Company: CFG-PE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000759944-25-000153
Chunk: 93

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 93
---
ized by auto loans. The following table summarizes the carrying amount of assets and liabilities for the Company’s consolidated VIEs:(dollars in millions)September 30, 2025December 31, 2024Assets:Interest-bearing deposits in banks$169 $209 Net loans and leases2,353 3,843 Other assets15 21 Total assets$2,537 $4,073 Liabilities:Long-term borrowed funds$1,982 $3,375 Other liabilities5 8 Total liabilities$1,987 $3,383 Secured BorrowingsThe Company utilizes a portion of its auto loan portfolio to support certain secured borrowing arrangements, which provide a source of funding for the Company and involves the transfer of auto loans to bankruptcy remote SPEs. These SPEs then issue asset-backed notes to third parties collateralized by the transferred loans.The assets of a particular VIE are the primary source of funds to settle its obligations. Creditors of these VIEs do not have recourse to the general credit of the Company. The performance of the loans transferred is the most significant driver impacting the economic performance of the VIEs.Unconsolidated VIEsThe Company is involved with various VIEs that are not consolidated including lending to SPEs, investments in asset-backed securities, and investments in entities that sponsor affordable housing, renewable energy, and economic development projects. The Company’s maximum exposure to loss resulting from its involvement with these entities is limited to the balance sheet carrying amount of its investments, unfunded commitments, and the outstanding principal balance of loans to SPEs.The following table provides a summary of the assets and liabilities included in the Consolidated Balance Sheets related to unconsolidated VIEs that the Company holds an interest in, but is not the primary beneficiary of:(dollars in millions)September 30, 2025December 31, 2024Lending to SPEs included in Loans and leases$4,893 $4,215 LIHTC investments included in Other assets2,698 2,631 LIHTC unfunded commitments included in Other liabilities1,065 1,109 Asset-backed investments included in HTM securities 357 412 Renewable energy investments included in Other assets217 269 NMTC investments included in Other assets1 2 

Citizens Financial Group, Inc. | 61

Lending to Special Purpose EntitiesThe Company provides lending facilities to third-party sponsored SPEs within its