INVESTMENTS

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

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 dollars	June 30, 2025		December 31, 2024

Debt securities available-for-sale (AFS)	$	235,802	$	226,876
Debt securities held-to-maturity (HTM)(1)	206,094		242,382
Marketable equity securities carried at fair value(2)	112		151
Non-marketable equity securities carried at fair value(2)(3)	471		427
Non-marketable equity securities measured using the measurement alternative(4)	1,581		1,574
Non-marketable equity securities carried at cost(5)	5,340		5,247
Total investments(6)	$	449,400	$	476,657

(1)Carried at adjusted amortized cost basis, net of any ACL.

(2)Unrealized gains and losses are recognized in earnings.

(3)Includes $32 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 June 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 June 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 June 30, 2025 and 2024.

The following table presents interest and dividend income on investments:


	Three Months Ended June 30,				Six Months Ended June 30,
In millions of dollars	2025		2024		2025		2024
Taxable interest	$	4,022	$	4,637	$	8,043	$	9,328
Interest exempt from U.S. federal income tax	78		81		155		161
Dividend income	106		103		174		181
Total interest and dividend income on investments	$	4,206	$	4,821	$	8,372	$	9,670

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


	Three Months Ended June 30,				Six Months Ended June 30,
In millions of dollars	2025		2024		2025		2024
Gross realized investment gains	$	152	$	144	$	286	$	286
Gross realized investment losses	(14)		(121)		(27)		(148)
Net realized gains on sales of investments	$	138	$	23	$	259	$	138

Debt Securities Available-for-Sale

The amortized cost and fair value of AFS debt securities were as follows:


	June 30, 2025										December 31, 2024
In millions of dollars	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Fair value		Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Fair value
Debt securities AFS
Mortgage-backed securities(1)
U.S. government-sponsored agency guaranteed(2)	$	37,163	$	26	$	1,015	$	—	$	36,174	$	30,208	$	40	$	942	$	—	$	29,306



Residential	831		—		3		—		828		626		—		2		—		624
Commercial	1		—		—		—		1		1		—		—		—		1
Total mortgage-backed securities	$	37,995	$	26	$	1,018	$	—	$	37,003	$	30,835	$	40	$	944	$	—	$	29,931
U.S. Treasury and federal agency securities
U.S. Treasury	$	35,603	$	53	$	166	$	—	$	35,490	$	52,630	$	13	$	264	$	—	$	52,379

Total U.S. Treasury and federal agency securities	$	35,603	$	53	$	166	$	—	$	35,490	$	52,630	$	13	$	264	$	—	$	52,379
State and municipal	$	1,774	$	3	$	105	$	—	$	1,672	$	1,749	$	12	$	103	$	—	$	1,658
Foreign government	150,681		956		647		—		150,990		134,002		444		1,087		—		133,359
Corporate	5,316		32		88		2		5,258		4,923		19		122		6		4,814
Asset-backed securities(1)	988		4		5		—		987		856		3		11		—		848
Other debt securities	4,401		1		—		—		4,402		3,887		1		1		—		3,887
Total debt securities AFS	$	236,758	$	1,075	$	2,029	$	2	$	235,802	$	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 June 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 $80 million and $(739) million, respectively, as of June 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 months				12 months or longer				Total
In millions of dollars	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
June 30, 2025
Debt securities AFS
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	24,634	$	393	$	8,303	$	622	$	32,937	$	1,015

Residential	602		2		203		1		805		3
Commercial	1		—		—		—		1		—
Total mortgage-backed securities	$	25,237	$	395	$	8,506	$	623	$	33,743	$	1,018
U.S. Treasury and federal agency securities
U.S. Treasury	$	15,868	$	94	$	4,591	$	72	$	20,459	$	166

Total U.S. Treasury and federal agency securities	$	15,868	$	94	$	4,591	$	72	$	20,459	$	166
State and municipal	$	962	$	69	$	454	$	36	$	1,416	$	105
Foreign government	34,128		222		14,064		425		48,192		647
Corporate	561		36		1,726		52		2,287		88
Asset-backed securities	436		5		—		—		436		5
Other debt securities	17		—		279		—		296		—
Total debt securities AFS	$	77,209	$	821	$	29,620	$	1,208	$	106,829	$	2,029
December 31, 2024
Debt securities AFS
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	16,690	$	255	$	8,484	$	687	$	25,174	$	942

Residential	375		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 government	49,384		487		19,719		600		69,103		1,087
Corporate	455		45		2,444		77		2,899		122
Asset-backed securities	388		11		—		—		388		11
Other debt securities	1,098		—		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:



