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SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023
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
$31,666 $31,666 $— $— $— $— $— $— 
Mortgage securitizations(4)
U.S. agency-sponsored
125,515 — 125,515 2,093 — — 138 2,231 
Non-agency-sponsored
66,721 — 66,721 3,191 — — — 3,191 
Citi-administered asset-backed commercial paper conduits18,600 18,600 — — — — — — 
Collateralized loan obligations (CLOs)5,916 — 5,916 2,525 — — — 2,525 
Asset-based financing(5)
180,279 10,931 169,348 39,875 955 11,636 — 52,466 
Municipal securities tender option bond trusts (TOBs)1,527 596 931 16 — 681 — 697 
Municipal investments
21,653 3 21,650 2,463 3,031 2,941 — 8,435 
Client intermediation
487 97 390 75 — — — 75 
Investment funds490 103 387 4 7 78 1 90 
Total
$452,854 $61,996 $390,858 $50,242 $3,993 $15,336 $139 $69,710 
As of December 31, 2022
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
$32,021 $32,021 $— $— $— $— $— $— 
Mortgage securitizations(4)
U.S. agency-sponsored
117,358 — 117,358 2,052 — — 48 2,100 
Non-agency-sponsored
67,704 — 67,704 3,294 — — — 3,294 
Citi-administered asset-backed commercial paper conduits19,621 19,621 — — — — — — 
Collateralized loan obligations (CLOs)7,600 — 7,600 2,601 — — — 2,601 
Asset-based financing(5)
242,348 9,672 232,676 40,121 1,022 10,726 — 51,869 
Municipal securities tender option bond trusts (TOBs)2,155 672 1,483 2 — 1,108 — 1,110 
Municipal investments
22,167 3 22,164 2,731 3,143 3,420 — 9,294 
Client intermediation
482 121 361 58 — — 13 71 
Investment funds534 91 443 2 5 68 — 75 
Other
— — — — — — — — 
Total
$511,990 $62,201 $449,789 $50,861 $4,170 $15,322 $61 $70,414 

(1)    The definition of maximum exposure to loss is included in the text that follows this table.
(2)    Included on Citigroup’s June 30, 2023 and December 31, 2022 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.
(5)     Included within this line are loans to third-party-sponsored private equity funds, which represent $11 billion and $69 billion in unconsolidated VIE assets and $534 million and $498 million in maximum exposure to loss as of June 30, 2023 and December 31, 2022, respectively.
The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi’s Consolidated Balance Sheet. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs and are in excess of those obligations. In addition, the assets in the table below include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities in the table below include third-party liabilities of consolidated VIEs only 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.

June 30,
2023December 31,
In millions of dollars(Unaudited)2022
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs  
Cash and due from banks$69 $61 
Trading account assets10,417 9,153 
Investments496 594 
Loans, net of unearned income 
Consumer34,786 35,026 
Corporate18,731 19,782 
Loans, net of unearned income$53,517 $54,808 
Allowance for credit losses on loans (ACLL)(2,623)(2,520)
Total loans, net$50,894 $52,288 
Other assets120 105 
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs$61,996 $62,201 

June 30,
2023December 31,
In millions of dollars(Unaudited)2022
Liabilities of consolidated VIEs for which creditors or beneficial interest holders
do not have recourse to the general credit of Citigroup		  
Short-term borrowings$9,652 $9,807 
Long-term debt
7,930 10,324 
Other liabilities853 622 
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders
do not have recourse to the general credit of Citigroup		$18,435 $20,753 
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:

