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[Form 4] FTAI Infrastructure Inc. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (ticker: C), is issuing $764,000 of unsecured Market-Linked Securities (medium-term senior notes, Series N) linked to the Citi Dynamic Asset Selector 5 Excess Return Index (CIISDA5N). The securities price on 30 Jun 2025, settle on 3 Jul 2025 and mature on 5 Jan 2027 (approx. 18 months).

Key economics

  • Denomination: $1,000 per note; aggregate 764 notes.
  • Principal protection: 100% at maturity.
  • Upside participation: 175% of positive index return; no cap.
  • No periodic coupons.
  • Return amount is zero if the final index level is at or below the initial level (228.07).
  • Estimated value: $972.00 (97.2% of issue price) based on Citigroup鈥檚 internal models; issue price $1,000.
  • Underwriting fee: up to $10 (1.0%) per note; net proceeds minimum $990 per note.
  • Not listed; liquidity relies on Citigroup Global Markets Inc. making a discretionary secondary market.

Index summary

  • Rules-based allocation between S&P 500 futures and 10-year U.S. Treasury futures using trend (21-day) and volatility (63-day) signals.
  • Three possible portfolios (Equity-Focused, Intermediate, Treasury) with max 66.66% equity exposure.
  • Volatility target: 5%; exposure to the selected portfolio can be <100%, with the residual notionally held in cash.
  • Annual index fee: 0.85%.

Risk highlights

  • Investors forgo interim interest and depend on a single observation on 30 Dec 2026.
  • Index may underperform equities in rising markets due to capped equity weight, volatility targeting, and annual fee.
  • Credit risk of both Citigroup Global Markets Holdings Inc. and Citigroup Inc.
  • Liquidity risk: no exchange listing; secondary market, if any, at the underwriter鈥檚 discretion and likely below issue price.
  • The note鈥檚 estimated value is 2.8% below issue price, reflecting fees and hedging costs.

Materiality for Citigroup investors: At $0.8 million face, the issuance is immaterial to Citigroup鈥檚 balance sheet but demonstrates ongoing structured-note distribution and fee generation.

Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc. (ticker: C), emette 764.000 $ di Market-Linked Securities non garantiti (note senior a medio termine, Serie N) collegati all鈥檌ndice Citi Dynamic Asset Selector 5 Excess Return Index (CIISDA5N). Il prezzo delle securities sar脿 rilevato il 30 giugno 2025, il regolamento avverr脿 il 3 luglio 2025 e la scadenza 猫 fissata per il 5 gennaio 2027 (circa 18 mesi).

Elementi economici chiave

  • Taglio: 1.000 $ per nota; totale 764 note.
  • Protezione del capitale: 100% a scadenza.
  • Partecipazione al rialzo: 175% del rendimento positivo dell鈥檌ndice; senza limite massimo.
  • Assenza di cedole periodiche.
  • Il rendimento sar脿 zero se il livello finale dell鈥檌ndice 猫 pari o inferiore a quello iniziale (228,07).
  • Valore stimato: 972,00 $ (97,2% del prezzo di emissione) secondo i modelli interni di Citigroup; prezzo di emissione 1.000 $.
  • Commissione di sottoscrizione: fino a 10 $ (1,0%) per nota; proventi netti minimi di 990 $ per nota.
  • Non quotate; la liquidit脿 dipende da Citigroup Global Markets Inc. che pu貌, a sua discrezione, creare un mercato secondario.

Riassunto dell鈥檌ndice

  • Allocazione basata su regole tra futures sull鈥橲&P 500 e futures sui Treasury USA a 10 anni, utilizzando segnali di trend (21 giorni) e volatilit脿 (63 giorni).
  • Tre portafogli possibili (Equity-Focused, Intermediate, Treasury) con esposizione azionaria massima del 66,66%.
  • Obiettivo di volatilit脿: 5%; l鈥檈sposizione al portafoglio selezionato pu貌 essere inferiore al 100%, con la parte residua teoricamente detenuta in liquidit脿.
  • Commissione annuale dell鈥檌ndice: 0,85%.

Rischi principali

  • Gli investitori rinunciano a interessi intermedi e dipendono da un鈥檜nica osservazione al 30 dicembre 2026.
  • L鈥檌ndice pu貌 sottoperformare le azioni in mercati in crescita a causa del limite massimo di peso azionario, del target di volatilit脿 e della commissione annuale.
  • Rischio di credito sia di Citigroup Global Markets Holdings Inc. che di Citigroup Inc.
  • Rischio di liquidit脿: assenza di quotazione in borsa; il mercato secondario, se presente, 猫 a discrezione del sottoscrittore e probabilmente a prezzi inferiori all鈥檈missione.
  • Il valore stimato della nota 猫 inferiore del 2,8% rispetto al prezzo di emissione, riflettendo costi di commissione e copertura.

Rilevanza per gli investitori Citigroup: Con un valore nominale di 0,8 milioni di dollari, l鈥檈missione 猫 irrilevante per il bilancio di Citigroup ma dimostra la continua distribuzione di note strutturate e la generazione di commissioni.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc. (ticker: C), emite 764,000 $ de Valores Vinculados al Mercado no garantizados (notas senior a medio plazo, Serie N) vinculados al 脥ndice Citi Dynamic Asset Selector 5 Excess Return (CIISDA5N). El precio de los valores se fijar谩 el 30 de junio de 2025, la liquidaci贸n ser谩 el 3 de julio de 2025 y el vencimiento el 5 de enero de 2027 (aproximadamente 18 meses).

Aspectos econ贸micos clave

  • Denominaci贸n: 1,000 $ por nota; total 764 notas.
  • Protecci贸n del principal: 100% al vencimiento.
  • Participaci贸n al alza: 175% del rendimiento positivo del 铆ndice; sin l铆mite m谩ximo.
  • No hay cupones peri贸dicos.
  • El rendimiento ser谩 cero si el nivel final del 铆ndice es igual o inferior al nivel inicial (228.07).
  • Valor estimado: 972.00 $ (97.2% del precio de emisi贸n) basado en modelos internos de Citigroup; precio de emisi贸n 1,000 $.
  • Comisi贸n de suscripci贸n: hasta 10 $ (1.0%) por nota; ingresos netos m铆nimos de 990 $ por nota.
  • No cotiza; la liquidez depende de que Citigroup Global Markets Inc. establezca un mercado secundario discrecional.

Resumen del 铆ndice

  • Asignaci贸n basada en reglas entre futuros del S&P 500 y futuros del Tesoro estadounidense a 10 a帽os, usando se帽ales de tendencia (21 d铆as) y volatilidad (63 d铆as).
  • Tres carteras posibles (Enfoque en acciones, Intermedia, Tesoro) con una exposici贸n m谩xima a acciones del 66.66%.
  • Objetivo de volatilidad: 5%; la exposici贸n a la cartera seleccionada puede ser menor al 100%, con el resto mantenido te贸ricamente en efectivo.
  • Comisi贸n anual del 铆ndice: 0.85%.

Aspectos de riesgo

  • Los inversores renuncian a intereses intermedios y dependen de una 煤nica observaci贸n al 30 de diciembre de 2026.
  • El 铆ndice puede tener un rendimiento inferior al de las acciones en mercados alcistas debido al l铆mite en la ponderaci贸n de acciones, el objetivo de volatilidad y la comisi贸n anual.
  • Riesgo crediticio tanto de Citigroup Global Markets Holdings Inc. como de Citigroup Inc.
  • Riesgo de liquidez: no cotiza en bolsa; el mercado secundario, si existe, queda a discreci贸n del suscriptor y probablemente a un precio inferior al de emisi贸n.
  • El valor estimado de la nota es 2.8% inferior al precio de emisi贸n, reflejando costos de comisi贸n y cobertura.

Importancia para los inversores de Citigroup: Con un valor nominal de 0.8 millones de d贸lares, la emisi贸n es irrelevante para el balance de Citigroup pero demuestra la continua distribuci贸n de notas estructuradas y la generaci贸n de comisiones.

Citigroup Global Markets Holdings Inc.電� Citigroup Inc.(韹办护: C)鞚� 氤挫鞚� 氚涭晞 鞁滌灔 鞐半彊 歃濌秾 (欷戧赴 靹犾垳鞙� 毂勱秾, 鞁滊Μ歃� N) 764,000雼煬毳� 氚滍枆頃橂┌, 鞚措姅 Citi Dynamic Asset Selector 5 Excess Return Index (CIISDA5N)鞕� 鞐半彊霅╇媹雼�. 歃濌秾 臧�瓴╈潃 2025雲� 6鞗� 30鞚检棎 瓴办爼霅橁碃, 瓴办牅電� 2025雲� 7鞗� 3鞚检棎 鞚措（鞏挫氅� 毵岅赴電� 2027雲� 1鞗� 5鞚茧 鞎� 18臧滌洈鞛呺媹雼�.

欤检殧 瓴届牅 臁瓣贝

  • 雼渼鞎‰┐臧�: 毂勱秾雼� 1,000雼煬; 齑� 764毂勱秾.
  • 鞗愱笀 氤错樃: 毵岅赴 鞁� 100% 氤挫灔.
  • 靸侅姽 彀胳棳鞙�: 歆�靾� 靸侅姽 靾橃澋鞚� 175%; 靸來暅靹� 鞐嗢潓.
  • 鞝曣赴 炜犿彴 鞐嗢潓.
  • 斓滌 歆�靾� 靾橃鞚� 齑堦赴 靾橃(228.07) 鞚错晿鞚� 瓴届毎 靾橃澋鞚� 0鞛呺媹雼�.
  • 於旍爼 臧�旃�: Citigroup 雮措秬 氇嵏 旮办 972.00雼煬(氚滍枆臧�鞚� 97.2%); 氚滍枆臧� 1,000雼煬.
  • 鞚胳垬 靾橃垬耄�: 毂勱秾雼� 斓滊寑 10雼煬(1.0%); 靾滌垬鞚� 斓滌唽 990雼煬.
  • 靸侅灔霅橃 鞎婌潓; 鞙犽彊靹膘潃 Citigroup Global Markets Inc.臧� 鞛勳潣搿� 2彀� 鞁滌灔鞚� 臁办劚頃橂姅 雿� 鞚橃〈.

歆�靾� 鞖旍暯

  • 於旍劯(21鞚�) 氚� 氤�霃欖劚(63鞚�) 鞁犿樃毳� 靷毄頃橃棳 S&P 500 靹犽瓿� 10雲� 氙戈淡 甑眲 靹犽 臧� 攴滌箼 旮半皹 氚半秳.
  • 斓滊寑 66.66% 欤检嫕 雲胳稖鞚� 臧�歆� 靹� 臧�歆� 韽姼韽措Μ鞓�(欤检嫕 欷戩嫭, 欷戧皠, 甑眲) 臧�電�.
  • 氤�霃欖劚 氇╉憸: 5%; 靹犿儩霅� 韽姼韽措Μ鞓� 雲胳稖鞚� 100% 氙鸽鞚� 靾� 鞛堨溂氅�, 鞛旍暋鞚� 順勱笀鞙茧 臧�靸� 氤挫湢.
  • 鞐瓣皠 歆�靾� 靾橃垬耄�: 0.85%.

鞙勴棙 鞖旍暯

  • 韴瀽鞛愲姅 欷戧皠 鞚挫瀽毳� 韽赴頃橂┌ 2026雲� 12鞗� 30鞚� 雼澕 甏�彀办棎 鞚橃〈頃�.
  • 靸來暅靹犾澊 鞛堧姅 欤检嫕 牍勳, 氤�霃欖劚 氇╉憸, 鞐瓣皠 靾橃垬耄岆 鞚疙暣 靸侅姽鞛レ棎靹滊姅 歆�靾橁皜 欤检嫕氤措嫟 鞝�臁绊暊 靾� 鞛堨潓.
  • Citigroup Global Markets Holdings Inc.鞕� Citigroup Inc. 氇憪鞚� 鞁犾毄 鞙勴棙.
  • 鞙犽彊靹� 鞙勴棙: 靸侅灔霅橃 鞎婌潓; 2彀� 鞁滌灔鞚� 鞚胳垬鞛愳潣 鞛焿鞚措┌ 氚滍枆臧� 鞚错晿鞚� 臧�電レ劚 雴掛潓.
  • 毂勱秾鞚� 於旍爼 臧�旃橂姅 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿頃橃棳 氚滍枆臧�氤措嫟 2.8% 雮潓.

Citigroup 韴瀽鞛愳棎瓴岇潣 欷戩殧靹�: 80毵� 雼煬 鞎‰┐臧�搿� Citigroup鞚� 雽�彀寑臁绊憸鞐愲姅 氙鸽頃橃毵�, 甑“頇� 歃濌秾 鞙犿喌瓿� 靾橃垬耄� 彀届稖鞚� 歆�靻嶌劚鞚� 氤挫棳欷�.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc. (symbole : C), 茅met 764 000 $ de titres li茅s au march茅 non garantis (notes senior 脿 moyen terme, s茅rie N) li茅s 脿 l鈥檌ndice Citi Dynamic Asset Selector 5 Excess Return (CIISDA5N). Le prix des titres sera fix茅 le 30 juin 2025, le r猫glement aura lieu le 3 juillet 2025 et l鈥櫭ヽh茅ance est pr茅vue pour le 5 janvier 2027 (environ 18 mois).

Principaux 茅l茅ments 茅conomiques

  • Valeur nominale : 1 000 $ par note ; total de 764 notes.
  • Protection du capital : 100 % 脿 l鈥櫭ヽh茅ance.
  • Participation 脿 la hausse : 175% du rendement positif de l鈥檌ndice ; sans plafond.
  • Pas de coupons p茅riodiques.
  • Le montant du rendement est nul si le niveau final de l鈥檌ndice est 茅gal ou inf茅rieur au niveau initial (228,07).
  • Valeur estim茅e : 972,00 $ (97,2 % du prix d鈥櫭﹎ission) selon les mod猫les internes de Citigroup ; prix d鈥櫭﹎ission 1 000 $.
  • Frais de souscription : jusqu鈥櫭� 10 $ (1,0 %) par note ; produit net minimum de 990 $ par note.
  • Non cot茅 en bourse ; la liquidit茅 d茅pend de Citigroup Global Markets Inc. qui peut, 脿 sa discr茅tion, cr茅er un march茅 secondaire.

R茅sum茅 de l鈥檌ndice

  • Allocation bas茅e sur des r猫gles entre les contrats 脿 terme S&P 500 et les contrats 脿 terme sur bons du Tr茅sor am茅ricain 脿 10 ans, utilisant des signaux de tendance (21 jours) et de volatilit茅 (63 jours).
  • Trois portefeuilles possibles (ax茅 sur les actions, interm茅diaire, Tr茅sorerie) avec une exposition maximale aux actions de 66,66 %.
  • Objectif de volatilit茅 : 5 % ; l鈥檈xposition au portefeuille s茅lectionn茅 peut 锚tre inf茅rieure 脿 100 %, le reste 茅tant th茅oriquement d茅tenu en liquidit茅s.
  • Frais annuels de l鈥檌ndice : 0,85 %.

Points cl茅s des risques

  • Les investisseurs renoncent aux int茅r锚ts interm茅diaires et d茅pendent d鈥檜ne seule observation au 30 d茅cembre 2026.
  • L鈥檌ndice peut sous-performer les actions en march茅s haussiers en raison du plafond de pond茅ration des actions, de la cible de volatilit茅 et des frais annuels.
  • Risque de cr茅dit de Citigroup Global Markets Holdings Inc. et de Citigroup Inc.
  • Risque de liquidit茅 : non cot茅 ; le march茅 secondaire, s鈥檌l existe, est 脿 la discr茅tion du souscripteur et probablement 脿 un prix inf茅rieur au prix d鈥櫭﹎ission.
  • La valeur estim茅e de la note est inf茅rieure de 2,8 % au prix d鈥櫭﹎ission, refl茅tant les frais et les co没ts de couverture.

Importance pour les investisseurs Citigroup : Avec une valeur nominale de 0,8 million de dollars, l鈥櫭﹎ission est sans impact significatif sur le bilan de Citigroup mais illustre la distribution continue de notes structur茅es et la g茅n茅ration de frais.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc. (Ticker: C), gibt unbesicherte Marktgebundene Wertpapiere (mittelfristige Senior Notes, Serie N) im Wert von 764.000 $ aus, die an den Citi Dynamic Asset Selector 5 Excess Return Index (CIISDA5N) gekoppelt sind. Der Preis der Wertpapiere wird am 30. Juni 2025 festgestellt, die Abwicklung erfolgt am 3. Juli 2025, und die F盲lligkeit ist am 5. Januar 2027 (ca. 18 Monate).

Wesentliche wirtschaftliche Merkmale

  • Nennwert: 1.000 $ pro Note; insgesamt 764 Notes.
  • Kapitalschutz: 100% bei F盲lligkeit.
  • Partizipation am Kursanstieg: 175% der positiven Indexrendite; ohne Obergrenze.
  • Keine periodischen Kupons.
  • Rendite ist null, wenn der Endindexstand gleich oder unter dem Anfangswert (228,07) liegt.
  • Gesch盲tzter Wert: 972,00 $ (97,2% des Ausgabepreises) basierend auf internen Modellen von Citigroup; Ausgabepreis 1.000 $.
  • Underwriting-Geb眉hr: bis zu 10 $ (1,0%) pro Note; Nettoerl枚s mindestens 990 $ pro Note.
  • Nicht b枚rsennotiert; Liquidit盲t h盲ngt davon ab, dass Citigroup Global Markets Inc. einen diskretion盲ren Sekund盲rmarkt schafft.

