Company: PCG-PB
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0001004980-25-000121
Chunk: 10

Company: PG&E Corp
Filing Date: 2025-06-24
Form: 11-K
Chunk 10
---
51,985 |     |   |    27,102 |
| Net investment income                      |                |                         | 1,186,404 |     |   | 1,282,466 |
| Net transfers                              |                |                         |   -32,393 |     |   |    57,179 |
| Administrative expenses                    |                |                         |    -5,382 |     |   |    -6,012 |
| Increase in net assets                     |                |                         | 1,148,629 |     |   | 1,333,633 |
| Net assets:                                |                |                         |           |     |   |           |
| Beginning of year                          |                |                         | 8,490,756 |     |   | 7,157,123 |
| End of year                                |                | $                       | 9,639,385 |     | $ | 8,490,756 |

<div align='center'>9</div>

#### NOTE 4: FAIR VALUE MEASUREMENTS
The Master Trust measures certain assets at fair value. A three-tier fair value hierarchy is established as a basis for considering fair value assumptions and for inputs used in the valuation methodologies in measuring fair value:

#### Level 1
– Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

#### Level 2
– Other inputs that are directly or indirectly observable in the marketplace.

#### Level 3
– Unobservable inputs which are supported by little or no market activities.

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Investments measured at fair value on a recurring basis for the Master Trust are summarized below.

|                                               |     | Fair Value Measurements as of December 31, 2024 |           |     |         |           |     |       |           |
|:----------------------------------------------|:----|:------------------------------------------------|----------:|:----|:--------|----------:|:----|:------|----------:|
| (in thousands)                                |     | Level 1                                         |           |     | Level 2 |           |     | Total |           |
| Master Trust investments:                     |     |                                                 |           |     |         |           |     |       |           |
| Brokerage Link Account                        |     | $                                               | 1,118,299 |     | $       |         — |     | $