v3.26.1
MASTER TRUST INVESTMENTS
 12 Months Ended
Dec. 31, 2025
EBP 001  
EBP, Master Trust [Line Items]  
MASTER TRUST INVESTMENTS MASTER TRUST INVESTMENTS
The Plan’s investment funds are managed by the Trustee or an investment manager, who has discretionary investment authority over the funds. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits. The following tables present the Master Trust net assets and the Plan’s interest in the Master Trust net assets as of December 31, 2025 and 2024:
2025
(in thousands)Master TrustPlan Interest in the Master Trust
Equity Funds$4,313,915 $2,298,677 
Target Date Funds3,812,545 1,826,136 
PG&E Corporation Stock Fund312,035 121,966 
Brokerage Link Accounts1,424,411 701,430 
Fixed Income Funds898,994 460,657 
Money Market Fund433,954 213,938 
Total Trust investments at fair value11,195,854 5,622,804 
Administrative expense payable(387)(127)
Total$11,195,467 $5,622,677 

2024
(in thousands)Master TrustPlan Interest in the Master Trust
Equity Funds$3,704,541 $1,965,779 
Target Date Funds3,144,374 1,490,415 
PG&E Corporation Stock Fund417,332 158,079 
Brokerage Link Accounts1,118,299 559,488 
Fixed Income Funds821,995 416,391 
Money Market Fund433,050 206,653 
Total Trust investments at fair value9,639,591 4,796,805 
Administrative expense payable(206)(64)
Total$9,639,385 $4,796,741 

The following table presents the changes in net assets of the Master Trust for the years ended December 31, 2025 and 2024:
Year Ended December 31,
(in thousands)20252024
Net appreciation in fair value investments$1,432,336 $1,134,419 
Dividends and interest66,426 51,985 
Net investment income 1,498,762 1,186,404 
  Net transfers63,259 (32,393)
  Administrative expenses(5,939)(5,382)
Increase in net assets1,556,082 1,148,629 
Net assets:
  Beginning of year9,639,385 8,490,756 
  End of year$11,195,467 $9,639,385 
EBP 002  
EBP, Master Trust [Line Items]  
MASTER TRUST INVESTMENTS MASTER TRUST INVESTMENTS
The Plan’s investment funds are managed by the Trustee or an investment manager, who has discretionary investment authority over the funds. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits. The following tables present the Master Trust net assets and the Plan’s interest in the Master Trust net assets as of December 31, 2025 and 2024:
2025
(in thousands)Master TrustPlan Interest in the Master Trust
Equity Funds$4,313,915 $2,015,238 
Target Date Funds3,812,545 1,986,409 
PG&E Corporation Stock Fund312,035 190,069 
Brokerage Link Accounts1,424,411 722,981 
Fixed Income Funds898,994 438,337 
Money Market Fund433,954 220,016 
Total Trust investments at fair value11,195,854 5,573,050 
Administrative expense payable(387)(260)
Total$11,195,467 $5,572,790 

2024
(in thousands)Master TrustPlan Interest in the Master Trust
Equity Funds$3,704,541 $1,738,762 
Target Date Funds3,144,374 1,653,959 
PG&E Corporation Stock Fund417,332 259,253 
Brokerage Link Accounts1,118,299 558,811 
Fixed Income Funds821,995 405,604 
Money Market Fund433,050 226,397 
Total Trust investments at fair value9,639,591 4,842,786 
Administrative expense payable(206)(142)
Total$9,639,385 $4,842,644 
The following table presents the changes in net assets of the Master Trust for the years ended December 31, 2025 and 2024:
Year Ended December 31,
(in thousands)20252024
Net appreciation in fair value investments$1,432,336 $1,134,419 
Dividends and interest66,426 51,985 
Net investment income 1,498,762 1,186,404 
  Net transfers63,259 (32,393)
  Administrative expenses(5,939)(5,382)
Increase in net assets1,556,082 1,148,629 
Net assets:
  Beginning of year9,639,385 8,490,756 
  End of year$11,195,467 $9,639,385