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SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

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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Securitizations and Variable Interest Entities [Abstract]

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Tabular disclosure of transferred financial assets that continue to be recognized and other financial assets that it manages together with them. Includes, but is not limited to, delinquencies and credit losses, after recoveries.

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Tabular disclosure of a sensitivity analysis or stress test showing the hypothetical effect on the fair value of the transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test.

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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.

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