by Calculated Risk on 11/05/2007 11:00:00 AM

From MarketWatch: Citigroup reports $134.8 billion in 'level 3' assets

Citigroup Inc. ... said its so-called level 3 assets as of Sept. 30 were $134.84 billion. Level 3 assets are holdings that are so illiquid, or trade so infrequently, that they have no reliable price, so their valuations are based on management's best guess.

From the Citi 10-Q:

Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable.

(emphasis in report)