Index-Zusammenfassung

  • Regelbasierte Allokation zwischen S&P 500 Futures und 10-j盲hrigen US-Treasury-Futures unter Verwendung von Trend- (21 Tage) und Volatilit盲tssignalen (63 Tage).
  • Drei m枚gliche Portfolios (Aktienorientiert, Mittel, Treasury) mit maximal 66,66% Aktienanteil.
  • Volatilit盲tsziel: 5%; die Exponierung gegen眉ber dem gew盲hlten Portfolio kann unter 100% liegen, der Rest wird nominell in bar gehalten.
  • J盲hrliche Indexgeb眉hr: 0,85%.

Risikohighlights

  • Investoren verzichten auf Zwischenzinsen und sind auf eine einzige Beobachtung am 30. Dezember 2026 angewiesen.
  • Der Index kann in steigenden M盲rkten aufgrund der begrenzten Aktiengewichtung, des Volatilit盲tsziels und der j盲hrlichen Geb眉hr hinter den Aktien zur眉ckbleiben.
  • Kreditrisiko von sowohl Citigroup Global Markets Holdings Inc. als auch Citigroup Inc.
  • Liquidit盲tsrisiko: keine B枚rsennotierung; Sekund盲rmarkt, falls vorhanden, liegt im Ermessen des Emissionshauses und wahrscheinlich unter dem Ausgabepreis.
  • Der gesch盲tzte Wert der Note liegt 2,8% unter dem Ausgabepreis und spiegelt Geb眉hren- und Absicherungskosten wider.

Bedeutung f眉r Citigroup-Investoren: Mit einem Nominalwert von 0,8 Millionen $ ist die Emission f眉r die Bilanz von Citigroup unerheblich, zeigt aber die fortlaufende Verbreitung strukturierter Anleihen und die Generierung von Geb眉hren.

Positive
  • 100% principal protection at maturity mitigates downside for noteholders.
  • 175% upside participation offers leveraged exposure if the index appreciates.
  • Full Citigroup Inc. guarantee supports credit quality.
  • Generates underwriting fees and low-cost funding for Citigroup, albeit immaterial in scale.
Negative
  • No periodic interest; investors face opportunity cost versus conventional bonds.
  • Estimated value ($972) below issue price highlights embedded costs.
  • Index constraints (66.66% max equity, 0.85% fee, 5% vol-target) may significantly underperform rising equity markets.
  • Illiquidity risk: unlisted security with discretionary, potentially wide-spread secondary market.
  • Exposure subject to Citigroup credit risk; default would impair principal.

Insights

TL;DR Small, principal-protected structured note with 175% upside; low impact for Citigroup, moderate complexity for buyers.

The deal offers enhanced participation while safeguarding principal, appealing to yield-substituting retail accounts seeking equity exposure without interim income. The embedded leverage (175%) is modest versus typical CLS notes but coupled with a low-volatility, fee-burdened index鈥攈istorically flat over five years (-0.1% CAGR). Investors therefore face meaningful opportunity cost if equities rally. From the issuer鈥檚 standpoint, the note hedges easily with futures and generates roughly $6.4k in gross underwriting revenue, de minimis for Citigroup. Because proceeds are immaterial and no financial covenants change, the transaction is non-impactful to corporate credit metrics.

TL;DR Principal is safe barring default, but performance drag (0.85% fee, cash allocation) likely caps returns; neutral for Citigroup.

Structural features鈥攙olatility targeting, limited equity weight, futures financing cost鈥攎ean the index has lagged the S&P 500 significantly. With only 18 months to maturity and one-day final observation, upside capture is uncertain. Secondary liquidity risk is high given the note鈥檚 tiny size and no listing. Tax treatment as contingent payment debt instruments adds reporting complexity. For Citigroup, this is routine funding at sub-wholesale rates, thus neutral to spreads and capital ratios.

Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc. (ticker: C), emette 764.000 $ di Market-Linked Securities non garantiti (note senior a medio termine, Serie N) collegati all鈥檌ndice Citi Dynamic Asset Selector 5 Excess Return Index (CIISDA5N). Il prezzo delle securities sar脿 rilevato il 30 giugno 2025, il regolamento avverr脿 il 3 luglio 2025 e la scadenza 猫 fissata per il 5 gennaio 2027 (circa 18 mesi).

Elementi economici chiave

  • Taglio: 1.000 $ per nota; totale 764 note.
  • Protezione del capitale: 100% a scadenza.
  • Partecipazione al rialzo: 175% del rendimento positivo dell鈥檌ndice; senza limite massimo.
  • Assenza di cedole periodiche.
  • Il rendimento sar脿 zero se il livello finale dell鈥檌ndice 猫 pari o inferiore a quello iniziale (228,07).
  • Valore stimato: 972,00 $ (97,2% del prezzo di emissione) secondo i modelli interni di Citigroup; prezzo di emissione 1.000 $.
  • Commissione di sottoscrizione: fino a 10 $ (1,0%) per nota; proventi netti minimi di 990 $ per nota.
  • Non quotate; la liquidit脿 dipende da Citigroup Global Markets Inc. che pu貌, a sua discrezione, creare un mercato secondario.

Riassunto dell鈥檌ndice

  • Allocazione basata su regole tra futures sull鈥橲&P 500 e futures sui Treasury USA a 10 anni, utilizzando segnali di trend (21 giorni) e volatilit脿 (63 giorni).
  • Tre portafogli possibili (Equity-Focused, Intermediate, Treasury) con esposizione azionaria massima del 66,66%.
  • Obiettivo di volatilit脿: 5%; l鈥檈sposizione al portafoglio selezionato pu貌 essere inferiore al 100%, con la parte residua teoricamente detenuta in liquidit脿.
  • Commissione annuale dell鈥檌ndice: 0,85%.

Rischi principali

  • Gli investitori rinunciano a interessi intermedi e dipendono da un鈥檜nica osservazione al 30 dicembre 2026.
  • L鈥檌ndice pu貌 sottoperformare le azioni in mercati in crescita a causa del limite massimo di peso azionario, del target di volatilit脿 e della commissione annuale.
  • Rischio di credito sia di Citigroup Global Markets Holdings Inc. che di Citigroup Inc.
  • Rischio di liquidit脿: assenza di quotazione in borsa; il mercato secondario, se presente, 猫 a discrezione del sottoscrittore e probabilmente a prezzi inferiori all鈥檈missione.
  • Il valore stimato della nota 猫 inferiore del 2,8% rispetto al prezzo di emissione, riflettendo costi di commissione e copertura.

Rilevanza per gli investitori Citigroup: Con un valore nominale di 0,8 milioni di dollari, l鈥檈missione 猫 irrilevante per il bilancio di Citigroup ma dimostra la continua distribuzione di note strutturate e la generazione di commissioni.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc. (ticker: C), emite 764,000 $ de Valores Vinculados al Mercado no garantizados (notas senior a medio plazo, Serie N) vinculados al 脥ndice Citi Dynamic Asset Selector 5 Excess Return (CIISDA5N). El precio de los valores se fijar谩 el 30 de junio de 2025, la liquidaci贸n ser谩 el 3 de julio de 2025 y el vencimiento el 5 de enero de 2027 (aproximadamente 18 meses).

Aspectos econ贸micos clave

  • Denominaci贸n: 1,000 $ por nota; total 764 notas.
  • Protecci贸n del principal: 100% al vencimiento.
  • Participaci贸n al alza: 175% del rendimiento positivo del 铆ndice; sin l铆mite m谩ximo.
  • No hay cupones peri贸dicos.
  • El rendimiento ser谩 cero si el nivel final del 铆ndice es igual o inferior al nivel inicial (228.07).
  • Valor estimado: 972.00 $ (97.2% del precio de emisi贸n) basado en modelos internos de Citigroup; precio de emisi贸n 1,000 $.
  • Comisi贸n de suscripci贸n: hasta 10 $ (1.0%) por nota; ingresos netos m铆nimos de 990 $ por nota.
  • No cotiza; la liquidez depende de que Citigroup Global Markets Inc. establezca un mercado secundario discrecional.

Resumen del 铆ndice

  • Asignaci贸n basada en reglas entre futuros del S&P 500 y futuros del Tesoro estadounidense a 10 a帽os, usando se帽ales de tendencia (21 d铆as) y volatilidad (63 d铆as).
  • Tres carteras posibles (Enfoque en acciones, Intermedia, Tesoro) con una exposici贸n m谩xima a acciones del 66.66%.
  • Objetivo de volatilidad: 5%; la exposici贸n a la cartera seleccionada puede ser menor al 100%, con el resto mantenido te贸ricamente en efectivo.
  • Comisi贸n anual del 铆ndice: 0.85%.

Aspectos de riesgo

  • Los inversores renuncian a intereses intermedios y dependen de una 煤nica observaci贸n al 30 de diciembre de 2026.
  • El 铆ndice puede tener un rendimiento inferior al de las acciones en mercados alcistas debido al l铆mite en la ponderaci贸n de acciones, el objetivo de volatilidad y la comisi贸n anual.
  • Riesgo crediticio tanto de Citigroup Global Markets Holdings Inc. como de Citigroup Inc.
  • Riesgo de liquidez: no cotiza en bolsa; el mercado secundario, si existe, queda a discreci贸n del suscriptor y probablemente a un precio inferior al de emisi贸n.
  • El valor estimado de la nota es 2.8% inferior al precio de emisi贸n, reflejando costos de comisi贸n y cobertura.

Importancia para los inversores de Citigroup: Con un valor nominal de 0.8 millones de d贸lares, la emisi贸n es irrelevante para el balance de Citigroup pero demuestra la continua distribuci贸n de notas estructuradas y la generaci贸n de comisiones.

Citigroup Global Markets Holdings Inc.電� Citigroup Inc.(韹办护: C)鞚� 氤挫鞚� 氚涭晞 鞁滌灔 鞐半彊 歃濌秾 (欷戧赴 靹犾垳鞙� 毂勱秾, 鞁滊Μ歃� N) 764,000雼煬毳� 氚滍枆頃橂┌, 鞚措姅 Citi Dynamic Asset Selector 5 Excess Return Index (CIISDA5N)鞕� 鞐半彊霅╇媹雼�. 歃濌秾 臧�瓴╈潃 2025雲� 6鞗� 30鞚检棎 瓴办爼霅橁碃, 瓴办牅電� 2025雲� 7鞗� 3鞚检棎 鞚措（鞏挫氅� 毵岅赴電� 2027雲� 1鞗� 5鞚茧 鞎� 18臧滌洈鞛呺媹雼�.

欤检殧 瓴届牅 臁瓣贝

  • 雼渼鞎‰┐臧�: 毂勱秾雼� 1,000雼煬; 齑� 764毂勱秾.
  • 鞗愱笀 氤错樃: 毵岅赴 鞁� 100% 氤挫灔.
  • 靸侅姽 彀胳棳鞙�: 歆�靾� 靸侅姽 靾橃澋鞚� 175%; 靸來暅靹� 鞐嗢潓.
  • 鞝曣赴 炜犿彴 鞐嗢潓.
  • 斓滌 歆�靾� 靾橃鞚� 齑堦赴 靾橃(228.07) 鞚错晿鞚� 瓴届毎 靾橃澋鞚� 0鞛呺媹雼�.
  • 於旍爼 臧�旃�: Citigroup 雮措秬 氇嵏 旮办 972.00雼煬(氚滍枆臧�鞚� 97.2%); 氚滍枆臧� 1,000雼煬.
  • 鞚胳垬 靾橃垬耄�: 毂勱秾雼� 斓滊寑 10雼煬(1.0%); 靾滌垬鞚� 斓滌唽 990雼煬.
  • 靸侅灔霅橃 鞎婌潓; 鞙犽彊靹膘潃 Citigroup Global Markets Inc.臧� 鞛勳潣搿� 2彀� 鞁滌灔鞚� 臁办劚頃橂姅 雿� 鞚橃〈.

歆�靾� 鞖旍暯

  • 於旍劯(21鞚�) 氚� 氤�霃欖劚(63鞚�) 鞁犿樃毳� 靷毄頃橃棳 S&P 500 靹犽瓿� 10雲� 氙戈淡 甑眲 靹犽 臧� 攴滌箼 旮半皹 氚半秳.
  • 斓滊寑 66.66% 欤检嫕 雲胳稖鞚� 臧�歆� 靹� 臧�歆� 韽姼韽措Μ鞓�(欤检嫕 欷戩嫭, 欷戧皠, 甑眲) 臧�電�.
  • 氤�霃欖劚 氇╉憸: 5%; 靹犿儩霅� 韽姼韽措Μ鞓� 雲胳稖鞚� 100% 氙鸽鞚� 靾� 鞛堨溂氅�, 鞛旍暋鞚� 順勱笀鞙茧 臧�靸� 氤挫湢.
  • 鞐瓣皠 歆�靾� 靾橃垬耄�: 0.85%.

鞙勴棙 鞖旍暯

  • 韴瀽鞛愲姅 欷戧皠 鞚挫瀽毳� 韽赴頃橂┌ 2026雲� 12鞗� 30鞚� 雼澕 甏�彀办棎 鞚橃〈頃�.
  • 靸來暅靹犾澊 鞛堧姅 欤检嫕 牍勳, 氤�霃欖劚 氇╉憸, 鞐瓣皠 靾橃垬耄岆 鞚疙暣 靸侅姽鞛レ棎靹滊姅 歆�靾橁皜 欤检嫕氤措嫟 鞝�臁绊暊 靾� 鞛堨潓.
  • Citigroup Global Markets Holdings Inc.鞕� Citigroup Inc. 氇憪鞚� 鞁犾毄 鞙勴棙.
  • 鞙犽彊靹� 鞙勴棙: 靸侅灔霅橃 鞎婌潓; 2彀� 鞁滌灔鞚� 鞚胳垬鞛愳潣 鞛焿鞚措┌ 氚滍枆臧� 鞚错晿鞚� 臧�電レ劚 雴掛潓.
  • 毂勱秾鞚� 於旍爼 臧�旃橂姅 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿頃橃棳 氚滍枆臧�氤措嫟 2.8% 雮潓.

Citigroup 韴瀽鞛愳棎瓴岇潣 欷戩殧靹�: 80毵� 雼煬 鞎‰┐臧�搿� Citigroup鞚� 雽�彀寑臁绊憸鞐愲姅 氙鸽頃橃毵�, 甑“頇� 歃濌秾 鞙犿喌瓿� 靾橃垬耄� 彀届稖鞚� 歆�靻嶌劚鞚� 氤挫棳欷�.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc. (symbole : C), 茅met 764 000 $ de titres li茅s au march茅 non garantis (notes senior 脿 moyen terme, s茅rie N) li茅s 脿 l鈥檌ndice Citi Dynamic Asset Selector 5 Excess Return (CIISDA5N). Le prix des titres sera fix茅 le 30 juin 2025, le r猫glement aura lieu le 3 juillet 2025 et l鈥櫭ヽh茅ance est pr茅vue pour le 5 janvier 2027 (environ 18 mois).

Principaux 茅l茅ments 茅conomiques

  • Valeur nominale : 1 000 $ par note ; total de 764 notes.
  • Protection du capital : 100 % 脿 l鈥櫭ヽh茅ance.
  • Participation 脿 la hausse : 175% du rendement positif de l鈥檌ndice ; sans plafond.
  • Pas de coupons p茅riodiques.
  • Le montant du rendement est nul si le niveau final de l鈥檌ndice est 茅gal ou inf茅rieur au niveau initial (228,07).
  • Valeur estim茅e : 972,00 $ (97,2 % du prix d鈥櫭﹎ission) selon les mod猫les internes de Citigroup ; prix d鈥櫭﹎ission 1 000 $.
  • Frais de souscription : jusqu鈥櫭� 10 $ (1,0 %) par note ; produit net minimum de 990 $ par note.
  • Non cot茅 en bourse ; la liquidit茅 d茅pend de Citigroup Global Markets Inc. qui peut, 脿 sa discr茅tion, cr茅er un march茅 secondaire.

R茅sum茅 de l鈥檌ndice

  • Allocation bas茅e sur des r猫gles entre les contrats 脿 terme S&P 500 et les contrats 脿 terme sur bons du Tr茅sor am茅ricain 脿 10 ans, utilisant des signaux de tendance (21 jours) et de volatilit茅 (63 jours).
  • Trois portefeuilles possibles (ax茅 sur les actions, interm茅diaire, Tr茅sorerie) avec une exposition maximale aux actions de 66,66 %.
  • Objectif de volatilit茅 : 5 % ; l鈥檈xposition au portefeuille s茅lectionn茅 peut 锚tre inf茅rieure 脿 100 %, le reste 茅tant th茅oriquement d茅tenu en liquidit茅s.
  • Frais annuels de l鈥檌ndice : 0,85 %.

Points cl茅s des risques

  • Les investisseurs renoncent aux int茅r锚ts interm茅diaires et d茅pendent d鈥檜ne seule observation au 30 d茅cembre 2026.
  • L鈥檌ndice peut sous-performer les actions en march茅s haussiers en raison du plafond de pond茅ration des actions, de la cible de volatilit茅 et des frais annuels.
  • Risque de cr茅dit de Citigroup Global Markets Holdings Inc. et de Citigroup Inc.
  • Risque de liquidit茅 : non cot茅 ; le march茅 secondaire, s鈥檌l existe, est 脿 la discr茅tion du souscripteur et probablement 脿 un prix inf茅rieur au prix d鈥櫭﹎ission.
  • La valeur estim茅e de la note est inf茅rieure de 2,8 % au prix d鈥櫭﹎ission, refl茅tant les frais et les co没ts de couverture.

