Company: TFC
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0000092230-25-000071
Chunk: 7

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-06-24
Form: 11-K
Chunk 7
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 recorded on the ex-dividend date. Capital gain distributions on mutual funds are included in dividend income. The Plan presents in the Statement of Changes in Net Assets Available for Benefits the net appreciation (depreciation) in the fair value of its investments, which consists of the realized gains or losses and unrealized appreciation or depreciation on investments held at year end.

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Truist Financial Corporation 401(k) Savings Plan Notes to Financial Statements December 31, 2024 and 2023

The Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurements ("Topic 820"), provides a framework for measuring fair value which requires that an entity determine asset and liability fair values based on the exit price from an orderly transaction in the principal market for the asset or liability being measured.

Administrative Expenses and Investment-Related Fees

Administrative expenses are paid by the Plan, unless otherwise paid by the Plan Sponsor. Expenses that are paid by the Plan Sponsor are excluded from these financial statements. The Plan Sponsor has elected to pay certain administrative fees related to professional services provided to the Plan. Investment-related fees are included in net appreciation of fair value of investments. Fees that are transactional in nature are charged to participant accounts.

#### Payment of Benefits
Benefits claims are recorded when they have been approved for payment and paid by the Plan.

#### 3. Plan Transfers
During 2024, no plans were merged into the Plan from acquisitions. However, with the sales of Truist Insurance Holdings, Inc. and Sterling Capital Management, LLC, assets of $1,719,445,267 were transferred to their respective new plans during the year.

#### 4. Fair Value of Financial Instruments
Topic 820 establishes a three-level fair value hierarchy that describes the inputs used to measure assets and liabilities. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The valuation methodology was applied consistently from year to year.

#### Level 1
Level 1 asset and liability fair values are based on quoted prices in active markets for identical assets and liabilities. Level 1 assets and liabilities include mutual funds, and common and foreign stock traded on an exchange or listed market. The Plan offers a Brokeragelink option that holds common and preferred stock, money market funds, and various corporate and government bonds. The common and preferred stock and money market funds are traded in active