INVESTMENTS (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of investments by category |
The following table presents Citi’s investments by category:
| | | | | | | | | | In millions of dollars | March 31,
2026 | December 31, 2025 | | | Available-for-sale (AFS) debt securities | $ | 257,822 | | $ | 246,720 | | Held-to-maturity (HTM) debt securities(1) | 178,503 | | 189,831 | | Marketable equity securities carried at fair value(2) | 330 | | 475 | | Non-marketable equity securities carried at fair value(2)(3) | 429 | | 446 | | Non-marketable equity securities measured using the measurement alternative(4) | 1,738 | | 1,707 | | Non-marketable equity securities carried at cost(5) | 5,342 | | 5,050 | | Total investments(6) | $ | 444,164 | | $ | 444,229 | |
(1)Carried at adjusted amortized cost basis, net of any ACL. (2)Unrealized gains and losses are recognized in earnings. (3)Includes $41 million and $37 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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and 2025.
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| Interest and dividends on investments |
The following table presents interest and dividend income on investments:
| | | | | | | | | | | | Three Months Ended March 31, | | | In millions of dollars | 2026 | 2025 | | | | Taxable interest | $ | 3,869 | | $ | 4,021 | | | | | Interest exempt from U.S. federal income tax | 65 | | 77 | | | | | Dividend income | 85 | | 68 | | | | | Total interest and dividend income on investments | $ | 4,019 | | $ | 4,166 | | | |
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| Realized gains and losses on investments excluding other-than-temporary impairment |
The following table presents realized gains and losses on the sales of investments, which exclude impairment losses:
| | | | | | | | | | | | Three Months Ended March 31, | | | In millions of dollars | 2026 | 2025 | | | | Gross realized investment gains | $ | 316 | | $ | 134 | | | | | Gross realized investment losses | (46) | | (13) | | | | | Net realized gains on sales of investments | $ | 270 | | $ | 121 | | | |
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| Amortized cost and fair value of AFS debt securities |
The amortized cost and fair value of AFS debt securities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | 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 | | | | | | | | | | | | | Mortgage-backed securities(1) | | | | | | | | | | | | | | U.S. government-sponsored agency guaranteed | $ | 41,907 | | $ | — | | $ | 48 | | $ | 784 | | $ | (736) | | | $ | 41,171 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other | 964 | | — | | 1 | | 1 | | — | | | 964 | | | | | | | | Total mortgage-backed securities | $ | 42,871 | | $ | — | | $ | 49 | | $ | 785 | | $ | (736) | | | $ | 42,135 | | | | | | | | U.S. Treasury | $ | 45,672 | | $ | — | | $ | 51 | | $ | 79 | | $ | (28) | | | $ | 45,644 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | State and municipal | 1,460 | | — | | 4 | | 61 | | (57) | | | 1,403 | | | | | | | | Foreign government | 161,084 | | — | | 587 | | 1,059 | | (472) | | | 160,612 | | | | | | | | Corporate | 3,725 | | 7 | | 8 | | 92 | | (84) | | | 3,634 | | | | | | | Asset-backed securities(1) | 1,160 | | — | | 6 | | 3 | | 3 | | | 1,163 | | | | | | | | Other debt securities | 3,230 | | — | | 1 | | — | | 1 | | | 3,231 | | | | | | | | Total AFS debt securities excluding portfolio-layer cumulative basis adjustments | $ | 259,202 | | $ | 7 | | $ | 706 | | $ | 2,079 | | $ | (1,373) | | | $ | 257,822 | | | | | | | Portfolio-layer cumulative basis adjustments(2) | $ | (57) | | $ | — | | $ | — | | $ | — | | $ | 57 | | | $ | — | | | | | | | | Total AFS debt securities | $ | 259,145 | | $ | 7 | | $ | 706 | | $ | 2,079 | | $ | (1,316) | | | $ | 257,822 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | | | | | | | | | | | Mortgage-backed securities(1) | | | | | | | | | | | | | | 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(1) | 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(2) | $ | 133 | | $ | — | | $ | — | | $ | — | | $ | (133) | | | $ | — | | | | | | | | Total AFS debt securities | $ | 246,784 | | $ | 7 | | $ | 1,203 | | $ | 1,127 | | $ | (57) | | | $ | 246,720 | | | | | | |
(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 tables above. See Note 19 for mortgage- and asset-backed securitizations in which the Company has other involvement. (2)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 20.
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| Fair value of securities in unrealized loss position |
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 | | March 31, 2026 | | | | | | | | AFS debt securities | | | | | | | | Mortgage-backed securities | | | | | | | | U.S. government-sponsored agency guaranteed | $ | 27,957 | | $ | 427 | | $ | 5,892 | | $ | 357 | | $ | 33,849 | | $ | 784 | | | | | | | | | | | | | | | | | | | | | | | | Other | 248 | | — | | 233 | | 1 | | 481 | | 1 | | | Total mortgage-backed securities | $ | 28,205 | | $ | 427 | | $ | 6,125 | | $ | 358 | | $ | 34,330 | | $ | 785 | | | U.S. Treasury | $ | 26,214 | | $ | 58 | | $ | 719 | | $ | 21 | | $ | 26,933 | | $ | 79 | | | | | | | | | | | | | | | | | State and municipal | 300 | | 6 | | 802 | | 55 | | 1,102 | | 61 | | | Foreign government | 71,051 | | 761 | | 11,761 | | 298 | | 82,812 | | 1,059 | | | Corporate | 711 | | 64 | | 1,232 | | 28 | | 1,943 | | 92 | | | Asset-backed securities | 600 | | 3 | | — | | — | | 600 | | 3 | | | Other debt securities | 253 | | — | | — | | — | | 253 | | — | | Total AFS debt securities(1) | $ | 127,334 | | $ | 1,319 | | $ | 20,639 | | $ | 760 | | $ | 147,973 | | $ | 2,079 | | | December 31, 2025 | | | | | | | | AFS debt securities | | | | | | | | 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(1) | $ | 54,577 | | $ | 416 | | $ | 24,875 | | $ | 711 | | $ | 79,452 | | $ | 1,127 | |
(1) Gross unrealized losses exclude the effect of the cumulative basis adjustments in active portfolio-layer method fair value hedges.
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| Amortized cost and fair value of debt securities by contractual maturity dates |
The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates:
| | | | | | | | | | | | | | | March 31, 2026 | | | In millions of dollars | Amortized cost | Fair value | | | Mortgage-backed securities(1) | | | | | | Due within 1 year | $ | 31 | | $ | 31 | | | | | After 1 but within 5 years | 1,185 | | 1,183 | | | | | After 5 but within 10 years | 740 | | 728 | | | | | After 10 years | 40,915 | | 40,193 | | | | | Total | $ | 42,871 | | $ | 42,135 | | | | | U.S. Treasury and federal agency securities | | | | | | Due within 1 year | $ | 11,443 | | $ | 11,438 | | | | | After 1 but within 5 years | 30,017 | | 30,011 | | | | | After 5 but within 10 years | 4,212 | | 4,195 | | | | | After 10 years | — | | — | | | | | Total | $ | 45,672 | | $ | 45,644 | | | | | State and municipal | | | | | | Due within 1 year | $ | 69 | | $ | 69 | | | | | After 1 but within 5 years | 67 | | 65 | | | | | After 5 but within 10 years | 330 | | 323 | | | | | After 10 years | 994 | | 946 | | | | | Total | $ | 1,460 | | $ | 1,403 | | | | | Foreign government | | | | | | Due within 1 year | $ | 72,364 | | $ | 72,475 | | | | | After 1 but within 5 years | 83,410 | | 82,965 | | | | | After 5 but within 10 years | 4,830 | | 4,744 | | | | | After 10 years | 480 | | 428 | | | | | Total | $ | 161,084 | | $ | 160,612 | | | | All other(2) | | | | | | Due within 1 year | $ | 4,139 | | $ | 4,124 | | | | | After 1 but within 5 years | 3,180 | | 3,151 | | | | | After 5 but within 10 years | 757 | | 750 | | | | | After 10 years | 39 | | 3 | | | | | Total | $ | 8,115 | | $ | 8,028 | | | | | Total AFS debt securities | $ | 259,202 | | $ | 257,822 | | | |
(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 19 for additional information about mortgage- and asset-backed securitizations in which the Company has other involvement. (2)Includes corporate, asset-backed and other debt securities. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates:
