Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 88

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 88
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 December 31, 2024, as well as financial support provided for the years ended December 31, 2024, and December 31, 2023.

135

  Financial support provided  Year ended December 31, December 31, 202420242023Dollars in millionsFair ValueUnfundedCommitmentsFundedCommitmentsFundedOtherFundedCommitmentsFundedOtherINVESTMENT TYPEIndirect investments (a)14 1 — — — — Total$14 $1 $— $— $— $— (a)Our indirect investments consist of buyout funds, venture capital funds, and fund of funds. These investments are generally not redeemable. Instead, distributions are received through the liquidation of the underlying investments of the fund. An investment in any one of these funds typically can be sold only with the approval of the fund’s general partners. At December 31, 2024, no significant liquidation of the underlying investments has been communicated to Key. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement.Asset/liability classValuation techniqueValuation hierarchy classification(s)Other direct equity investmentsFair value is determined using:• Discounted cash flows• Operating  performance and  market/exit  multiples  of comparable businesses• Other unique facts and circumstances related to each individual investmentFor level 3 securities, increases in the discount rate applied in the discounted cash flow models would negatively affect the fair value. Increases in valuation multiples of comparable companies would positively affect the fair value. Level 1 investments reflect the quoted market prices of the investments available in an active market.Level 1 and 3Other direct and indirect equity investments (NAV)Certain direct and indirect investments do not have readily determinable fair values and qualify for the practical expedient in the accounting guidance that allows us to estimate fair value based upon net asset value per share.NAV

136

Asset/liability classValuation techniqueValuation hierarchy classification(s)Loans held for sale and held for investment (residential)Residential mortgage loans held for sale are accounted for at fair value.  Fair values are based on:• Quoted market prices,