FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of CVA and FVA applied to fair value of derivative instruments

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 September 30, 2025 and December 31, 2024:

	Credit and funding valuation adjustments contra-liability (contra-asset)
In millions of dollars	September 30, 2025		December 31, 2024
Counterparty CVA	$	(565)	$	(561)
Asset FVA	(572)		(539)
Citigroup (own credit) CVA	366		346
Liability FVA	187		209
Total CVA and FVA—derivative instruments	$	(584)	$	(545)

Schedule of pretax gains (losses) related to changes in CVA, FVA, and DVA

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 September 30,				Nine Months Ended September 30,
In millions of dollars	2025		2024		2025		2024
Counterparty CVA	$	2	$	(38)	$	(59)	$	(56)
Asset FVA	27		1		24		87
Own credit CVA	(4)		(2)		15		(48)
Liability FVA	(25)		(13)		(8)		(42)
Total CVA and FVA—derivative instruments	$	—	$	(52)	$	(28)	$	(59)
DVA related to own FVO liabilities(1)	$	(1,293)	$	(201)	$	(684)	$	(608)
Total CVA, DVA and FVA	$	(1,293)	$	(253)	$	(712)	$	(667)

(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 September 30, 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. These hedges are presented gross in the following tables:

Fair Value Levels

In millions of dollars at September 30, 2025	Level 1		Level 2		Level 3		Gross inventory		Netting(1)		Net balance
Assets
Securities borrowed and purchased under agreements to resell	$	—	$	558,114	$	182	$	558,296	$	(393,518)	$	164,778
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed	—		92,427		391		92,818		—		92,818
Residential	—		705		100		805		—		805
Commercial	—		638		58		696		—		696
Total trading mortgage-backed securities	$	—	$	93,770	$	549	$	94,319	$	—	$	94,319
U.S. Treasury and federal agency securities	$	158,719	$	1,420	$	—	$	160,139	$	—	$	160,139
State and municipal	—		177		1		178		—		178
Foreign government	67,052		57,120		61		124,233		—		124,233
Corporate	1,129		22,411		236		23,776		—		23,776
Equity securities	67,425		8,095		262		75,782		—		75,782
Asset-backed securities	1		2,640		248		2,889		—		2,889
Other trading assets	—		26,019		422		26,441		—		26,441
Total trading non-derivative assets	$	294,326	$	211,652	$	1,779	$	507,757	$	—	$	507,757
Trading derivatives
Interest rate contracts	$	18	$	224,304	$	1,935	$	226,257
Foreign exchange contracts	—		126,735		719		127,454
Equity contracts	78		85,119		943		86,140
Commodity contracts	—		19,592		911		20,503
Credit derivatives	—		9,274		895		10,169
Total trading derivatives—before netting and collateral	$	96	$	465,024	$	5,403	$	470,523
Netting agreements									$	(387,237)
Netting of cash collateral received									(28,789)
Total trading derivatives—after netting and collateral	$	96	$	465,024	$	5,403	$	470,523	$	(416,026)	$	54,497
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	—	$	35,642	$	31	$	35,673	$	—	$	35,673
Residential	—		974		—		974		—		974
Commercial	—		1		—		1		—		1
Total investment mortgage-backed securities	$	—	$	36,617	$	31	$	36,648	$	—	$	36,648
U.S. Treasury and federal agency securities	$	37,018	$	—	$	—	$	37,018	$	—	$	37,018
State and municipal	—		1,177		514		1,691		—		1,691
Foreign government	80,847		80,768		26		161,641		—		161,641
Corporate	3,580		1,563		229		5,372		—		5,372
Marketable equity securities	38		3		161		202		—		202
Asset-backed securities	—		862		—		862		—		862
Other debt securities	76		2,919		—		2,995		—		2,995
Non-marketable equity securities(2)	—		—		448		448		—		448
Total investments	$	121,559	$	123,909	$	1,409	$	246,877	$	—	$	246,877

Table continues on the next page.