	June 30, 2025
In millions of dollars	Amortized cost		Fair value
Mortgage-backed securities(1)
Due within 1 year	$	4	$	4
After 1 but within 5 years	1,096		1,089
After 5 but within 10 years	638		621
After 10 years	35,928		35,289
Total(2)	$	37,666	$	37,003
U.S. Treasury and federal agency securities
Due within 1 year	$	14,001	$	13,949
After 1 but within 5 years	21,399		21,359
After 5 but within 10 years	203		182
After 10 years	—		—
Total	$	35,603	$	35,490
State and municipal
Due within 1 year	$	14	$	14
After 1 but within 5 years	159		155
After 5 but within 10 years	356		346
After 10 years	1,245		1,157
Total	$	1,774	$	1,672
Foreign government
Due within 1 year	$	62,146	$	62,172
After 1 but within 5 years	82,735		83,153
After 5 but within 10 years	5,158		5,101
After 10 years	642		564
Total	$	150,681	$	150,990
All other(3)
Due within 1 year	$	4,993	$	4,989
After 1 but within 5 years	5,020		4,990
After 5 but within 10 years	638		643
After 10 years	54		25
Total	$	10,705	$	10,647
Total debt securities AFS(2)	$	236,429	$	235,802

(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 June 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
June 30, 2025
Debt securities HTM
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed	$	69,227	$	1	$	8,617	$	60,611

Non-U.S. residential	—		—		—		—
Commercial	1,221		20		126		1,115
Total mortgage-backed securities	$	70,448	$	21	$	8,743	$	61,726
U.S. Treasury securities	$	94,987	$	—	$	4,509	$	90,478
State and municipal	8,780		16		793		8,003
Foreign government	747		19		—		766
Asset-backed securities(2)	31,132		88		57		31,163

Total debt securities HTM, net	$	206,094	$	144	$	14,102	$	192,136
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	—		—		—		—
Commercial	1,247		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 municipal	8,903		27		668		8,262
Foreign government	988		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 $136 million and $137 million at June 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:



	June 30, 2025
In millions of dollars	Amortized cost(1)		Fair value
Mortgage-backed securities
Due within 1 year	$	232	$	230
After 1 but within 5 years	955		928
After 5 but within 10 years	1,254		1,181
After 10 years	68,007		59,387
Total	$	70,448	$	61,726
U.S. Treasury securities
Due within 1 year	$	19,145	$	18,716
After 1 but within 5 years	75,842		71,762
After 5 but within 10 years	—		—
After 10 years	—		—
Total	$	94,987	$	90,478
State and municipal
Due within 1 year	$	23	$	21
After 1 but within 5 years	186		185
After 5 but within 10 years	2,002		1,997
After 10 years	6,569		5,800
Total	$	8,780	$	8,003
Foreign government
Due within 1 year	$	168	$	170
After 1 but within 5 years	579		596
After 5 but within 10 years	—		—
After 10 years	—		—
Total	$	747	$	766
All other(2)
Due within 1 year	$	—	$	—
After 1 but within 5 years	—		—
After 5 but within 10 years	9,975		9,993
After 10 years	21,157		21,170
Total	$	31,132	$	31,163
Total debt securities HTM	$	206,094	$	192,136

(1)Amortized cost is reported net of ACL of $136 million at June 30, 2025.

(2)Includes corporate and asset-backed securities.

HTM Debt Securities Delinquency and Non-Accrual Details

Citi did not have any HTM debt securities that were delinquent or on non-accrual status at June 30, 2025 and December 31, 2024.

There were no purchased credit-deteriorated HTM debt securities held by the Company as of June 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 June 30,				Six Months Ended June 30,
In millions of dollars	2025		2024		2025		2024




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	$	2	$	9	$	5	$	23
Total impairment losses recognized in earnings	$	2	$	9	$	5	$	23

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 June 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 at June 30, 2025 and December 31, 2024:


In millions of dollars	June 30, 2025		December 31, 2024
Measurement alternative:
Carrying value	$	1,581	$	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 June 30,				Six Months Ended June 30,
In millions of dollars	2025		2024		2025		2024
Measurement alternative(1):
Impairment losses	$	37	$	8	$	89	$	24
Downward changes for observable prices	—		1		—		1
Upward changes for observable prices	38		3		47		52

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


	Life-to-date amounts on securities still held
In millions of dollars	June 30, 2025
Measurement alternative:
Impairment losses	$	501
Downward changes for observable prices	39
Upward changes for observable prices	1,076

A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three months ended June 30, 2025 and 2024, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost.