0001101215-26-000063 | 11-K | XBRL Viewer | Bread Financial Holdings INC

Parties-in-interest	12 Months Ended
Dec. 31, 2025
EBP 001
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Parties-in-interest	Parties-in-interest The Plan, including holdings under the self-managed brokerage investment option, held $14,736,081 and $11,281,195 of BFH Securities common stock as of December 31, 2025 and 2024, respectively. The Trustee of the Plan, their subsidiaries and affiliates maintain and manage certain of the investments of the Plan, for which the Plan is charged investment expenses. Bread Financial Payments, Inc., which is a party-in-interest, provides certain administrative services to the Plan at no charge. The cost of providing these services constitutes exempt party-in-interest transactions under ERISA.

Plan termination	12 Months Ended
Dec. 31, 2025
EBP 001
Plan Termination [Line Items]
Plan termination	Plan termination Although the Employer has not expressed any intent to do so, the Employer has the right under the Plan to discontinue its contributions at any time. The Employer also has the right at any time, by action of its board of directors, to terminate the Plan, subject to provisions of ERISA. Upon Plan termination or partial termination, participants will become fully vested in their accounts.

Summary of accounting policies (Policies) - EBP 001	12 Months Ended
Summary of accounting policies (Policies) - EBP 001	Dec. 31, 2025
EBP, Accounting Policy [Line Items]
Basis of presentation	Basis of presentation The accompanying financial statements of the Plan are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”).
Contributions	Contributions Participant contributions and related Employer matching contributions are recorded in the year in which the participant contributions are withheld from compensation. The Employer’s safe harbor non-elective contribution is recorded based on participant’s Plan year compensation paid during the Plan year.
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes and supplemental schedules. Actual results could differ from those estimates.
Risks	Risks The Plan provides for the various investment options as described in Note 1. Any investment is exposed to various risks, such as interest rate, market, and credit risks. Market risks include global events which could impact the value of investment securities, such as pandemic or international conflict. These risks could result in a material effect on participants’ account balances and the amounts reported in the statements of net assets available for benefits and the statements of changes in net assets available for benefits.
Net appreciation (depreciation) in fair value of investments	Net appreciation (depreciation) in fair value of investments Net realized and unrealized appreciation (depreciation) is presented in the accompanying statements of changes in net assets available for benefits as net appreciation in fair value of investments.
Benefit payments	Benefit payments Benefits are recorded when paid.
Notes receivable from participants	Notes receivable from participants Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. An allowance for defaulted loans of $75,000 and $175,000 has been recorded as of December 31, 2025 and 2024, respectively, with the change recorded under distributions.
Investment valuation and income recognition	Investment valuation and income recognition Investments held by the Plan are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). See Note 3 for further discussion and disclosures related to fair value measurements. Purchases and sales of securities are recorded on a trade-date basis using fair value. Dividends are recorded on the ex-dividend date. Interest is recorded on the accrual basis.

Prohibited transactions	12 Months Ended
Dec. 31, 2025
EBP 001
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Prohibited transactions	Prohibited transactions During the year ended December 31, 2025, the Employer remitted certain employee deferrals and participant loan repayments to the Plan later than the time frame prescribed by the Department of Labor’s regulations regarding the timely remittance of participant contributions. These delinquent remittances constitute nonexempt prohibited transactions under ERISA. Plan management is in the process of correcting this delinquency, including remittance of any related lost earnings to the Plan.

Description of the plan (Details) - EBP 001	12 Months Ended
Description of the plan (Details) - EBP 001	Dec. 31, 2025 USD ($) h	Dec. 31, 2024 USD ($)
EBP, Description of Plan [Line Items]
Matching percentage	50.00%
Participant compensation matched, percentage	6.00%
Minimum hours of service \| h	500
Minimum annual distributions, percentage threshold	5.00%
Maximum borrowing, amount	$ 50,000
Maximum borrowing, to total account, percentage	50.00%
Forfeitures to reduce employer contributions	$ 45,863	$ 355,000
Basis spread on variable rate	200.00%
Unused forfeitures	$ 0	$ 60,393
Minimum
EBP, Description of Plan [Line Items]
Voluntary contribution, percentage	1.00%
Maximum
EBP, Description of Plan [Line Items]
Voluntary contribution, percentage	85.00%
Employer’s Safe Harbor Non-Elective Contributions
EBP, Description of Plan [Line Items]
Maximum annual compensation to total compensation, percentage	3.00%
Vesting period	3 years
Employer Discretionary Profit Sharing Contribution \| Three Year Cliff Vesting
EBP, Description of Plan [Line Items]
Vesting period	3 years
Employer Discretionary Profit Sharing Contribution \| Five Year Cliff Vesting
EBP, Description of Plan [Line Items]
Vesting period	5 years