In millions of dollars at September 30, 2025	Level 1			Level 2			Level 3			Gross inventory		Netting(1)		Net balance
Loans	$	—		$	7,694		$	202		$	7,896	$	—	$	7,896
Mortgage servicing rights	—			—			748			748		—		748
Other financial assets	$	5,924		$	10,569		$	—		$	16,493	$	—	$	16,493
Total assets	$	421,905		$	1,376,962		$	9,723		$	1,808,590	$	(809,544)	$	999,046
Total as a percentage of gross assets(3)	23.3%			76.2%			0.5%
Liabilities
Deposits	$	—		$	3,457		$	227		$	3,684	$	—	$	3,684
Securities loaned and sold under agreements to repurchase	—			426,002			1,082			427,084		(224,892)		202,192
Trading account liabilities
Securities sold, not yet purchased	89,981			15,216			29			105,226		—		105,226
Other trading liabilities	—			10			—			10		—		10
Total trading account liabilities	$	89,981		$	15,226		$	29		$	105,236	$	—	$	105,236
Trading derivatives
Interest rate contracts	$	11		$	214,916		$	2,114		$	217,041
Foreign exchange contracts	—			113,218			612			113,830
Equity contracts	68			95,449			4,088			99,605
Commodity contracts	—			20,235			855			21,090
Credit derivatives	—			9,507			1,236			10,743
Total trading derivatives—before netting and collateral	$	79		$	453,325		$	8,905		$	462,309
Netting agreements												$	(387,237)
Netting of cash collateral paid												(20,065)
Total trading derivatives—after netting and collateral	$	79		$	453,325		$	8,905		$	462,309	$	(407,302)	$	55,007
Short-term borrowings	$	—		$	24,666		$	357		$	25,023	$	—	$	25,023
Long-term debt	—			107,390			22,427			129,817		—		129,817
Other financial liabilities	$	4,828		$	73		$	1		$	4,902	$	—	$	4,902
Total liabilities	$	94,888		$	1,030,139		$	33,028		$	1,158,055	$	(632,194)	$	525,861
Total as a percentage of gross liabilities(3)	8.2		%	88.9		%	2.9		%

(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 $34 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 and nine months ended September 30, 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	Jun. 30, 2025		Principal transactions		Other(1)(2)		into Level 3		out of Level 3		Purchases		Issuances		Sales		Settlements		Sep. 30, 2025
Assets
Securities borrowed and purchased under agreements to resell	$	86	$	21	$	—	$	—	$	—	$	466	$	—	$	—	$	(391)	$	182	$	21
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed	545		(11)		—		67		(138)		55		—		(127)		—		391		(7)
Residential	85		(3)		—		8		(49)		95		—		(36)		—		100		(5)
Commercial	62		(3)		—		15		(19)		5		—		(2)		—		58		(1)
Total trading mortgage-backed securities	$	692	$	(17)	$	—	$	90	$	(206)	$	155	$	—	$	(165)	$	—	$	549	$	(13)
U.S. Treasury and federal agency securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	1		—		—		—		—		—		—		—		—		1		—
Foreign government	4		3		—		62		(3)		—		—		(5)		—		61		1
Corporate	282		(68)		—		15		(49)		124		—		(68)		—		236		(97)
Marketable equity securities	251		5		—		9		(30)		60		—		(33)		—		262		—
Asset-backed securities	211		(11)		—		12		(12)		121		—		(73)		—		248		(6)
Other trading assets	566		(8)		—		13		(18)		125		9		(257)		(8)		422		(29)
Total trading non-derivative assets	$	2,007	$	(96)	$	—	$	201	$	(318)	$	585	$	9	$	(601)	$	(8)	$	1,779	$	(144)
Trading derivatives, net(4)
Interest rate contracts	$	(456)	$	37	$	—	$	90	$	87	$	47	$	—	$	(82)	$	98	$	(179)	$	(18)
Foreign exchange contracts	68		45		—		31		(46)		17		—		(15)		7		107		(24)
Equity contracts	(2,167)		(412)		—		(46)		5		(736)		—		(23)		234		(3,145)		(291)
Commodity contracts	127		271		—		(37)		19		(207)		—		(6)		(111)		56		121
Credit derivatives	(188)		(19)		—		22		88		(260)		—		—		16		(341)		(55)
Total trading derivatives, net(4)	$	(2,616)	$	(78)	$	—	$	60	$	153	$	(1,139)	$	—	$	(126)	$	244	$	(3,502)	$	(267)

