PNC Financial Services Private debt held-for-investment, at amortized cost, net of valuation allowance – $3 and $4 increased by 1.5% to $327.07B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 4.8%, from $311.98B to $327.07B. Over 5 years (FY 2020 to FY 2025), Private debt held-for-investment, at amortized cost, net of valuation allowance – $3 and $4 shows an upward trend with a 6.7% CAGR.
An increase indicates a shift toward higher-yielding, less liquid private credit assets, which may increase credit risk exposure.
This represents long-term private debt instruments held for investment purposes, recorded at amortized cost net of any v...
Increasingly common among large insurers seeking yield in private markets.
non_current_assets_financing_receivable_excluding_accrue_11d9cc| Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $283.50B | $289.90B | $306.34B | $310.82B | $321.28B | $321.73B | $317.02B | $313.65B | $316.72B | $315.09B | $316.79B | $316.79B | $311.98B | $314.31B | $321.82B | $322.14B | $327.07B |
| QoQ Change | — | +2.3% | +5.7% | +1.5% | +3.4% | +0.1% | -1.5% | -1.1% | +1.0% | -0.5% | +0.5% | -0.0% | -1.5% | +0.7% | +2.4% | +0.1% | +1.5% |
| YoY Change | — | — | — | — | +13.3% | +11.0% | +3.5% | +0.9% | -1.4% | -2.1% | -0.1% | +1.0% | -1.5% | -0.2% | +1.6% | +1.7% | +4.8% |