INVESTMENTS

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The following table presents Citi’s investments by category:


	December 31,
In millions of dollars	2025		2024
Available-for-sale (AFS) debt securities	$	246,720	$	226,876
Held-to-maturity (HTM) debt securities(1)	189,831		242,382
Marketable equity securities carried at fair value(2)	475		151
Non-marketable equity securities carried at fair value(2)(3)	446		427
Non-marketable equity securities measured using the measurement alternative(4)	1,707		1,574
Non-marketable equity securities carried at cost(5)	5,050		5,247
Total investments(6)	$	444,229	$	476,657

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

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

(3)Includes $37 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 December 31, 2025 and 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 December 31, 2025 and 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 years ended December 31, 2025 and 2024.

The following table presents interest and dividend income on investments:



In millions of dollars	2025		2024		2023
Taxable interest	$	16,034	$	17,978	$	17,654
Interest exempt from U.S. federal income tax	287		317		334
Dividend income	408		367		312
Total interest and dividend income on investments	$	16,729	$	18,662	$	18,300

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



In millions of dollars	2025		2024		2023
Gross realized investment gains	$	543	$	533	$	324
Gross realized investment losses	(72)		(205)		(136)
Net realized gains on sales of investments	$	471	$	328	$	188

Available-for-Sale (AFS) Debt Securities

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


	December 31, 2025
In millions of dollars	Amortized cost		Allowance for credit losses		Gross unrealized gains		Gross unrealized losses		Net unrealized gains (losses)		Fair value
AFS debt securities(1)
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed	$	36,967	$	—	$	172	$	383	$	(211)	$	36,756
Other	976		—		1		1		—		976
Total mortgage-backed securities	$	37,943	$	—	$	173	$	384	$	(211)	$	37,732

U.S. Treasury	$	35,400	$	—	$	93	$	28	$	65	$	35,465


State and municipal	1,589		—		5		57		(52)		1,537
Foreign government	162,801		—		902		596		306		163,107
Corporate	4,734		7		20		56		(36)		4,691
Asset-backed securities(2)	1,071		—		8		6		2		1,073
Other debt securities	3,113		—		2		—		2		3,115
Total AFS debt securities excluding portfolio-layer cumulative basis adjustments	$	246,651	$	7	$	1,203	$	1,127	$	76	$	246,720
Portfolio-layer cumulative basis adjustments(3)	$	133	$	—	$	—	$	—	$	(133)	$	—
Total AFS debt securities	$	246,784	$	7	$	1,203	$	1,127	$	(57)	$	246,720


	December 31, 2024
In millions of dollars	Amortized cost		Allowance for credit losses		Gross unrealized gains		Gross unrealized losses		Net unrealized gains (losses)		Fair value
AFS debt securities(1)
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed	$	30,401	$	—	$	34	$	1,129	$	(1,095)	$	29,306
Other	627		—		—		2		(2)		625
Total mortgage-backed securities	$	31,028	$	—	$	34	$	1,131	$	(1,097)	$	29,931

U.S. Treasury	$	52,630	$	—	$	13	$	264	$	(251)	$	52,379


State and municipal	1,749		—		12		103		(91)		1,658
Foreign government	134,002		—		444		1,087		(643)		133,359
Corporate	4,923		6		19		122		(103)		4,814
Asset-backed securities(2)	856		—		3		11		(8)		848
Other debt securities	3,887		—		1		1		—		3,887
Total AFS debt securities excluding portfolio-layer cumulative basis adjustments	$	229,075	$	6	$	526	$	2,719	$	(2,193)	$	226,876
Portfolio-layer cumulative basis adjustments(3)	$	(193)	$	—	$	—	$	—	$	193	$	—
Total AFS debt securities	$	228,882	$	6	$	526	$	2,719	$	(2,000)	$	226,876

(1)Effective December 31, 2025, cumulative basis adjustments in active portfolio-layer method fair value hedges are reported in a separate line item, which were previously included in amortized cost of mortgage-backed securities and disclosed below the table. The prior period was conformed to reflect this change in presentation.

(2)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 tables above. See Note 23 for mortgage- and asset-backed securitizations in which the Company has other involvement.

(3)Represents the cumulative basis adjustments in active portfolio-layer method fair value hedges of AFS debt securities in closed portfolios, which are not allocated to individual securities. See Note 24.

