VARIABLE INTEREST ENTITIES

Huntington engages in activities with VIEs in the normal course of business that result in Huntington being the

primary beneficiary and which are consolidated in Huntington’s financial statements. The following table provides a

summary of the assets and liabilities of VIEs carried on Huntington’s Unaudited Consolidated Balance Sheets.


(dollar amounts in millions)	At March 31, 2026	At December 31, 2025
Assets
Net loans and leases	$576	$669
Other assets	421	431
Total assets	$997	$1,100
Liabilities
Long-term borrowings	$512	$600
Other liabilities	147	152
Total liabilities	$659	$752

Huntington previously completed a securitization transaction by transferring automobile loans to a SPE which

was deemed to be a VIE, with the SPE in turn issuing asset-backed notes. The primary purpose of the VIE in the

securitization transaction was to issue asset-backed securities with varying levels of credit subordination and

payment priority. Huntington retained notes and residual interest in the VIE and, therefore, has an obligation to

absorb losses and a right to receive benefits that could potentially be significant to the VIE. In addition, Huntington

retained servicing rights for the underlying loans and, therefore, holds the power to direct the activities of the VIE

that most significantly impact the economic performance of the VIE. The assets of the VIE are restricted to the

settlement of the asset-backed securities and other obligations of the VIE. Third-party holders of the asset-backed

notes do not have recourse to the general assets of Huntington.

The economic performance of the VIE is most significantly impacted by the performance of the underlying loans.

The VIE is exposed to credit and prepayment risk, which are managed through credit enhancements in the form of

reserve accounts, over-collateralization, excess interest on the loans, and the subordination of certain classes of

asset-backed securities.

Consolidated VIEs at March 31, 2026 and December 31, 2025 also included investments in LIHTC operating

entities that were syndicated and where we serve as the general partner and manager. As manager of these entities,

we have the power to direct the activities that most significantly impact economic performance, as well as an

obligation to absorb significant expected losses, of the entities.

Unconsolidated VIEs

The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited

Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related

to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary.


(dollar amounts in millions)	Total Assets	Total Liabilities	Maximum Exposure to Loss
At March 31, 2026
Affordable housing tax credit partnerships	$2,874	$1,034	$2,874
Trust preferred securities	14	248	—
Other investments	1,873	344	1,873
Total	$4,761	$1,626	$4,747
At December 31, 2025
Affordable housing tax credit partnerships	$2,453	$946	$2,453
Trust preferred securities	14	262	—
Other investments	1,465	196	1,465
Total	$3,932	$1,404	$3,918

Affordable Housing and Other Tax Credit Investments

Huntington makes certain equity investments in various limited partnerships that sponsor affordable housing

projects utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments

is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings,

and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of the

limited partnerships include the identification, development, and operation of multi-family housing that is leased to

qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and

equity.

Huntington uses the proportional amortization method to account for a majority of its investments in these

entities. These investments are included in other assets. Investments that do not meet the requirements of the

proportional amortization method are accounted for using the equity method. Investment losses are included in

Other noninterest income in the Unaudited Consolidated Statements of Income.

The following table presents the balances of Huntington’s affordable housing tax credit investments and related

unfunded commitments.


(dollar amounts in millions)	At March 31, 2026	At December 31, 2025
Affordable housing tax credit investments	$4,391	$3,898
Less: amortization	(1,517)	(1,445)
Net affordable housing tax credit investments	$2,874	$2,453
Unfunded commitments	$1,034	$946

The following table presents other information relating to Huntington’s affordable housing tax credit


	Three Months Ended
(dollar amounts in millions)	March 31, 2026	March 31, 2025
Tax credits and other tax benefits recognized	$111	$86
Proportional amortization expense included in provision for income taxes	82	70

The initial investment in affordable housing tax credit investments and subsequent tax credits, benefits, and

amortization are included within operating activities in the Unaudited Consolidated Statements of Cash Flows.

Trust-Preferred Securities

Huntington has certain wholly-owned trusts whose assets, liabilities, equity, income, and expenses are not

included within Huntington’s Unaudited Consolidated Financial Statements. These trusts have been formed for the

sole purpose of issuing trust-preferred securities, from which the proceeds are then invested in Huntington junior

subordinated debentures, which are reflected in Huntington’s Unaudited Consolidated Balance Sheet as long-term

debt. The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s

Unaudited Consolidated Financial Statements.

Other investments determined to be VIEs include investments in Small Business Investment Companies, Historic

Tax Credit Investments, certain equity method investments, renewable energy financings, and other miscellaneous