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	Jun. 30, 2025		Principal transactions		Other(1)(2)		into Level 3		out of Level 3		Purchases		Issuances		Sales		Settlements		Sep. 30, 2025
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	19	$	—	$	1	$	10	$	—	$	4	$	—	$	(3)	$	—	$	31	$	3
Residential	11		—		(1)		—		(10)		—		—		—		—		—		—
Commercial	—		—		—		—		—		—		—		—		—		—		—
Total investment mortgage-backed securities	$	30	$	—	$	—	$	10	$	(10)	$	4	$	—	$	(3)	$	—	$	31	$	3
U.S. Treasury and federal agency securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	503		—		32		1		—		1		—		(23)		—		514		32
Foreign government	27		—		(1)		—		—		—		—		—		—		26		(1)
Corporate	208		—		(2)		85		(38)		27		—		(51)		—		229		—
Marketable equity securities	3		—		1		—		—		157		—		—		—		161		—
Asset-backed securities	—		—		—		—		—		—		—		—		—		—		—
Other debt securities	—		—		—		—		—		—		—		—		—		—		—
Non-marketable equity securities	439		—		3		—		—		9		—		(3)		—		448		3
Total investments	$	1,210	$	—	$	33	$	96	$	(48)	$	198	$	—	$	(80)	$	—	$	1,409	$	37
Loans	$	180	$	—	$	8	$	5	$	(66)	$	—	$	126	$	—	$	(51)	$	202	$	22
Mortgage servicing rights	770		—		(25)		—		—		—		24		—		(21)		748		(25)
Other financial assets	83		—		1		—		—		—		—		(64)		(20)		—		—
Liabilities
Deposits	$	43	$	—	$	(5)	$	6	$	—	$	—	$	175	$	—	$	(2)	$	227	$	(6)
Securities loaned and sold under agreements to repurchase	955		(11)		—		—		—		415		—		—		(299)		1,082		(1)
Trading account liabilities
Securities sold, not yet purchased	37		7		—		8		(5)		17		—		—		(21)		29		4
Other trading liabilities	—		—		—		—		—		—		—		—		—		—		—
Short-term borrowings	343		4		—		19		(36)		13		99		—		(77)		357		(5)
Long-term debt	21,166		(858)		—		726		(889)		—		922		—		(356)		22,427		(786)
Other financial liabilities measured on a recurring basis	65		—		—		1		—		—		—		—		(65)		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 September 30, 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, 2024		Principal transactions		Other(1)(2)		into Level 3		out of Level 3		Purchases		Issuances		Sales		Settlements		Sep. 30, 2025
Assets
Securities borrowed and purchased under agreements to resell	$	128	$	48	$	—	$	—	$	(84)	$	634	$	—	$	—	$	(544)	$	182	$	21
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed	301		29		—		309		(348)		509		—		(409)		—		391		(6)
Residential	67		(1)		—		45		(110)		201		—		(102)		—		100		(5)
Commercial	36		(7)		—		45		(58)		61		—		(19)		—		58		(3)
Total trading mortgage-backed securities	$	404	$	21	$	—	$	399	$	(516)	$	771	$	—	$	(530)	$	—	$	549	$	(14)
U.S. Treasury and federal agency securities	$	1	$	—	$	—	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	11		1		—		—		(11)		—		—		—		—		1		—
Foreign government	15		—		—		62		(13)		9		—		(12)		—		61		1
Corporate	269		(16)		—		85		(159)		238		—		(181)		—		236		(63)
Marketable equity securities	166		23		—		52		(36)		183		—		(126)		—		262		12
Asset-backed securities	178		(30)		—		51		(52)		294		—		(193)		—		248		(6)
Other trading assets	333		92		—		66		(50)		400		33		(428)		(24)		422		58
Total trading non-derivative assets	$	1,377	$	91	$	—	$	715	$	(838)	$	1,895	$	33	$	(1,470)	$	(24)	$	1,779	$	(12)
Trading derivatives, net(4)
Interest rate contracts	$	(330)	$	(15)	$	—	$	18	$	24	$	(16)	$	10	$	(91)	$	221	$	(179)	$	(31)
Foreign exchange contracts	185		39		—		111		(121)		66		—		(164)		(9)		107		(105)
Equity contracts	(1,688)		(26)		—		(322)		472		(2,049)		—		(51)		519		(3,145)		(512)
Commodity contracts	404		311		—		(244)		154		(286)		—		(10)		(273)		56		114
Credit derivatives	104		(190)		—		(52)		166		(377)		—		—		8		(341)		(152)
Total trading derivatives, net(4)	$	(1,325)	$	119	$	—	$	(489)	$	695	$	(2,662)	$	10	$	(316)	$	466	$	(3,502)	$	(686)

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		Sep. 30, 2025
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	36	$	—	$	(1)	$	10	$	(15)	$	4	$	—	$	(3)	$	—	$	31	$	(2)
Residential	28		—		—		—		(15)		—		—		(13)		—		—		—
Total investment mortgage-backed securities	$	64	$	—	$	(1)	$	10	$	(30)	$	4	$	—	$	(16)	$	—	$	31	$	(2)
U.S. Treasury and federal agency securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	428		—		36		90		(14)		256		—		(282)		—		514		32
Foreign government	12		—		(4)		20		(2)		—		—		—		—		26		(1)
Corporate	146		—		10		170		(103)		162		—		(156)		—		229		1
Marketable equity securities	14		—		(10)		—		—		157		—		—		—		161		—
Asset-backed securities	2		—		—		—		(2)		—		—		—		—		—		—
Other debt securities	6		—		—		—		—		1		—		(7)		—		—		—
Non-marketable equity securities	404		—		21		—		—		42		—		(19)		—		448		3
Total investments	$	1,076	$	—	$	52	$	290	$	(151)	$	622	$	—	$	(480)	$	—	$	1,409	$	33
Loans	$	262	$	—	$	104	$	7	$	(165)	$	—	$	133	$	—	$	(139)	$	202	$	74
Mortgage servicing rights	760		—		(28)		—		—		—		76		—		(60)		748		(29)
Other financial assets	15		—		1		2		—		62		30		(64)		(46)		—		—
Liabilities
Deposits	$	39	$	—	$	(9)	$	7	$	—	$	—	$	201	$	—	$	(29)	$	227	$	(16)
Securities loaned and sold under agreements to repurchase	390		(13)		—		—		—		1,486		—		—		(807)		1,082		(1)
Trading account liabilities
Securities sold, not yet purchased	28		25		—		15		(26)		93		—		—		(56)		29		36
Other trading liabilities	—		1		—		—		(2)		25		—		—		(22)		—		—
Short-term borrowings	297		50		—		78		(95)		13		715		—		(601)		357		(137)
Long-term debt	21,100		(1,277)		—		1,966		(2,954)		—		2,971		—		(1,933)		22,427		(1,064)
Other financial liabilities	—		—		—		15		—		50		1		—		(65)		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 September 30, 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	Jun. 30, 2024		Principal transactions		Other(1)(2)		into Level 3		out of Level 3		Purchases		Issuances		Sales		Settlements		Sep. 30, 2024
Assets
Securities borrowed and purchased under agreements to resell	$	126	$	12	$	—	$	—	$	—	$	45	$	—	$	—	$	(47)	$	136	$	12
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed	691		22		—		139		(160)		124		—		(85)		—		731		15
Residential	91		(6)		—		10		(18)		28		—		(34)		—		71		(1)
Commercial	166		—		—		11		(57)		21		—		(55)		—		86		(1)
Total trading mortgage-backed securities	$	948	$	16	$	—	$	160	$	(235)	$	173	$	—	$	(174)	$	—	$	888	$	13
U.S. Treasury and federal agency securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	1		—		—		20		—		—		—		—		—		21		—
Foreign government	45		(3)		—		2		—		23		—		(36)		—		31		(1)
Corporate	315		15		—		61		(37)		120		—		(214)		—		260		13
Marketable equity securities	244		7		—		100		(15)		77		—		(127)		—		286		7
Asset-backed securities	244		(6)		—		21		(13)		53		—		(84)		—		215		—
Other trading assets	783		5		—		27		(97)		155		10		(327)		(6)		550		—
Total trading non-derivative assets	$	2,580	$	34	$	—	$	391	$	(397)	$	601	$	10	$	(962)	$	(6)	$	2,251	$	32
Trading derivatives, net(4)
Interest rate contracts	$	(1,028)	$	(73)	$	—	$	39	$	523	$	3	$	5	$	(18)	$	233	$	(316)	$	(248)
Foreign exchange contracts	551		(7)		—		13		(532)		(18)		—		(7)		3		3		(81)
Equity contracts	(2,050)		(119)		—		(59)		149		(102)		—		(13)		(42)		(2,236)		(272)
Commodity contracts	404		174		—		(9)		(126)		(78)		—		(47)		83		401		204
Credit derivatives	74		(119)		—		(6)		44		(47)		—		—		—		(54)		(93)
Total trading derivatives, net(4)	$	(2,049)	$	(144)	$	—	$	(22)	$	58	$	(242)	$	5	$	(85)	$	277	$	(2,202)	$	(490)

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	Jun. 30, 2024		Principal transactions		Other(1)(2)		into Level 3		out of Level 3		Purchases		Issuances		Sales		Settlements		Sep. 30, 2024
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	28	$	—	$	4	$	—	$	—	$	4	$	—	$	(4)	$	—	$	32	$	4
Residential	25		—		2		—		—		—		—		—		—		27		1
Commercial	—		—		—		—		—		—		—		—		—		—		—
Total investment mortgage-backed securities	$	53	$	—	$	6	$	—	$	—	$	4	$	—	$	(4)	$	—	$	59	$	5
U.S. Treasury and federal agency securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	439		—		6		—		(1)		—		—		(8)		—		436		6
Foreign government	14		—		(2)		—		—		—		—		—		—		12		—
Corporate	112		—		(2)		21		(14)		60		—		(27)		—		150		—
Marketable equity securities	10		—		—		—		—		—		—		—		—		10		—
Asset-backed securities	—		—		—		—		—		3		—		(3)		—		—		—
Other debt securities	—		—		—		—		—		—		—		—		—		—		—
Non-marketable equity securities	505		—		12		—		—		107		—		(1)		—		623		10
Total investments	$	1,133	$	—	$	20	$	21	$	(15)	$	174	$	—	$	(43)	$	—	$	1,290	$	21
Loans	$	301	$	—	$	36	$	1	$	(3)	$	1	$	12	$	—	$	(1)	$	347	$	39
Mortgage servicing rights	709		—		(40)		—		—		—		32		—		(18)		683		(40)
Other financial assets	21		—		1		—		—		—		24		(2)		(19)		25		—
Liabilities
Deposits	$	41	$	1	$	1	$	—	$	(7)	$	—	$	15	$	—	$	(5)	$	42	$	1
Securities loaned and sold under agreements to repurchase	286		—		—		—		—		230		—		—		(224)		292		—
Trading account liabilities
Securities sold, not yet purchased	32		(9)		—		12		(16)		13		—		—		(14)		36		(3)
Other trading liabilities	—		—		—		—		—		—		—		—		—		—		—
Short-term borrowings	201		(1)		—		49		(10)		—		107		—		(127)		221		(26)
Long-term debt	20,375		(1,720)		—		636		(857)		—		697		—		(262)		22,309		1,868
Other financial liabilities measured on a recurring basis	3		—		—		—		—		—		—		—		(2)		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 September 30, 2024.

(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		Sep. 30, 2024
Assets
Securities borrowed and purchased under agreements to resell	$	139	$	4	$	—	$	—	$	—	$	111	$	—	$	—	$	(118)	$	136	$	4
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed	581		(17)		—		423		(445)		557		—		(368)		—		731		(6)
Residential	116		(9)		—		63		(76)		139		—		(162)		—		71		(3)
Commercial	202		17		—		50		(146)		152		—		(189)		—		86		(4)
Total trading mortgage-backed securities	$	899	$	(9)	$	—	$	536	$	(667)	$	848	$	—	$	(719)	$	—	$	888	$	(13)
U.S. Treasury and federal agency securities	$	7	$	4	$	—	$	—	$	(1)	$	—	$	—	$	—	$	(10)	$	—	$	—
State and municipal	3		—		—		20		—		—		—		(2)		—		21		—
Foreign government	54		(3)		—		14		(49)		186		—		(171)		—		31		—
Corporate	500		154		—		136		(425)		485		—		(582)		(8)		260		23
Marketable equity securities	292		(2)		—		230		(64)		137		—		(307)		—		286		(12)
Asset-backed securities	531		(24)		—		51		(191)		229		—		(381)		—		215		(5)
Other trading assets	833		170		—		179		(263)		350		16		(726)		(9)		550		41
Total trading non-derivative assets	$	3,119	$	290	$	—	$	1,166	$	(1,660)	$	2,235	$	16	$	(2,888)	$	(27)	$	2,251	$	34
Trading derivatives, net(4)
Interest rate contracts	$	(1,085)	$	(756)	$	—	$	169	$	506	$	83	$	19	$	(35)	$	783	$	(316)	$	(252)
Foreign exchange contracts	295		500		—		51		(459)		(91)		—		(173)		(120)		3		(49)
Equity contracts	(1,634)		(345)		—		(130)		686		(670)		—		(68)		(75)		(2,236)		(563)
Commodity contracts	279		335		—		23		(138)		(67)		—		(64)		33		401		397
Credit derivatives	(73)		(19)		—		(4)		24		11		—		—		7		(54)		(78)
Total trading derivatives, net(4)	$	(2,218)	$	(285)	$	—	$	109	$	619	$	(734)	$	19	$	(340)	$	628	$	(2,202)	$	(545)

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		Sep. 30, 2024
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	75	$	—	$	3	$	—	$	—	$	7	$	—	$	(53)	$	—	$	32	$	4
Residential	116		—		—		1		(90)		—		—		—		—		27		—
Total investment mortgage-backed securities	$	191	$	—	$	3	$	1	$	(90)	$	7	$	—	$	(53)	$	—	$	59	$	4
U.S. Treasury and federal agency securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	542		—		(25)		—		(7)		—		—		(74)		—		436		(7)
Foreign government	194		—		(14)		6		(174)		36		—		(36)		—		12		—
Corporate	362		—		(9)		63		(293)		111		—		(84)		—		150		(2)
Marketable equity securities	27		—		(17)		—		—		—		—		—		—		10		—
Asset-backed securities	—		—		—		—		—		3		—		(3)		—		—		—
Other debt securities	—		—		—		—		—		—		—		—		—		—		—
Non-marketable equity securities	483		—		4		—		—		167		—		(31)		—		623		10
Total investments	$	1,799	$	—	$	(58)	$	70	$	(564)	$	324	$	—	$	(281)	$	—	$	1,290	$	5
Loans	$	427	$	—	$	(16)	$	664	$	(894)	$	2	$	244	$	—	$	(80)	$	347	$	175
Mortgage servicing rights	691		—		(23)		—		—		—		68		—		(53)		683		(16)
Other financial assets	30		—		(1)		—		—		5		37		(4)		(42)		25		(1)
Liabilities
Deposits	$	29	$	1	$	5	$	51	$	(40)	$	—	$	30	$	—	$	(22)	$	42	$	4
Securities loaned and sold under agreements to repurchase	390		—		—		—		—		668		—		—		(766)		292		—
Trading account liabilities
Securities sold, not yet purchased	35		(17)		—		26		(26)		109		—		—		(125)		36		(1)
Other trading liabilities	—		—		—		—		—		—		—		—		—		—		—
Short-term borrowings	481		(83)		—		69		(527)		1		318		—		(204)		221		(78)
Long-term debt	38,380		(293)		—		3,674		(22,587)		—		5,479		—		(2,930)		22,309		(1,021)
Other financial liabilities	6		—		—		—		—		—		5		—		(10)		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 September 30, 2024.