At December 31, 2025, the amortized cost of AFS debt securities for those in a loss position exceeded their fair value by $1,127 million. Of the $1,127 million, $416 million represented unrealized losses on AFS debt securities that have been in a gross unrealized loss position for less than a year and, of these, 67% were rated investment grade; and

$711 million represented unrealized losses on AFS debt securities that have been in a gross unrealized loss position for a year or more and, of these, 83% were rated investment grade. Of the $711 million, $336 million represents foreign government securities.

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
December 31, 2025
AFS debt securities(1)
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	8,475	$	110	$	7,156	$	273	$	15,631	$	383
Other	28		—		413		1		441		1
Total mortgage-backed securities	$	8,503	$	110	$	7,569	$	274	$	16,072	$	384

U.S. Treasury	$	1,888	$	6	$	766	$	22	$	2,654	$	28


State and municipal	555		9		661		48		1,216		57
Foreign government	42,828		260		14,394		336		57,222		596
Corporate	266		25		1,400		31		1,666		56
Asset-backed securities	537		6		—		—		537		6
Other debt securities	—		—		85		—		85		—
Total AFS debt securities(2)	$	54,577	$	416	$	24,875	$	711	$	79,452	$	1,127
December 31, 2024
AFS debt securities(1)
Mortgage-backed securities
U.S. government-sponsored agency guaranteed	$	17,532	$	304	$	8,484	$	825	$	26,016	$	1,129
Other	375		1		217		1		592		2
Total mortgage-backed securities	$	17,907	$	305	$	8,701	$	826	$	26,608	$	1,131

U.S. Treasury	$	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 AFS debt securities(2)	$	83,747	$	1,086	$	33,848	$	1,633	$	117,595	$	2,719

(1) Effective December 31, 2025, gross unrealized losses exclude the effect of cumulative basis adjustments in active portfolio-layer method fair value hedges, which previously included the effect of the cumulative basis adjustments. The prior period was conformed to reflect this change in presentation.

(2) Gross unrealized losses exclude the effect of the cumulative basis adjustments in active portfolio-layer method fair value hedges.

The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates:


	December 31, 2025
In millions of dollars	Amortized cost		Fair value		Weighted- average yield(1)
Mortgage-backed securities(2)
Due within 1 year	$	33	$	33	4.56	%
After 1 but within 5 years	1,205		1,205		3.90
After 5 but within 10 years	708		697		3.97
After 10 years	35,997		35,797		4.69
Total	$	37,943	$	37,732	4.65	%
U.S. Treasury and federal agency securities
Due within 1 year	$	17,007	$	17,004	3.01	%
After 1 but within 5 years	18,169		18,252		4.14
After 5 but within 10 years	224		209		3.18
After 10 years	—		—		—
Total	$	35,400	$	35,465	3.59	%
State and municipal
Due within 1 year	$	69	$	69	3.44	%
After 1 but within 5 years	71		68		3.42
After 5 but within 10 years	340		334		3.97
After 10 years	1,109		1,066		3.74
Total	$	1,589	$	1,537	3.76	%
Foreign government
Due within 1 year	$	70,667	$	70,659	4.07	%
After 1 but within 5 years	86,623		87,022		4.58
After 5 but within 10 years	5,008		4,980		4.74
After 10 years	503		446		3.80
Total	$	162,801	$	163,107	4.36	%
All other(3)
Due within 1 year	$	4,283	$	4,266	2.78	%
After 1 but within 5 years	3,925		3,927		3.88
After 5 but within 10 years	659		658		1.63
After 10 years	51		28		0.76
Total	$	8,918	$	8,879	3.17	%
Total AFS debt securities	$	246,651	$	246,720	4.25	%

(1)Weighted-average yields are weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives.

(2)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 23 for additional information about mortgage- and asset-backed securitizations in which the Company has other involvement.

(3)Includes corporate, asset-backed and other debt securities.

Held-to-Maturity (HTM) Debt Securities

The carrying value and fair value of HTM debt securities were as follows:


In millions of dollars	Amortized cost, net(1)		Gross unrealized gains		Gross unrealized losses		Fair value
December 31, 2025
HTM debt securities
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed	$	65,631	$	3	$	6,834	$	58,800

Other	1,288		21		115		1,194
Total mortgage-backed securities	$	66,919	$	24	$	6,949	$	59,994
U.S. Treasury securities	$	89,494	$	—	$	3,010	$	86,484
State and municipal	8,608		40		469		8,179
Foreign government	790		20		—		810
Asset-backed securities(2)	24,020		72		39		24,053
Total HTM debt securities, net	$	189,831	$	156	$	10,467	$	179,520
December 31, 2024
HTM debt securities
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed	$	72,542	$	—	$	10,291	$	62,251

Other	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 HTM debt securities, net	$	242,382	$	133	$	18,105	$	224,410

(1)Amortized cost is reported net of ACL of $146 million and $137 million at December 31, 2025 and 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 23 for mortgage- and asset-backed securitizations in which the Company has other involvement.

