# PNC Real Estate

> PNC Real Estate is an SEC-registered investment advisory firm in Louisville, KY, registered since 2014, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 8, 2026.

- CRD: 172753
- Filed as: PNC REAL ESTATE
- Legal name: PNC TC, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Louisville, KY
- Filing period: October 2026
- Form ADV filing dated: June 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/172753
- AdvisorCensus page: https://advisorcensus.com/firm/pnc-real-estate-louisville-ky-172753

## Quick answers

**How is PNC Real Estate compensated?**
On its Form ADV (Item 5.E, October 2026), PNC Real Estate reports these compensation arrangements: other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is PNC Real Estate located?**
PNC Real Estate's principal office is in Louisville, KY, according to its Form ADV; the July 2026 filing also lists 5 other offices (Schedule D, Section 1.F).

**Is PNC Real Estate registered with the SEC or a state?**
PNC Real Estate is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 172753.

**How much does PNC Real Estate manage?**
PNC Real Estate reports $3,553,308,062 in regulatory assets under management in its Form ADV filing dated June 8, 2026 (100% discretionary).

**How have PNC Real Estate's assets and staff changed since 2021?**
In the Form ADV data for PNC Real Estate: Regulatory assets under management: $2,273,927,627 in the October 2021 data and $3,553,308,062 in the October 2026 data, up 56%. Total employees: 153 in October 2021 and 186 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does PNC Real Estate serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (72).

**Does PNC Real Estate report any disciplinary disclosures?**
Reports 6 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), 11.D(1) (another regulator's finding of a false statement or omission, or of dishonest, unfair, or unethical conduct), 11.D(2) (another regulator's finding of a violation), and 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/172753

**What changed in PNC Real Estate's recent Form ADV filings?**
In the July 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- Other

### Regulatory assets under management (Item 5.F)
- Total: $3,553,308,062
- Discretionary: $3,553,308,062
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 72 | $3,553,308,062 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2014 (11 years)
- Employees: 186 total, 186 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: DC, KY, OR
- Disclosures (Item 11): Reports 6 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.D(1): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/172753

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Overland Park, KS
- Pittsburgh, PA
- Portland, OR
- Tampa, FL
- Washington, DC

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,273,927,627 | 153 | August 17, 2021 |
| October 2022 | $2,431,401,674 | 163 | March 29, 2022 |
| October 2023 | $2,877,572,823 | 176 | July 24, 2023 |
| October 2024 | $3,257,395,486 | 180 | July 17, 2024 |
| October 2025 | $3,469,045,076 | 176 | March 27, 2025 |
| October 2026 | $3,553,308,062 | 186 | June 8, 2026 |

Regulatory assets under management: $2,273,927,627 in the October 2021 data and $3,553,308,062 in the October 2026 data, up 56%.
Total employees: 153 in October 2021 and 186 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 176 to 186.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. PNC Real Estate (CRD 172753): Form ADV filing data as of October 2026.