June 30, 2023December 31, 2022
In millions of dollars
Liquidity
facilities		Loan/equity
commitments		Liquidity
facilities		Loan/equity
commitments
Non-agency-sponsored mortgage securitizations$— $— $— $— 
Asset-based financing
— 11,636 — 10,726 
Municipal securities tender option bond trusts (TOBs)
681 — 1,108 — 
Municipal investments
— 2,941 — 3,420 
Investment funds
— 78 — 68 
Other
— — — — 
Total funding commitments
$681 $14,655 $1,108 $14,214 
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
June 30, 2023December 31, 2022
Cash
$— $— 
Trading account assets
1.6 1.6 
Investments
8.5 8.6 
Total loans, net of allowance
43.5 44.2 
Other
0.6 0.6 
Total assets
$54.2 $55.0 
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 June 30,
20232022
In billions of dollars
U.S. agency-
sponsored
mortgages		Non-agency-
sponsored
mortgages		U.S. agency-
sponsored
mortgages		Non-agency-
sponsored
mortgages
Principal securitized
$1.6 $1.0 $1.9 $8.6 
Proceeds from new securitizations
1.6 0.9 1.8 8.4 
Contractual servicing fees received— — — — 
Cash flows received on retained interests and other net cash flows— 0.1 — — 
Purchases of previously transferred financial assets
— — — — 
Six Months Ended June 30,
20232022
In billions of dollars
U.S. agency-
sponsored
mortgages		Non-agency-
sponsored
mortgages		U.S. agency-
sponsored
mortgages		Non-agency-
sponsored
mortgages
Principal securitized
$2.3 $2.3 $4.0 $10.2 
Proceeds from new securitizations
2.4 2.0 3.9 10.0 
Contractual servicing fees received0.1 — — — 
Cash flows received on retained interests and other net cash flows— 0.1 — — 
Purchases of previously transferred financial assets— — — — 
Note: Excludes broker-dealer re-securitization transactions.
Schedule of carrying value of retained interests
June 30, 2023December 31, 2022
Non-agency-sponsored mortgages(1)
Non-agency-sponsored mortgages(1)
In millions of dollars
U.S. agency-
sponsored mortgages
Senior
interests(2)
Subordinated
interests		U.S. agency-
sponsored mortgages		Senior
interests		Subordinated
interests
Carrying value of retained interests(3)
$684 $1,043 $959 $659 $1,119 $943 

(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)    Senior interests in non-agency-sponsored mortgages include $1.7 million related to personal loan securitizations at June 30, 2023.
(3)    Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 22 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 losses
Securitized assets90 days past dueThree Months Ended June 30,Six Months Ended June 30,
In billions of dollars, except liquidation losses in millionsJun. 30, 2023Dec. 31, 2022Jun. 30, 2023Dec. 31, 20222023202220232022
Securitized assets
Residential mortgages(1)
$30 $30.8 $0.5 $0.5 $— $(0.3)$2.3 $1.2 
Commercial and other
28.7 28.8 — — — — — — 
Total
$58.7 $59.6 $0.5 $0.5 $— $(0.3)$2.3 $1.2 
(1)    Securitized assets include $0.1 billion of personal loan securitizations as of June 30, 2023.
Schedule of changes in capitalized MSRs The following table summarizes the changes in capitalized MSRs:
Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2023202220232022
Balance, beginning of period$658 $520 $665 $404 
Originations19 35 31 69 
Changes in fair value of MSRs due to changes in inputs and assumptions22 59 19 158 
Other changes(1)
(18)(14)(34)(31)
Sales of MSRs— — — — 
Balance, as of June 30$681 $600 $681 $600 

(1)    Represents changes due to customer payments and passage of time.
Schedule of fees received on servicing previously securitized mortgages The amounts of these fees were as follows:
Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2023202220232022
Servicing fees
$32 $30 $65 $59 
Late fees
1 1 2 2
Total MSR fees
$33 $31 $67 $61 
Schedule of asset-based financing
June 30, 2023December 31, 2022
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$43,836 $9,100 $43,236 $8,806 
Corporate loans
21,396 14,535 23,120 15,077 
Other (including investment funds, airlines and shipping)104,116 28,831 166,320 27,986 
Total
$169,348 $52,466 $232,676 $51,869