PNC FINANCIAL SERVICES GROUP, INC.

The following table presents the contractual rates and maturity dates of our FHLB advances, senior debt and subordinated debt as of December 31, 2025 and the carrying values as of December 31, 2025 and 2024.

Table 75: FHLB Advances, Senior Debt and Subordinated Debt

(a)FHLB advances are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.

In Table 75, the carrying values for parent company senior and subordinated debt include basis adjustments of $30 million and $(40) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(26) million and $(65) million, respectively, related to fair value accounting hedges as of December 31, 2025.

Certain borrowings are reported at fair value. Refer to Note 14 Fair Value for more information on those borrowings.

Junior Subordinated Debentures

PNC Capital Trust C, a wholly-owned finance subsidiary of The PNC Financial Services Group, Inc., owns junior subordinated debentures issued by PNC with a carrying value of $206 million. In June 1998, PNC Capital Trust C issued $200 million of trust preferred securities. The trust preferred securities are currently redeemable by PNC Capital Trust C at par. In accordance with GAAP, the financial statements of the Trust are not included in our consolidated financial statements.

The obligations of The PNC Financial Services Group, Inc., as the parent of the Trust, when taken collectively, are the equivalent of a full and unconditional guarantee of the obligations of the Trust under the terms of the trust preferred securities. Such guarantee is subordinate in right of payment in the same manner as other junior subordinated debt. There are certain restrictions on our overall ability to obtain funds from our subsidiaries. For additional disclosure on these funding restrictions, see Note 19 Regulatory Matters.

We are subject to certain restrictions, including restrictions on dividend payments, in connection with the outstanding junior subordinated debentures. Generally, if (i) there is an event of default under the debentures, (ii) we elect to defer interest on the debentures, (iii) we exercise our right to defer payments on the related trust preferred securities, or (iv) there is a default under our guarantee of such payment obligations, subject to certain limited exceptions, we would be unable during the period of such default or deferral to make payments on our debt securities that rank equal or junior to the debentures as well as to make payments on our equity securities, including dividend payments.

130 The PNC Financial Services Group, Inc. –2025 Form 10-K

NOTE 10 COMMITMENTS