Importance pour les investisseurs Citigroup : Avec une valeur nominale de 0,8 million de dollars, l鈥櫭﹎ission est sans impact significatif sur le bilan de Citigroup mais illustre la distribution continue de notes structur茅es et la g茅n茅ration de frais.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc. (Ticker: C), gibt unbesicherte Marktgebundene Wertpapiere (mittelfristige Senior Notes, Serie N) im Wert von 764.000 $ aus, die an den Citi Dynamic Asset Selector 5 Excess Return Index (CIISDA5N) gekoppelt sind. Der Preis der Wertpapiere wird am 30. Juni 2025 festgestellt, die Abwicklung erfolgt am 3. Juli 2025, und die F盲lligkeit ist am 5. Januar 2027 (ca. 18 Monate).

Wesentliche wirtschaftliche Merkmale

  • Nennwert: 1.000 $ pro Note; insgesamt 764 Notes.
  • Kapitalschutz: 100% bei F盲lligkeit.
  • Partizipation am Kursanstieg: 175% der positiven Indexrendite; ohne Obergrenze.
  • Keine periodischen Kupons.
  • Rendite ist null, wenn der Endindexstand gleich oder unter dem Anfangswert (228,07) liegt.
  • Gesch盲tzter Wert: 972,00 $ (97,2% des Ausgabepreises) basierend auf internen Modellen von Citigroup; Ausgabepreis 1.000 $.
  • Underwriting-Geb眉hr: bis zu 10 $ (1,0%) pro Note; Nettoerl枚s mindestens 990 $ pro Note.
  • Nicht b枚rsennotiert; Liquidit盲t h盲ngt davon ab, dass Citigroup Global Markets Inc. einen diskretion盲ren Sekund盲rmarkt schafft.

Index-Zusammenfassung

  • Regelbasierte Allokation zwischen S&P 500 Futures und 10-j盲hrigen US-Treasury-Futures unter Verwendung von Trend- (21 Tage) und Volatilit盲tssignalen (63 Tage).
  • Drei m枚gliche Portfolios (Aktienorientiert, Mittel, Treasury) mit maximal 66,66% Aktienanteil.
  • Volatilit盲tsziel: 5%; die Exponierung gegen眉ber dem gew盲hlten Portfolio kann unter 100% liegen, der Rest wird nominell in bar gehalten.
  • J盲hrliche Indexgeb眉hr: 0,85%.

Risikohighlights

  • Investoren verzichten auf Zwischenzinsen und sind auf eine einzige Beobachtung am 30. Dezember 2026 angewiesen.
  • Der Index kann in steigenden M盲rkten aufgrund der begrenzten Aktiengewichtung, des Volatilit盲tsziels und der j盲hrlichen Geb眉hr hinter den Aktien zur眉ckbleiben.
  • Kreditrisiko von sowohl Citigroup Global Markets Holdings Inc. als auch Citigroup Inc.
  • Liquidit盲tsrisiko: keine B枚rsennotierung; Sekund盲rmarkt, falls vorhanden, liegt im Ermessen des Emissionshauses und wahrscheinlich unter dem Ausgabepreis.
  • Der gesch盲tzte Wert der Note liegt 2,8% unter dem Ausgabepreis und spiegelt Geb眉hren- und Absicherungskosten wider.