Fair value measurements (Details) - EBP 001 - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	$ 1,057,952,000	$ 903,513,359
Self-managed brokerage
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	14,736,081	11,281,195
Total
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	256,414,501	244,137,018
Total \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	220,363,909	211,379,888
Total \| Employer common stock
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	14,736,081	11,281,195
Total \| Self-managed brokerage
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	21,314,511	21,475,935
Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	256,414,501	244,137,018
Level 1 \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	220,363,909	211,379,888
Level 1 \| Employer common stock
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	14,736,081	11,281,195
Level 1 \| Self-managed brokerage
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	21,314,511	21,475,935
Level 2
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	0	0
Level 2 \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	0	0
Level 2 \| Employer common stock
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	0	0
Level 2 \| Self-managed brokerage
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	0	0
Level 3
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	0	0
Level 3 \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	0	0
Level 3 \| Employer common stock
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	0	0
Level 3 \| Self-managed brokerage
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	0	0
Net Asset Value \| Collective investment trusts measured at net asset value
EBP, Investment, Fair Value and NAV [Line Items]
Investments at fair value	$ 801,537,499	$ 659,376,341

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) (Details) - EBP 001	12 Months Ended
	Dec. 31, 2025 USD ($)
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Entity tax identification number	13-3163498
Plan number	001
Investment, Identifier [Axis]: Acadian All Country World ex US Equity Fund \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	16,537,601
Investment, Identifier [Axis]: Bread Financial Holdings, Inc. \| Employer common stock
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	14,736,081
Investment, Identifier [Axis]: Columbia Trust Small Cap Value II Fund \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	13,443,446
Investment, Identifier [Axis]: Dodge & Cox Stock Fund \| Mutual fund
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	30,838,747
Investment, Identifier [Axis]: Galliard Stable Return Fund \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	25,512,606
Investment, Identifier [Axis]: Jennison Growth Equity Fund \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	32,557,603
Investment, Identifier [Axis]: Participant Loans
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost	0
Current Value	$ 12,234,564
Investment, Identifier [Axis]: Participant Loans \| Minimum
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Interest rate	5.25%
Investment, Identifier [Axis]: Participant Loans \| Maximum
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Interest rate	10.50%
Investment, Identifier [Axis]: Self-Managed Brokerage
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	21,314,511
Investment, Identifier [Axis]: T. Rowe Price Government Money Fund \| Mutual fund
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	86,729
Investment, Identifier [Axis]: TCW MetWest Total Return Bond \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	9,754,519
Investment, Identifier [Axis]: Vanguard Extended Market Index Fund \| Mutual fund
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	22,639,381
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement 2020 Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	13,172,986
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement 2025 Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	51,360,683
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement 2030 Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	76,051,508
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement 2035 Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	118,630,532
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement 2040 Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	122,754,536
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement 2045 Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	108,799,189
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement 2050 Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	95,616,935
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement 2055 Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	64,732,542
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement 2060 Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	24,299,036
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement 2065 Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	7,026,598
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement 2070 Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	1,574,312
Investment, Identifier [Axis]: Vanguard Fiduciary Trust Company Target Retirement Income Trust \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	8,811,230
Investment, Identifier [Axis]: Vanguard Institutional Index Fund \| Mutual fund
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	118,278,367
Investment, Identifier [Axis]: Vanguard Total Bond Market Index Admiral Fund \| Mutual fund
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	19,834,935
Investment, Identifier [Axis]: Vanguard Total Intl Stock Index Admiral Fund \| Mutual fund
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	28,685,750
Investment, Identifier [Axis]: Wasatch Core Growth CIT \| Collective investment trust
EBP, Schedule of Asset Acquired and Disposed of within Year [Line Items]
Cost
Current Value	$ 10,901,637

Parties-in-interests (Details) - EBP 001 - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Investments at fair value	$ 1,057,952,000	$ 903,513,359
Self-managed brokerage
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Investments at fair value	$ 14,736,081	$ 11,281,195

- Definition

Fair value of investment, excluding plan interest in master trust, held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)). Includes, but is not limited to, derivative, investment measured at net asset value per share as practical expedient, and insurance contract not meeting fully-benefit responsive investment criteria.

