Massachusetts Financial Services (PCG) reports 4.7% beneficial stake in PG&E common stock

Rhea-AI Filing Summary

Massachusetts Financial Services Company filed an amended ownership report for PG&E Corp. common stock. It reports beneficial ownership of 103,909,322 shares of common stock, including common shares and certain PG&E convertible bonds and convertible preferred stock on an as-converted basis. The firm states it has sole voting power over 100,121,703 shares and sole dispositive power over 103,909,322 shares, with no shared voting or dispositive power. The filing indicates that Massachusetts Financial Services Company now holds 4.7% of PG&E’s common stock and that its holdings represent 5 percent or less of the class.

Key Figures

Beneficial ownership: 103,909,322 shares Ownership percentage: 4.7% Sole voting power: 100,121,703 shares +1 more

4 metrics

Beneficial ownership 103,909,322 shares Shares of PG&E Corp common stock beneficially owned on an as-converted basis

Ownership percentage 4.7% Percent of PG&E Corp common stock class beneficially owned

Sole voting power 100,121,703 shares Shares of PG&E Corp common stock over which voting power is held solely

Sole dispositive power 103,909,322 shares Shares of PG&E Corp common stock over which dispositive power is held solely

Key Terms

beneficially owned, sole voting power, sole dispositive power, percent of class, +1 more

5 terms

beneficially owned financial

"Amount beneficially owned: 103,909,322 shares of Common Stock"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Sole power to vote or to direct the vote: 100,121,703"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole power to dispose or to direct the disposition of: 103,909,322"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

percent of class financial

"Percent of class: 4.7 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

as-converted basis financial

"Convertible Preferreds on an as-converted basis to shares of Common Stock"

As-converted basis means counting securities that can become common stock—like convertible bonds or preferred shares—as if they already were common shares when calculating totals such as shares outstanding, ownership percentages, or per-share metrics. Investors use it to see the potential dilution and the “what-if” size of the shareholder base; it’s like imagining all restaurant coupons have been redeemed so you know how crowded the table could become and how slices of the pie would shrink.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What percentage of PG&E Corp (PCG) does Massachusetts Financial Services Company report owning?

Massachusetts Financial Services Company reports owning 4.7% of PG&E Corp’s common stock. This percentage is based on 103,909,322 shares beneficially owned, including common stock and certain convertible securities on an as-converted basis.

How many PG&E Corp (PCG) shares does Massachusetts Financial Services Company beneficially own?

Massachusetts Financial Services Company reports beneficial ownership of 103,909,322 PG&E Corp common shares. This total includes common stock plus specified PG&E convertible bonds and convertible preferred shares calculated on an as-converted basis.

What voting power does Massachusetts Financial Services Company have over PG&E Corp (PCG) shares?

Massachusetts Financial Services Company reports sole voting power over 100,121,703 PG&E Corp common shares. It reports no shared voting power, indicating all reported voting authority is held on a sole basis.

What dispositive power does Massachusetts Financial Services Company report over PG&E Corp (PCG) shares?

The firm reports sole dispositive power over 103,909,322 PG&E Corp common shares and no shared dispositive power. Dispositive power refers to the authority to dispose of or direct the disposition of the securities.

What is the significance of the 5 percent or less statement for PG&E Corp (PCG)?

The report states that Massachusetts Financial Services Company holds 5 percent or less of PG&E Corp’s common stock class. This aligns with the reported 4.7% ownership level and is relevant for regulatory ownership reporting thresholds.

Which securities are included in Massachusetts Financial Services Company’s PG&E Corp (PCG) ownership calculation?

The 103,909,322 shares beneficially owned include PG&E common stock plus PG&E 4.250 DEC 01 27 Convertible Bonds and PG&E convertible preferred stock, all calculated on an as-converted to common stock basis.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

PG&E CORP

(Name of Issuer)

Common Stock

(Title of Class of Securities)

69331C108

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 69331C108

1

Names of Reporting Persons

Massachusetts Financial Services Company

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 100,121,703.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 103,909,322.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

103,909,322.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.7 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PG&E CORP
(b)	Address of issuer's principal executive offices: 300 Lakeside Drive, Oakland, CA 94612
Item 2.
(a)	Name of person filing: Massachusetts Financial Services Company
(b)	Address or principal business office or, if none, residence: 111 Huntington Avenue, Boston, MA 02199
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 69331C108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 103,909,322 shares of Common Stock (consisting of the sum of Common Stock, PG&E CORP 4.250 DEC 01 27 Convertible Bonds and PG&E CORP Convertible Preferred Convertible Preferreds on an as-converted basis to shares of Common Stock)
(b)	Percent of class: 4.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 100,121,703
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 103,909,322
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Massachusetts Financial Services Company

Signature:	Deepu Pylee
Name/Title:	Compliance Director
Date:	07/29/2026