| | | | | | | | | | | | | | | | | | March 31, 2026 | | | In millions of dollars | Amortized cost(1) | Fair value | | | | | | Mortgage-backed securities | | | | | | | | Due within 1 year | $ | — | | $ | — | | | | | | | After 1 but within 5 years | 1,066 | | 1,027 | | | | | | | After 5 but within 10 years | 1,236 | | 1,167 | | | | | | | After 10 years | 63,149 | | 56,031 | | | | | | | Total | $ | 65,451 | | $ | 58,225 | | | | | | | U.S. Treasury securities | | | | | | | | Due within 1 year | $ | 35,893 | | $ | 35,414 | | | | | | | After 1 but within 5 years | 45,656 | | 43,291 | | | | | | | After 5 but within 10 years | — | | — | | | | | | | After 10 years | — | | — | | | | | | | Total | $ | 81,549 | | $ | 78,705 | | | | | | | State and municipal | | | | | | | | Due within 1 year | $ | 16 | | $ | 16 | | | | | | | After 1 but within 5 years | 329 | | 328 | | | | | | | After 5 but within 10 years | 2,390 | | 2,278 | | | | | | | After 10 years | 5,782 | | 5,330 | | | | | | | Total | $ | 8,517 | | $ | 7,952 | | | | | | | Foreign government | | | | | | | | Due within 1 year | $ | 287 | | $ | 294 | | | | | | | After 1 but within 5 years | 333 | | 343 | | | | | | | After 5 but within 10 years | — | | — | | | | | | | After 10 years | — | | — | | | | | | | Total | $ | 620 | | $ | 637 | | | | | | All other(2) | | | | | | | | Due within 1 year | $ | — | | $ | — | | | | | | | After 1 but within 5 years | — | | — | | | | | | | After 5 but within 10 years | 2,100 | | 2,099 | | | | | | | After 10 years | 20,266 | | 20,239 | | | | | | | Total | $ | 22,366 | | $ | 22,338 | | | | | | | Total HTM debt securities | $ | 178,503 | | $ | 167,857 | | | | | |
(1)Amortized cost is reported net of ACL of $116 million at March 31, 2026. (2)Includes corporate and asset-backed securities.
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| Carrying value and fair value of debt securities HTM |
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 | | March 31, 2026 | | | | | | | HTM debt securities | | | | | | | Mortgage-backed securities(2) | | | | | | | | U.S. government-sponsored agency guaranteed | | | $ | 64,102 | | $ | 2 | | $ | 7,136 | | $ | 56,968 | | | | | | | | | | | | | | | | | | | | | | | | Other | | | 1,349 | | 19 | | 111 | | 1,257 | | | Total mortgage-backed securities | | | $ | 65,451 | | $ | 21 | | $ | 7,247 | | $ | 58,225 | | | U.S. Treasury securities | | | $ | 81,549 | | $ | — | | $ | 2,844 | | $ | 78,705 | | | State and municipal | | | 8,517 | | 20 | | 585 | | 7,952 | | | Foreign government | | | 620 | | 17 | | — | | 637 | | Asset-backed securities(2) | | | 22,366 | | 23 | | 51 | | 22,338 | | | | | | | | | | Total HTM debt securities, net | | | $ | 178,503 | | $ | 81 | | $ | 10,727 | | $ | 167,857 | | | 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 | |
(1)Amortized cost is reported net of ACL of $116 million and $146 million at March 31, 2026 and December 31, 2025, 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 19 for mortgage- and asset-backed securitizations in which the Company has other involvement.
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| Total other-than-temporary impairments recognized |
The following table presents total impairment on AFS investments recognized in earnings:
| | | | | | | | | | | | Three Months Ended March 31, | | | In millions of dollars | 2026 | 2025 | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 113 | | $ | 3 | | | | | Total impairment losses recognized in earnings | $ | 113 | | $ | 3 | | | |
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| Carrying value of non-marketable equity securities measured using the measurement alternative |
Below is the carrying value of non-marketable equity securities measured using the measurement alternative:
| | | | | | | | | | In millions of dollars | March 31, 2026 | December 31, 2025 | | Measurement alternative: | | | | Carrying value | $ | 1,738 | | $ | 1,707 | |
Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:
| | | | | | | | | | | | Three Months Ended March 31, | | | In millions of dollars | 2026 | 2025 | | | Measurement alternative(1): | | | | | | Impairment losses | $ | 23 | | $ | 52 | | | | | Downward changes for observable prices | — | | — | | | | | Upward changes for observable prices | 38 | | 9 | | | |
(1) See Note 21 for additional information on these nonrecurring fair value measurements.
| | | | | | | Life-to-date amounts on securities still held | | In millions of dollars | March 31, 2026 | | Measurement alternative: | | | Impairment losses | $ | 517 | | | Downward changes for observable prices | 24 | | | Upward changes for observable prices | 840 | |
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