,042 $18,990 
After 1 but within 5 years17,777 17,803 
After 5 but within 10 years244 225 
After 10 years— — 
Total$37,063 $37,018 
State and municipal  
Due within 1 year$72 $72 
After 1 but within 5 years98 94 
After 5 but within 10 years382 375 
After 10 years1,206 1,150 
Total$1,758 $1,691 
Foreign government  
Due within 1 year$69,045 $68,935 
After 1 but within 5 years87,276 87,919 
After 5 but within 10 years4,297 4,264 
After 10 years581 523 
Total$161,199 $161,641 
All other(3)
 
Due within 1 year$4,064 $4,057 
After 1 but within 5 years4,592 4,580 
After 5 but within 10 years561 564 
After 10 years49 28 
Total$9,266 $9,229 
Total debt securities AFS(2)
$246,328 $246,227 

(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 $0.3 billion as of September 30, 2025.
(3)Includes corporate, asset-backed and other debt securities.
Debt Securities Held-to-Maturity
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
September 30, 2025    
Debt securities HTM    
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed$67,355 $2 $7,449 $59,908 
Non-U.S. residential— — — — 
Commercial1,221 23 117 1,127 
Total mortgage-backed securities$68,576 $25 $7,566 $61,035 
U.S. Treasury securities$92,790 $— $3,738 $89,052 
State and municipal8,651 29 568 8,112 
Foreign government771 23 — 794 
Asset-backed securities(2)
26,304 88 39 26,353 
Total debt securities HTM, net$197,092 $165 $11,911 $185,346 
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— — — — 
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 

(1)Amortized cost is reported net of ACL of $131 million and $137 million at September 30, 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.
The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates:

 September 30, 2025
In millions of dollars
Amortized cost(1)
Fair value
Mortgage-backed securities  
Due within 1 year$166 $166 
After 1 but within 5 years954 931 
After 5 but within 10 years1,167 1,105 
After 10 years66,289 58,833 
Total$68,576 $61,035 
U.S. Treasury securities
Due within 1 year$21,941 $21,564 
After 1 but within 5 years70,849 67,488 
After 5 but within 10 years— — 
After 10 years— — 
Total$92,790 $89,052 
State and municipal  
Due within 1 year$23 $20 
After 1 but within 5 years191 190 
After 5 but within 10 years2,211 2,137 
After 10 years6,226 5,765 
Total$8,651 $8,112 
Foreign government  
Due within 1 year$173 $175 
After 1 but within 5 years598 619 
After 5 but within 10 years— — 
After 10 years— — 
Total$771 $794 
All other(2)
Due within 1 year$— $— 
After 1 but within 5 years— — 
After 5 but within 10 years5,159 5,165 
After 10 years21,145 21,188 
Total$26,304 $26,353 
Total debt securities HTM$197,092 $185,346 

(1)Amortized cost is reported net of ACL of $131 million at September 30, 2025.
(2)Includes corporate and asset-backed securities.


HTM Debt Securities Delinquency and Non-Accrual Details
The total amounts of HTM debt securities that were delinquent or on non-accrual status were not significant at September 30, 2025 and December 31, 2024.

There were no purchased credit-deteriorated HTM debt securities held by the Company as of September 30, 2025 and December 31, 2024.

Evaluating Investments for Impairment—AFS Debt Securities
The Company conducts periodic reviews of all AFS debt securities with unrealized losses to evaluate whether the impairment resulted from expected credit losses or from other factors and to evaluate the Company’s intent to sell such securities.
For more information on evaluating investments for impairment, see Note 14 to the Consolidated Financial Statements in Citi’s 2024 Form 10-K.





Recognition and Measurement of Impairment
The following table presents total impairment on AFS investments recognized in earnings:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2025202420252024
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$9 $13 $14 $36 
Total impairment losses recognized in earnings$9 $13 $14 $36 
Allowance for Credit Losses on AFS Debt Securities
The allowance for credit losses on AFS debt securities held that the Company does not intend to sell nor will likely be required to sell was immaterial as of September 30, 2025 and December 31, 2024.

Non-Marketable Equity Securities Not Carried at
Fair Value
Non-marketable equity securities are required to be measured at fair value with changes in fair value recognized in earnings unless (i) the measurement alternative is elected or (ii) the investment represents Federal Reserve Bank and Federal Home Loan Bank stock or certain exchange seats that continue to be carried at cost.
The election to measure a non-marketable equity security using the measurement alternative is made on an instrument-by-instrument basis. Under the measurement alternative, an equity security is carried at cost plus or minus changes resulting from observable prices in orderly transactions for the identical or a similar investment of the same issuer. The carrying value of the equity security is adjusted to fair value on the date of an observed transaction. Fair value may differ from the observed transaction price due to a number of factors, including marketability adjustments and differences in rights and obligations when the observed transaction is not for the identical investment held by Citi.
Equity securities under the measurement alternative, which are composed of private equity investments, are also assessed for impairment. On a quarterly basis, management qualitatively assesses whether each equity security under the measurement alternative is impaired. For details on impairment indicators that are considered, see Note 14 to the Consolidated Financial Statements in Citi’s 2024 Form 10-K.
When the qualitative assessment indicates that the equity security is impaired, its fair value is determined. If the fair value of the investment is less than its carrying value, the investment is written down to fair value through earnings.

Below is the carrying value of non-marketable equity securities measured using the measurement alternative:

In millions of dollarsSeptember 30, 2025December 31, 2024
Measurement alternative:
Carrying value$1,545 $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 September 30,Nine Months Ended September 30,
In millions of dollars2025202420252024
Measurement alternative(1):
Impairment losses$14 $32 $103 $56 
Downward changes for observable prices2 1 2 2 
Upward changes for observable prices8 25 54 77 

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

Life-to-date amounts on securities still held
In millions of dollarsSeptember 30, 2025
Measurement alternative:
Impairment losses$511 
Downward changes for observable prices40 
Upward changes for observable prices1,084 
A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three months ended September 30, 2025 and 2024, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost.