PNC · 10-Q · 2026Q2 · Full report
Equity Investment Gains
PNC FINANCIAL SERVICES GROUP, INC. · 2026-08-05 · Importance 49 · Surprise 60 · Matches filing data
PNC’s equity investments increased to $11.735 billion at June 30, 2026, from $10.790 billion at December 31, 2025, including $5.881 billion of tax credit investments and $5.854 billion of private equity and other investments. During the second quarter, PNC exchanged Visa Class B-2 shares for 0.9 million Visa Class B-3 shares and 0.3 million Visa Class C shares. The Visa exchange generated a $448 million gain in the second quarter of 2026. At June 30, 2026, Visa Class B-3 shares had an estimated value of approximately $0.5 billion, while remaining Visa Class C and Class A shares had approximately $0.3 billion of fair value.
Key facts
- In the second quarter of 2026, PNC recorded a $448 million gain related to the Visa Class C common shares received. source
- Total equity investments were $11,735 million at June 30, 2026 and $10,790 million at December 31, 2025. source
- Net gains related to other equity investments were $16 million for the six months ended June 30, 2026 and $5 million for the six months ended June 30, 2025. source
- During the second quarter of 2026, PNC converted Visa Class B-2 common shares into 0.9 million Visa Class B-3 common shares and 0.3 million Visa Class C common shares as part of the Visa exchange program. source
- Tax credit investments were $5,881 million at June 30, 2026 and $5,578 million at December 31, 2025. source
- The estimated value of PNC’s total investment in Visa Class B-3 common shares was approximately $0.5 billion at June 30, 2026, while PNC’s cost basis was insignificant. source
- Tax credit investment unfunded commitments totaled $3.2 billion at June 30, 2026 and $3.4 billion at December 31, 2025. source
- Private equity investments carried at estimated fair value totaled $2.7 billion at June 30, 2026 and $2.8 billion at December 31, 2025; as of June 30, 2026 $2.4 billion was invested directly and $0.3 billion indirectly through funds. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | realized | +0.1% | Total equity investments were $11,735 million at June 30, 2026 and $10,790 million at December 31, 2025. |