Bedeutung f眉r Citigroup-Investoren: Mit einem Nominalwert von 0,8 Millionen $ ist die Emission f眉r die Bilanz von Citigroup unerheblich, zeigt aber die fortlaufende Verbreitung strukturierter Anleihen und die Generierung von Geb眉hren.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
LIF AIV 1, L.P.
(Last) (First) (Middle)
900 NORTH MICHIGAN AVENUE
SUITE 1100
(Street)
CHICAGO IL 60611
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
FTAI Infrastructure Inc. [ FIP ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series B Preferred Stock(1) $8.18 06/30/2025 J(2) 0(2) 02/26/2025 (1) Common Stock 498,964(3) $0(2) 160,000 I See footnote(4)(5)
1. Name and Address of Reporting Person*
LIF AIV 1, L.P.
(Last) (First) (Middle)
900 NORTH MICHIGAN AVENUE
SUITE 1100
(Street)
CHICAGO IL 60611
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Labor Impact Fund, L.P.
(Last) (First) (Middle)
900 NORTH MICHIGAN AVENUE
SUITE 1100
(Street)
CHICAGO IL 60611
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
GCM Investments GP, LLC
(Last) (First) (Middle)
900 NORTH MICHIGAN AVE
SUITE 1100
(Street)
CHICAGO IL 60611
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Grosvenor Capital Management Holdings, LLLP
(Last) (First) (Middle)
900 NORTH MICHIGAN AVE
SUITE 1100
(Street)
CHICAGO IL 60611
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
GCM Grosvenor Holdings, LLC
(Last) (First) (Middle)
900 NORTH MICHIGAN AVENUE
SUITE 1100
(Street)
CHICAGO IL 60611
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
GCM Grosvenor Inc.
(Last) (First) (Middle)
900 NORTH MICHIGAN AVENUE
SUITE 1100
(Street)
CHICAGO IL 60611
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
GCM V, LLC
(Last) (First) (Middle)
900 NORTH MICHIGAN AVENUE
SUITE 1100
(Street)
CHICAGO IL 60611
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Sacks Michael Jay
(Last) (First) (Middle)
900 NORTH MICHIGAN AVENUE
SUITE 1100
(Street)
CHICAGO IL 60611
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. Consists of Series B Convertible Junior Preferred Stock (the "Series B Preferred Stock") of FTAI Infrastructure Inc. (the "Issuer") held by LIF AIV 1, L.P. ("LIF AIV") and Labor Impact Fund, L.P. ("Labor Impact Fund"). Each share of Series B Preferred Stock is convertible at any time at the option of the holder into a number of shares of common stock, par value $0.01 per share ("Common Stock"), of the Issuer equal to the quotient of the Liquidation Value (as defined in the Certificate of Designations governing the Series B Preferred Stock) in effect at the time of conversion divided by the Conversion Price (each as defined in the Certificate of Designations governing the Series B Preferred Stock).
2. LIF AIV and Labor Impact Fund received a dividend on 160,000 shares of Series B Preferred Stock owned by LIF AIV and Labor Impact Fund on the dividend record date by way of an increase in the Stated Value of such Series B Preferred Stock. Such dividend represents a quarterly compounding regular dividend equal to 10% per annum with respect to the immediately preceding quarter in accordance with the terms of the certificate of designations governing the Series B Preferred Stock.
3. Represents the additional number of shares of Common Stock into which the Series B Preferred Stock owned by LIF AIV and Labor Impact Fund is convertible as a result of the dividend. As of the date hereof, the Series B Preferred Stock owned in the aggregate by LIF AIV and Labor Impact Fund is convertible into a total of 20,238,166 shares of Common Stock.
4. The shares of Series B Preferred Stock reported herein are held directly by LIF AIV and Labor Impact Fund, and indirectly by: (i) GCM Investments GP, LLC ("GCM GP") as the general partner of each of LIF AIV and Labor Impact Fund; (ii) Grosvenor Capital Management Holdings, LLLP ("Grosvenor Capital Holdings") as the sole member of GCM GP; (iii) GCM Grosvenor Holdings, LLC ("GCM Holdings") as the general partner of Grosvenor Capital Holdings; (iv) GCM Grosvenor Inc. ("GCM Grosvenor") as the sole member of GCM Holdings; (v) GCM V, LLC ("GCM V") as a shareholder of GCM Grosvenor; and (vi) Michael J. Sacks, as the manager of GCM V (collectively, the "Reporting Persons").
5. Each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock underlying the Series B Preferred Stock except to the extent of its or his pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
Remarks:
The Reporting Persons may be deemed to be directors by deputization for purposes of Section 16 under the Securities Exchange Act of 1934 by virtue of the fact that Matthew Rinklin, an employee of GCM Grosvenor L.P., an affiliate of the Reporting Persons, currently serves on the board of directors of the Issuer.
LIF AIV 1, L.P., By: GCM Investments GP, LLC, its general partner, By: /s/ Burke J. Montgomery, Authorized Signatory 07/02/2025
Labor Impact Fund, L.P., By: GCM Investments GP, LLC, its general partner, By: /s/ Burke J. Montgomery, Authorized Signatory 07/02/2025
GCM Investments GP, LLC, By: /s/ Burke J. Montgomery, Authorized Signatory 07/02/2025
Grosvenor Capital Management Holdings, LLLP, By: GCM Grosvenor Holdings, LLC, its general partner, By: /s/ Burke J. Montgomery, Authorized Signatory 07/02/2025
GCM Grosvenor Holdings, LLC, By: /s/ Burke J. Montgomery, Authorized Signatory 07/02/2025
GCM Grosvenor Inc., By: /s/ Burke J. Montgomery, Authorized Signatory 07/02/2025
GCM V, LLC, By: /s/ Burke J. Montgomery, Authorized Signatory 07/02/2025
/s/ Michael J. Sacks 07/02/2025
** Signature of Reporting Person Date
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FAQ

What is the upside participation rate on Citigroup鈥檚 2027 market-linked notes?

The notes provide a 175% participation in any positive return of the Citi Dynamic Asset Selector 5 ER Index between pricing and valuation dates.

Are the Citigroup (C) market-linked securities principal protected?

Yes. Investors receive at least the $1,000 principal per note at maturity, regardless of index performance, subject to Citigroup鈥檚 credit risk.

When do the notes mature and how long is the term?

They mature on 5 Jan 2027, roughly 18 months after the 3 Jul 2025 issue date.

Will the securities pay any coupons or interest before maturity?

No. No interim interest or coupon payments are made; all potential return is delivered at maturity.

Why is the estimated value ($972) lower than the $1,000 issue price?

The $28 difference reflects underwriting fees, hedging costs and issuer funding spread, which reduce economic value to investors.

Is there an exchange listing for these notes?

No. The notes are not listed; liquidity, if any, will depend on Citigroup Global Markets Inc.鈥檚 secondary-market making.
Stock FIP logo
FTAI INFRASTRUCTURE INC

NASDAQ:FIP

FIP Rankings

#3963 Ranked by Market Cap
#1461 Ranked by Dividends

FIP Latest News

Aug 7, 2025
FTAI Infrastructure Inc. Reports Second Quarter 2025 Results, Declares Dividend of $0.03 per Share of Common Stock
Aug 6, 2025
FTAI Infrastructure Inc. Announces Agreement to Acquire the Wheeling & Lake Erie Railway Company
Jul 9, 2025
FTAI Infrastructure Inc. Announces Timing of Second Quarter 2025 Earnings and Conference Call
May 8, 2025
FTAI Infrastructure Inc. Reports First Quarter 2025 Results, Declares Dividend of $0.03 per Share of Common Stock
Apr 14, 2025
FTAI Infrastructure Inc. Announces Timing of First Quarter 2025 Earnings and Conference Call

FIP Latest SEC Filings

Aug 7, 2025
[8-K] FTAI Infrastructure Inc. Reports Material Event
Aug 6, 2025
[8-K] FTAI Infrastructure Inc. Reports Material Event
Jun 26, 2025
[Form 4] FTAI Infrastructure Inc. Insider Trading Activity

FIP Stock Data

823.99M
106.79M
6.95%
93.77%
10.7%
Conglomerates
Railroads, Line-haul Operating
United States
NEW YORK