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

Significant valuation techniques and most significant unobservable inputs used in 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 September 30, 2025	Fair value(1) (in millions)		Methodology	Input	Low(2)(3)			High(2)(3)			Weighted average(4)
Assets
Mortgage-backed securities	$	337	Price-based	Price	$	1.07		$	108.15		$	34.07
	244		Yield analysis	Yield	4.37		%	22.41		%	7.55		%
State and municipal, foreign government, corporate and other debt securities	$	722	Price-based	Price	$	—		$	201.78		$	108.92
	687		Model-based	Credit spread	167.00 bps			508.30 bps			366.91 bps
Non-marketable equities(5)	$	277	Comparable analysis	Illiquidity discount	7.70		%	33.00		%	16.60		%
				Revenue multiple	8.61x			30.71x			14.10x
				EBITDA multiple	14.20x			17.80x			16.00x
	96		Model-based	Discount rate	12.60		%	17.50		%	15.92		%
	71		Price-based	Price	$2.90			$353.72			$125.66
Derivatives—gross(6)
Interest rate contracts (gross)	$	4,036	Model-based	IR normal volatility	0.05		%	2.99		%	0.64		%
				Equity volatility	3.59		%	42.92		%	13.30		%
Foreign exchange contracts (gross)	$	1,279	Model-based	IR normal volatility	0.50		%	0.87		%	0.77		%
				IR basis	(1.17)		%	2.78		%	(0.07)		%
				Equity volatility	3.00		%	15.80		%	6.87		%
				FX volatility	2.71		%	28.29		%	7.69		%
Equity contracts (gross)(7)	$	4,995	Model-based	Equity volatility	3.00		%	96.55		%	18.64		%
				Equity forward	69.15		%	347.85		%	111.99		%
				Equity-Equity correlation	(36.22)		%	98.91		%	68.16		%
				Equity-FX correlation	(75.00)		%	70.00		%	(15.14)		%
				Recovery rate	6.25		%	6.25		%	6.25		%
				WAL	2.65 years			2.65 years			2.65 years
Commodity and other contracts (gross)	$	1,769	Model-based	Forward price	0.16		%	334.80		%	101.52		%
				Commodity volatility	2.06		%	242.89		%	44.40		%
Credit derivatives (gross)	$	1,140	Model-based	Credit spread	5.17 bps			1180.00 bps			132.75 bps
				Recovery rate	0.50		%	40.00		%	31.15		%
				Credit spread volatility	32.94		%	112.79		%	94.14		%
	977		Price-based	Price	$	65.10		$	112.55		$	91.95
				Upfront points	4.13		%	106.28		%	60.79		%
Mortgage servicing rights	$	659	Cash flow	Yield	(0.10)		%	12.00		%	6.54		%
				WAL	3.33 years			8.29 years			7.07 years
Liabilities
Securities loaned and sold under agreements to repurchase	$	1,082	Model-based	Interest rate	2.11		%	5.40		%	3.71		%
				IR normal volatility	0.50		%	0.89		%	0.59		%
Short-term borrowings and long-term debt	$	22,686	Model-based	IR normal volatility	0.05		%	2.99		%	0.76		%
				Equity volatility	6.03		%	96.30		%	19.11		%
				Equity forward	69.15		%	347.85		%	114.48		%
				Equity-IR correlation	(42.00)		%	50.00		%	26.32		%
				Equity-FX correlation	(75.00)		%	70.00		%	(21.06)		%