The Company has the positive intent and ability to hold these securities to maturity or, where applicable, until the exercise of any issuer call option, absent any unforeseen significant changes in circumstances, including deterioration in credit or changes in regulatory capital requirements.

The net unrealized losses classified in AOCI for HTM debt securities primarily relate to debt securities previously classified as AFS that were transferred to HTM, and include any cumulative fair value hedge adjustments. The net unrealized loss amount also includes any non-credit-related changes in fair value of HTM debt securities that have suffered credit impairment recorded in earnings. The AOCI balance related to HTM debt securities is amortized as an adjustment of yield, in a manner consistent with the accretion of any difference between the carrying value at the transfer date and par value of the same debt securities.

The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates:


	December 31, 2025
In millions of dollars	Amortized cost(1)		Fair value		Weighted- average yield(2)
Mortgage-backed securities
Due within 1 year	$	138	$	137	2.05	%
After 1 but within 5 years	1,042		1,005		2.79
After 5 but within 10 years	1,057		1,012		2.78
After 10 years	64,682		57,840		2.90
Total	$	66,919	$	59,994	2.89	%
U.S. Treasury securities
Due within 1 year	$	35,893	$	35,349	0.98	%
After 1 but within 5 years	53,601		51,135		1.29
After 5 but within 10 years	—		—		—
After 10 years	—		—		—
Total	$	89,494	$	86,484	1.16	%
State and municipal
Due within 1 year	$	16	$	16	2.88	%
After 1 but within 5 years	294		294		3.46
After 5 but within 10 years	2,360		2,298		3.19
After 10 years	5,938		5,571		3.78
Total	$	8,608	$	8,179	3.60	%
Foreign government
Due within 1 year	$	182	$	182	7.08	%
After 1 but within 5 years	608		628		7.50
After 5 but within 10 years	—		—		—
After 10 years	—		—		—
Total	$	790	$	810	7.40	%
All other(3)
Due within 1 year	$	—	$	—	—	%
After 1 but within 5 years	—		—		—
After 5 but within 10 years	3,337		3,338		5.22
After 10 years	20,683		20,715		5.20
Total	$	24,020	$	24,053	5.21	%
Total HTM debt securities	$	189,831	$	179,520	2.42	%

(1)Amortized cost is reported net of ACL of $146 million at December 31, 2025.

(2)Weighted-average yields are weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives.

(3)Includes corporate and asset-backed securities.

HTM Debt Securities Delinquency and Non-Accrual

Details

The total amounts of HTM debt securities that were delinquent or on non-accrual status were not significant at December 31, 2025 and 2024.

There were no purchased credit-deteriorated HTM debt securities held by the Company as of December 31, 2025 and 2024.

Recognition and Measurement of Impairment

The following table presents total impairment on AFS investments recognized in earnings:


			Year ended
In millions of dollars	2025		2024		2023





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	$	184	$	323	$	188
Total impairment losses recognized in earnings	$	184	$	323	$	188

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 $7 million and $6 million as of December 31, 2025 and 2024, respectively.

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. Impairment indicators that are considered include, but are not limited to, the following:

•a significant deterioration in the earnings performance, credit rating, asset quality or business prospects of the investee

•a significant adverse change in the regulatory, economic or technological environment of the investee

•a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates

•a bona fide offer to purchase, an offer by the investee to sell or a completed auction process for the same or similar investment for an amount less than the carrying amount of that investment

•factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies or noncompliance with statutory capital requirements or debt covenants

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:


In millions of dollars	December 31, 2025		December 31, 2024
Measurement alternative:
Carrying value	$	1,707	$	1,574

Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:


	Year ended December 31,
In millions of dollars	2025		2024
Measurement alternative(1):
Impairment losses	$	154	$	108
Downward changes for observable prices	2		5
Upward changes for observable prices	96		84

(1) See Note 26 for additional information on these nonrecurring fair value measurements.


	Life-to-date amounts on securities still held
In millions of dollars	December 31, 2025
Measurement alternative:
Impairment losses	$	555
Downward changes for observable prices	40
Upward changes for observable prices	1,062

A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the years ended December 31, 2025 and 2024, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost.