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SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 9 Months Ended
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Sep. 30, 2025
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] |
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS For additional information on the Company’s resale and repurchase agreements and securities borrowing and lending agreements, see Note 12 to the Consolidated Financial Statements in Citi’s 2024 Form 10-K. Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:
In millions of dollars | September 30, 2025 | December 31, 2024
Securities purchased under agreements to resell | $ | 242,379 |  | $ | 192,950 |
Securities borrowed | 78,976 |  | 81,115 |
Total, net(1) | $ | 321,355 |  | $ | 274,065 |
Allowance for credit losses on securities purchased and borrowed(2) | (8) |  | (3) |
Total, net of allowance | $ | 321,347 |  | $ | 274,062 |
Securities loaned and sold under agreements to repurchase, at their respective carrying values, consisted of the following:
In millions of dollars | September 30, 2025 | December 31, 2024
Securities sold under agreements to repurchase | $ | 327,517 |  | $ | 239,767 |
Securities loaned | 22,209 |  | 14,988 |
Total, net(1) | $ | 349,726 |  | $ | 254,755 |
(1) The above tables do not include securities-for-securities lending transactions of $4.9 billion and $5.2 billion at September 30, 2025 and December 31, 2024, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables. (2) See Note 15. The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.
| As of September 30, 2025
In millions of dollars | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1)(2) | Net amounts of assets included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2)(3) | Net amounts(4)
Securities purchased under agreements to resell | $ | 644,654 |  | $ | 402,275 |  | $ | 242,379 |  | $ | 236,767 |  | $ | 5,612 |
Securities borrowed | 109,103 |  | 30,127 |  | 78,976 |  | 30,011 |  | 48,965 |
Total | $ | 753,757 |  | $ | 432,402 |  | $ | 321,355 |  | $ | 266,778 |  | $ | 54,577 |
In millions of dollars | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1)(2) | Net amounts of liabilities included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2)(3) | Net amounts(4)
Securities sold under agreements to repurchase | $ | 729,792 |  | $ | 402,275 |  | $ | 327,517 |  | $ | 274,754 |  | $ | 52,763 |
Securities loaned | 52,336 |  | 30,127 |  | 22,209 |  | 19,368 |  | 2,841 |
Total | $ | 782,128 |  | $ | 432,402 |  | $ | 349,726 |  | $ | 294,122 |  | $ | 55,604 |
| As of December 31, 2024 |
In millions of dollars | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of assets included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4) |
Securities purchased under agreements to resell | $ | 516,722 |  | $ | 323,772 |  | $ | 192,950 |  | $ | 186,121 |  | $ | 6,829 |  |
Securities borrowed | 100,442 |  | 19,327 |  | 81,115 |  | 22,228 |  | 58,887 |  |
Total | $ | 617,164 |  | $ | 343,099 |  | $ | 274,065 |  | $ | 208,349 |  | $ | 65,716 |  |
In millions of dollars | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of liabilities included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(3) | Net amounts(4)
Securities sold under agreements to repurchase | $ | 563,539 |  | $ | 323,772 |  | $ | 239,767 |  | $ | 193,714 |  | $ | 46,053 |
Securities loaned | 34,315 |  | 19,327 |  | 14,988 |  | 12,317 |  | 2,671 |
Total | $ | 597,854 |  | $ | 343,099 |  | $ | 254,755 |  | $ | 206,031 |  | $ | 48,724 |
(1)Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2)Beginning January 1, 2025, excludes amounts relating to accrued interest. Accrued interest receivable on Securities purchased under agreements to resell (reverse repos) is presented in Other assets and accrued interest payable on Securities sold under agreements to repurchase (repos) is presented in Other liabilities. (3)Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (4)Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity:
| As of September 30, 2025
In millions of dollars | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total
Securities sold under agreements to repurchase | $ | 385,121 |  | $ | 201,773 |  | $ | 68,688 |  | $ | 74,210 |  | $ | 729,792 |
Securities loaned | 40,317 |  | 525 |  | 2,143 |  | 9,351 |  | 52,336 |
Total | $ | 425,438 |  | $ | 202,298 |  | $ | 70,831 |  | $ | 83,561 |  | $ | 782,128 |
| As of December 31, 2024
In millions of dollars | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total
Securities sold under agreements to repurchase | $ | 299,527 |  | $ | 154,036 |  | $ | 46,635 |  | $ | 63,341 |  | $ | 563,539 |
Securities loaned | 25,898 |  | 213 |  | 1,007 |  | 7,197 |  | 34,315 |
Total | $ | 325,425 |  | $ | 154,249 |  | $ | 47,642 |  | $ | 70,538 |  | $ | 597,854 |
The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral:
| As of September 30, 2025
In millions of dollars | Repurchase agreements | Securities lending agreements | Total
U.S. Treasury and federal agency securities | $ | 356,299 |  | $ | — |  | $ | 356,299 |
State and municipal securities | 171 |  | 26 |  | 197 |
Foreign government securities | 204,406 |  | 319 |  | 204,725 |
Corporate bonds | 24,963 |  | 652 |  | 25,615 |
Equity securities | 28,664 |  | 51,137 |  | 79,801 |
Mortgage-backed securities | 108,490 |  | — |  | 108,490 |
Asset-backed securities | 5,470 |  | — |  | 5,470 |
Other | 1,329 |  | 202 |  | 1,531 |
Total | $ | 729,792 |  | $ | 52,336 |  | $ | 782,128 |
| As of December 31, 2024
In millions of dollars | Repurchase agreements | Securities lending agreements | Total
U.S. Treasury and federal agency securities | $ | 324,233 |  | $ | 40 |  | $ | 324,273 |
State and municipal securities | 183 |  | — |  | 183 |
Foreign government securities | 132,123 |  | 1,069 |  | 133,192 |
Corporate bonds | 17,467 |  | 330 |  | 17,797 |
Equity securities | 18,498 |  | 32,837 |  | 51,335 |
Mortgage-backed securities | 65,279 |  | — |  | 65,279 |
Asset-backed securities | 2,609 |  | 23 |  | 2,632 |
Other | 3,147 |  | 16 |  | 3,163 |
Total | $ | 563,539 |  | $ | 34,315 |  | $ | 597,854 |

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-10 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/860/tableOfContent + Details
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