PNC FINANCIAL SERVICES GROUP, INC.

A summary of our equity investments follows:

Table 34: Equity Investments Summary

34 The PNC Financial Services Group, Inc. –Form 10-Q

Tax Credit Investments

Included in our equity investments are direct tax credit investments and equity investments held by consolidated entities. These tax credit investment balances included unfunded commitments totaling $2.9 billion and $3.4 billion at March 31, 2026 and December 31, 2025, respectively. These unfunded commitments are included in Other liabilities on our Consolidated Balance Sheet.

Note 4 Loan Sale and Servicing Activities and Variable Interest Entities in our 2025 Form 10-K has further information on tax credit investments.

Private Equity and Other

The largest component of our other equity investments is our private equity portfolio. The private equity portfolio is an illiquid portfolio consisting of mezzanine and equity investments that vary by industry, stage and type of investment. Private equity investments carried at estimated fair value totaled $2.7 billion and $2.8 billion at March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, $2.4 billion was invested directly in a variety of companies, and $0.3 billion was invested indirectly through various private equity funds. Changes in fair value of private equity investments are recognized in Other noninterest income.

PNC owns Visa Class B-2 common shares which were previously converted from Visa Class B-1 common shares as a result of the

Visa exchange program in 2024 and are included in our other equity investments at cost. The Visa Class B-2 common shares are transferable only under limited circumstances, either the resolution of the pending interchange litigation or through the launch of another exchange program by Visa, which will allow PNC to convert a portion of its Visa Class B-2 common shares into freely transferable Visa Class C common shares as described in Note 17 Subsequent Events. At March 31, 2026, the estimated value of our total investment in the Visa Class B-2 common shares was approximately $0.8 billion, while our cost basis was insignificant. The estimated value does not represent fair value of the Visa Class B-2 common shares given the shares’ limited transferability and the lack of observable transactions in the marketplace. See Note 14 Fair Value and Note 20 Legal Proceedings in our 2025 Form 10-K for additional information regarding our Visa agreements. See Note 17 Subsequent Events for additional details on Visa’s recently announced exchange offer for Visa Class B-2 common stock.

We also have certain other equity investments, the majority of which represent investments in affiliated and non-affiliated funds with both traditional and alternative investment strategies. Net losses related to these investments were $1 million and $4 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

Financial Derivatives

Financial derivatives involve, to varying degrees, market and credit risk. Derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional and an underlying as specified in the contract. Therefore, cash requirements and exposure to credit risk are significantly less than the notional amount on these instruments.

We use a variety of financial derivatives as part of the overall asset and liability risk management process to help manage exposure to market (primarily interest rate) and credit risk inherent in our business activities. We also enter into derivatives with customers to facilitate their risk management activities.

Further information on our financial derivatives is presented in Note 1 Accounting Policies, Note 14 Fair Value and Note 15 Financial Derivatives in our 2025 Form 10-K and in Note 12 Fair Value and Note 13 Financial Derivatives in this Report.

Not all elements of market and credit risk are addressed through the use of financial derivatives, and such instruments may be ineffective for their intended purposes due to unanticipated market changes, among other reasons.

The PNC Financial Services Group, Inc. –Form 10-Q 35