PNC · 10-Q · 2026Q3 · Full report

Commercial Real Estate Risk

PNC FINANCIAL SERVICES GROUP, INC. · 2026-11-03 · Importance 65 · Surprise 48

Commercial real estate loans increased to $37.0 billion at September 30, 2026 from $29.6 billion at December 31, 2025, including $24.5 billion in commercial mortgages on income-producing properties and $7.1 billion in intermediate-term financing loans. The portfolio included $4.8 billion of office loans, or 1.3% of total loans, and $0.5 billion of unfunded office commitments. Criticized loans represented 27.9% of the office portfolio and nonperforming loans represented 10.8%; PNC reported reserves equal to 9.2% of office loans. PNC described the commercial real estate portfolio as geographically diverse, with the largest listed state exposures in California at $5.7 billion and Colorado at $4.7 billion.

Key facts

• PNC’s commercial real estate loans totaled $37.0 billion at September 30, 2026, including $24.5 billion in commercial mortgages, $7.1 billion in intermediate-term financing loans, and $5.4 billion in construction project loans. source
• PNC’s office loan balances were $4.8 billion, or 1.3% of total loans, at September 30, 2026, with $0.5 billion in unfunded commitments. source
• At September 30, 2026, 27.9% of PNC’s office loan population was criticized and 10.8% was nonperforming; PNC had established reserves of 9.2% against office loans. source