Company: KEY-PI
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0000091576-25-000110
Chunk: 127

Company: KEYCORP /NEW/
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 127
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 December 31, 2024. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets. Additional information pertaining to our LIHTC investments is included in Note 13 (“Variable Interest Entities”) beginning on page 156 of our 2024 Form 10-K.

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 Unconsolidated VIEsDollars in millionsTotalAssetsTotalLiabilitiesMaximumExposure to LossJune 30, 2025LIHTC investments$10,805 $4,905 $2,925 December 31, 2024LIHTC investments$9,901 $4,468 $2,996 We had $28 million and $29 million in NMTC investments at June 30, 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 six months ended June 30, 2025, we recognized $134 million of amortization, $130 million of tax credits and $33 million of other tax benefits associated with these investments within “income taxes” on our income statement. During the six months ended June 30, 2024, we recognized $112 million of amortization, $112 million of tax credits and $27 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 June 30, 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 June 30, 2025, and December 31, 2024. Unconsolidated VIEsDollars in millionsTotalAssetsTotalLiabilitiesMaximumExposure to LossJune 30, 2025Indirect investments$1,931 $3 $14 December 31, 2024Indirect investments$2