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SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 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 | $ | 27,489 |  | $ | 27,489 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Mortgage securitizations(4) |  |  |  |  |  |  |  |
U.S. agency-sponsored | 123,762 |  | — |  | 123,762 |  | 3,391 |  | — |  | — |  | 115 |  | 3,506 |
Non-agency-sponsored | 66,430 |  | — |  | 66,430 |  | 4,204 |  | — |  | 234 |  | — |  | 4,438 |
Citi-administered asset-backed commercial paper conduits | 19,037 |  | 19,037 |  | — |  | — |  | — |  | — |  | — |  | — |
Collateralized loan obligations (CLOs) | 731 |  | — |  | 731 |  | 227 |  | — |  | — |  | — |  | 227 |
Asset-based financing(5) | 369,331 |  | 8,298 |  | 361,033 |  | 59,862 |  | 638 |  | 15,940 |  | — |  | 76,440 |
Municipal securities tender option bond trusts (TOBs) | 2,802 |  | 2,802 |  | — |  | — |  | — |  | — |  | — |  | — |
Municipal investments | 21,725 |  | — |  | 21,725 |  | 2,392 |  | 2,817 |  | 3,374 |  | — |  | 8,583 |
Client intermediation | 196 |  | 84 |  | 112 |  | 3 |  | — |  | — |  | 52 |  | 55 |
Investment funds | 3,835 |  | 6 |  | 3,829 |  | 4 |  | 47 |  | 92 |  | 13 |  | 156 |
Total | $ | 635,338 |  | $ | 57,716 |  | $ | 577,622 |  | $ | 70,083 |  | $ | 3,502 |  | $ | 19,640 |  | $ | 180 |  | $ | 93,405 |
| 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 conduits | 21,306 |  | 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 funds | 641 |  | 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 September 30, 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 $125.1 billion and $45.5 billion in unconsolidated VIE assets and $1,191 million and $824 million in maximum exposure to loss as of September 30, 2025 and December 31, 2024, respectively. The following tables present assets and liabilities related to consolidated VIEs, which are included on Citi’s Consolidated Balance Sheet. These assets can only be used to settle obligations of consolidated VIEs. In addition, the assets and liabilities of consolidated VIEs include only third-party balances 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.
| September 30, |
| 2025 | December 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 assets | 7,225 |  | 6,971 |
Investments | 2,324 |  | 739 |
Loans, net of unearned income |  |
Consumer | 30,742 |  | 32,958 |
Corporate | 19,446 |  | 21,492 |
Loans, net of unearned income | $ | 50,188 |  | $ | 54,450 |
Allowance for credit losses on loans (ACLL) | (2,213) |  | (2,376) |
Total loans, net | $ | 47,975 |  | $ | 52,074 |
Other assets | 119 |  | 190 |
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | $ | 57,716 |  | $ | 60,039 |
| September 30, |
| 2025 | December 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 | $ | 12,606 |  | $ | 13,628 |
Long-term debt | 6,906 |  | 5,271 |
Other liabilities | 450 |  | 920 |
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | $ | 19,962 |  | $ | 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:
| September 30, 2025 | December 31, 2024
In millions of dollars | Liquidity facilities | Loan/equity commitments | Liquidity facilities | Loan/equity commitments
Non-agency-sponsored mortgage securitizations | $ | — |  | $ | 234 |  | $ | — |  | $ | 566 |
Citi-administered asset-backed commercial paper conduits | — |  | — |  | — |  | — |
Asset-based financing | — |  | 15,940 |  | — |  | 13,185 |
Municipal securities tender option bond trusts (TOBs) | — |  | — |  | — |  | — |
Municipal investments | — |  | 3,374 |  | — |  | 2,502 |
Investment funds | — |  | 92 |  | — |  | 98 |
Total funding commitments | $ | — |  | $ | 19,640 |  | $ | — |  | $ | 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 | September 30, 2025 | December 31, 2024
Cash | $ | — |  | $ | — |
Trading account assets | 3.3 |  | 3.4 |
Investments | 5.1 |  | 5.6 |
Total loans, net of allowance | 64.5 |  | 58.4 |
Other | 0.6 |  | 0.6 |
Total assets | $ | 73.5 |  | $ | 68.0 |
Schedule of Securitized Credit Card Receivables | The following table reflects amounts related to the Company’s securitized credit card receivables:
In billions of dollars | September 30, 2025 | December 31, 2024
Ownership interests in principal amount of trust credit card receivables
Sold to investors via trust-issued securities | $ | 6.9 |  | $ | 5.2 |
Retained by Citigroup as trust-issued securities | 3.4 |  | 3.7 |
Retained by Citigroup via non-certificated interests | 18.1 |  | 22.1 |
Total | $ | 28.4 |  | $ | 31.0 |
The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations:
| Three Months Ended September 30, | Nine Months Ended September 30,
In billions of dollars | 2025 | 2024 | 2025 | 2024
Proceeds from new securitizations | $ | — |  | $ | — |  | $ | 2.0 |  | $ | — |
Paydown of maturing notes | 0.4 |  | 0.2 |  | 0.4 |  | 1.3 |
Schedule of Trust One Liabilities |
In billions of dollars | Sep. 30, 2025 | Dec. 31, 2024
Term notes issued to third parties | $ | 6.0 |  | $ | 4.3 |
Term notes retained by Citigroup affiliates | 1.9 |  | 1.7 |
Total Master Trust liabilities | $ | 7.9 |  | $ | 6.0 |
In billions of dollars | Sep. 30, 2025 | Dec. 31, 2024
Term notes issued to third parties | $ | 0.9 |  | $ | 0.9 |
Term notes retained by Citigroup affiliates | 1.5 |  | 2.0 |
Total Omni Trust liabilities | $ | 2.4 |  | $ | 2.9 |
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 September 30,
| 2025 | 2024
In billions of dollars | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages
Principal securitized | $ | 1.5 |  | $ | 2.9 |  | $ | 2.9 |  | $ | 2.7 |
Proceeds from new securitizations | 1.6 |  | 1.6 |  | 3.0 |  | 2.7 |
Contractual servicing fees received | — |  | — |  | — |  | — |
Cash flows received on retained interests and other net cash flows | — |  | 0.1 |  | — |  | — |
Purchases of previously transferred financial assets | — |  | — |  | — |  | — |
| Nine Months Ended September 30,
| 2025 | 2024
In billions of dollars | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages
Principal securitized | $ | 4.9 |  | $ | 5.7 |  | $ | 5.8 |  | $ | 6.8 |
Proceeds from new securitizations | 5.1 |  | 3.9 |  | 6.0 |  | 6.4 |
Contractual servicing fees received | 0.1 |  | — |  | 0.1 |  | — |
Cash flows received on retained interests and other net cash flows | — |  | 0.2 |  | — |  | 0.1 |
Purchases of previously transferred financial assets | — |  | — |  | 0.1 |  | — |
Note: Excludes re-securitization transactions.
Schedule of carrying value of retained interests |
| September 30, 2025 | December 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) | $ | 789 |  | $ | 908 |  | $ | 1,023 |  | $ | 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 assets | 90 days past due | Three Months Ended September 30, | Nine Months Ended September 30,
In billions of dollars, except liquidation losses in millions | Sep. 30, 2025 | Dec. 31, 2024 | Sep. 30, 2025 | Dec. 31, 2024 | 2025 | 2024 | 2025 | 2024
Securitized assets |  |  |  |  |  |  |  |
Residential mortgages(1) | $ | 29.9 |  | $ | 31.0 |  | $ | 0.3 |  | $ | 0.3 |  | $ | (1.2) |  | $ | (0.7) |  | $ | 0.1 |  | $ | 0.5 |
Commercial and other | 31.5 |  | 31.1 |  | — |  | — |  | — |  | — |  | — |  | — |
Total | $ | 61.4 |  | $ | 62.1 |  | $ | 0.3 |  | $ | 0.3 |  | $ | (1.2) |  | $ | (0.7) |  | $ | 0.1 |  | $ | 0.5 |
(1) Securitized assets include $0.1 billion of personal loan securitizations as of September 30, 2025.
Schedule of fees received on servicing previously securitized mortgages | The amounts of these fees were as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
In millions of dollars | 2025 | 2024 | 2025 | 2024
Servicing fees | $ | 37 |  | $ | 30 |  | $ | 112 |  | $ | 95 |
Late fees | 1 |  | — |  | 2 |  | 1
Total MSR fees | $ | 38 |  | $ | 30 |  | $ | 114 |  | $ | 96 |
Schedule of asset-based financing |
| September 30, 2025 | December 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 | $ | 66,784 |  | $ | 12,371 |  | $ | 61,322 |  | $ | 9,693 |
Corporate loans | 59,127 |  | 30,803 |  | 45,542 |  | 21,009 |
Other (including investment funds, airlines and shipping) | 235,122 |  | 33,266 |  | 153,687 |  | 37,567 |
Total | $ | 361,033 |  | $ | 76,440 |  | $ | 260,551 |  | $ | 68,269 |

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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