Company: KEY-PI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000091576-25-000058
Chunk: 114

Company: KEYCORP /NEW/
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 114
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 VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets. Additional 

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information pertaining to our LIHTC investments is included in Note 13 (“Variable Interest Entities”) beginning on page 156 of our 2024 Form 10-K. Unconsolidated VIEsDollars in millionsTotalAssetsTotalLiabilitiesMaximumExposure to LossMarch 31, 2025LIHTC investments$9,959 $4,584 $2,877 December 31, 2024LIHTC investments$9,901 $4,468 $2,996 We had $29 million and $29 million in NMTC investments at March 31, 2025 and December 31, 2024, respectively. These investments are recorded in “accrued income and other assets” on our Consolidated Balance Sheets.We amortize our LIHTC and NMTC investments over the period that we expect to receive the tax benefits. During the three months ended March 31, 2025, we recognized $68 million of amortization, $66 million of tax credits and $17 million of other tax benefits associated with these investments within “income taxes” on our income statement. During the three months ended March 31, 2024, we recognized $55 million of amortization, $54 million of tax credits and $13 million of other tax benefits associated with these investments within “income taxes” on our income statement.Principal investments. Our maximum exposure to loss associated with indirect principal investments consists of the investments’ fair value plus any unfunded equity commitments. The fair value of our indirect principal investments totaled $13 million and $14 million at March 31, 2025 and December 31, 2024, respectively. These investments are recorded in “other investments” on our Consolidated Balance Sheets. The table below reflects the size of the private equity funds in which we were invested as well as our maximum exposure to loss in connection with these investments at March 31, 2025, and December 31, 2024. Unconsolidated VIEsDollars in millionsTotalAssetsTotalLiabilitiesMaximumExposure to LossMarch 31, 2025Indirect investments$2,210 $3 $14 December 31, 2024Indirect investments$2,352 $3 $15 Through our principal investing entities,