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 equities 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	Comparable 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)
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		%

As of December 31, 2024	Fair value(1) (in millions)		Methodology	Input	Low(2)(3)			High(2)(3)			Weighted average(4)
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 of a nonrecurring basis

The following tables present the carrying amounts of all assets that were still held as of the balance sheet date for which a nonrecurring fair value measurement was recorded during the period. The amounts reflect the fair values of the assets as of their respective remeasurement dates, which are generally prior to the balance sheet date. The following tables exclude certain consumer mortgage loans for which Citi has elected the fair value option (see Note 24), and consumer loans and other assets held by businesses held-for-sale (see Note 2):

In millions of dollars	Fair value		Level 2		Level 3
September 30, 2025
Loans HFS(1)	$	567	$	331	$	236
Other real estate owned	2		—		2
Loans(2)	620		—		620
Non-marketable equity securities measured using the measurement alternative	291		—		291
Total assets at fair value on a nonrecurring basis	$	1,480	$	331	$	1,149

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 September 30, 2025	Fair value(1) (in millions)		Methodology	Input	Low(2)			High			Weighted average(3)
Loans HFS	$	235	Price-based	Price	$	80.00		$	100.00		$	95.55
Loans(4)	$	620	Recovery analysis	Appraised value(5)	$	10,000		$	184,687,798		$	99,270,639
				Recovery rate	35.10		%	90.10		%	57.97		%
Non-marketable equity securities measured using the measurement alternative	$	163	Price-based	Price	$	9.94		$	205.01		$	94.50
	127		Comparable analysis	Revenue multiple	3.00x			53.75x			31.84x

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(4)	$	353	Recovery analysis	Appraised value(5)	$	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(5)	$	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)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).

(5)Appraised values are disclosed in whole dollars.

Changes in total nonrecurring fair value measurements

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 September 30,				Nine Months Ended September 30,
In millions of dollars	2025		2024		2025		2024
Loans HFS	$	(10)	$	(1)	$	(22)	$	(46)
Other real estate owned	(1)		—		(1)		—
Loans(1)	(79)		(16)		(67)		(16)
Non-marketable equity securities measured using the measurement alternative	(8)		(8)		(51)		20
Total nonrecurring fair value gains (losses)	$	(98)	$	(25)	$	(141)	$	(42)

(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

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.

	September 30, 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)	$	202.3	$	190.6	$	89.8	$	98.6	$	2.2
Securities borrowed and purchased under agreements to resell	156.6		156.6		—		156.6		—
Loans(2)(3)	706.6		722.8		—		—		722.8
Other financial assets(3)(4)(5)	457.7		457.7		348.1		109.6		—
Liabilities
Deposits	$	1,380.2	$	1,380.2	$	—	$	1,380.2	$	—
Securities loaned and sold under agreements to repurchase	147.6		147.6		—		147.6		—
Long-term debt(6)	186.0		190.7		—		186.3		4.4
Other financial liabilities(5)(7)	155.7		155.7		—		155.7		—

	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(6)	174.5		178.0		—		162.1		15.9
Other financial liabilities(7)	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 September 30, 2025 and December 31, 2024, respectively.

(2)The carrying value of loans is net of the allowance for credit losses on loans of $19.2 billion for September 30, 2025 and $18.6 billion for December 31, 2024. In addition, the carrying values exclude $0.2 billion and $0.3 billion of lease finance receivables at September 30, 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)As a result of Citi refining its application of fair value hierarchy methodologies, certain other financial assets and other financial liabilities that were previously classified as Level 2 or 3 are now classified as Level 1 or 2.

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

(7)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.