+ References

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+ Details

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS - EBP 001 - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Assets:
Investments at fair value	$ 1,057,952,000	$ 903,513,359
Cash	5,885	1,989
Receivable for employer contributions	18,073,854	17,534,407
Receivable for employee contributions	1,142,171	0
Notes receivable from participants, net of allowance for defaulted loans	12,234,564	11,045,172
Due from brokers	54,600	34,803
Total assets	1,089,463,074	932,129,730
Liabilities:
Due to brokers	7,908	143,086
Net assets available for benefits	$ 1,089,455,166	$ 931,986,644

Description of the plan	12 Months Ended
Description of the plan	Dec. 31, 2025
EBP 001
EBP, Description of Plan [Line Items]
Description of the plan	Description of the plan General The Bread Financial 401(k) Plan (the “Plan”) is a defined contribution plan covering certain employees of Bread Financial Payments, Inc., a wholly-owned subsidiary of Bread Financial Holdings, Inc. (“BFH Securities”), and its affiliates (the “Employer”). Employees of the Employer that are 18 years of age, are generally eligible to participate immediately. The following description of the Plan provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. Trustee and recordkeeper T. Rowe Price Trust Company (the “Trustee”), serves as the trustee and holds the Plan’s investments and T. Rowe Price Retirement Plan Services, Inc. provides recordkeeping services to the Plan. Administration Effective February 24, 2026, the Employer established the Investment Committee, which assumed responsibility for the general operation and administration of the Plan. Prior to the effective date, these responsibilities were performed by the Benefits Operations Committee. Contributions Employer’s Matching Contributions The Employer matches 50% of the first 6% of eligible compensation contributed by a participant, calculated on a payroll period basis. At the end of each Plan year, the Employer makes an additional true-up matching contribution, if necessary, so that the total matching contribution for the year equals the applicable match percentage on the participant’s eligible compensation and voluntary contributions for the Plan year. The annual eligible compensation of each participant taken into account under the Plan is limited to the maximum amount permitted under Section 401(a)(17) of the Internal Revenue Code (the “Code”). The annual eligible compensation limit for the Plan years ended December 31, 2025 and 2024 was $350,000 and $345,000, respectively. Employer’s Safe Harbor Non-Elective Contributions The Employer makes a safe harbor non-elective contribution equal to 3% of eligible annual compensation as of the end of the Plan year. The annual eligible compensation of each participant taken into account under the Plan is limited to the maximum amount permitted under Section 401(a)(17) of the Code. Participant’s Voluntary Contributions A participant may elect to make voluntary contributions of 1% to 85% of his or her annual eligible compensation. The participant may designate their voluntary contributions as tax-deferred, after-tax Roth, after-tax regular contributions, or any combination thereof. Tax-deferred and after-tax Roth contributions are limited to the maximum amount permitted under Section 402(g) of the Code, which was $23,500 and $23,000 for each of the Plan years ended December 31, 2025 and 2024, respectively. Regular after-tax contributions are limited by the Code based on total participant and Employer contributions to the participant. Sections 401(k)(3) and 401(m)(3) of the Code may limit the amount of voluntary contributions that participants are allowed to make. For the Plan year ended December 31, 2025, participants who have attained age 50 before the end of the Plan year are eligible to make additional catch-up tax-deferred or after-tax Roth contributions, including higher catch-up limits for participants who are ages 60 to 63, all in accordance with applicable Code limits. For the Plan year ended December 31, 2024, participants who have attained age 50 before the end of the Plan year were eligible to make catch-up tax-deferred or after-tax Roth contributions in accordance with applicable Code limits. A participant may also contribute amounts representing a distribution from another qualified defined contribution plan (rollover). Investment options The participant directs both their own and the Employer’s contributions into the investment alternatives offered by the Plan. At any time, participants may also elect to reallocate existing account balances between investment alternatives or to change their investment elections for future contributions. The Plan currently offers collective investment trusts, mutual funds, self-managed brokerage accounts, and the common stock of BFH Securities as investment options. The Employer periodically reviews and may make changes to the investment alternatives available. If a participant makes no investment election, all contributions made into such participant’s account are invested in the Plan’s qualified default investment alternative (“QDIA”). The Plan’s QDIA is the age-appropriate Vanguard Fiduciary Trust Company Target Retirement target date trusts, which is determined based on the participant’s date of birth. Participant accounts The Plan credits each participant’s account with the participant’s voluntary contributions and allocations of 1) the Employer’s contributions, 2) investment earnings, and 3) administrative expenses. The benefit to which a participant is entitled is equal to the vested balance in the participant’s account. Vesting A participant is fully and immediately vested in any voluntary contributions, rollover contributions, Employer safe harbor non-elective contributions, and Employer safe harbor matching contributions made prior to December 31, 2023. Beginning January 1, 2023, the Employer’s matching contributions are on a three-year cliff vesting schedule, and each participant is credited with a year of vesting service for each Plan year that the participant is credited with at least 500 hours of service. For all associates employed as of, or subsequent to, January 1, 2007, any employer discretionary profit sharing contributions that were previously provided vest on a three-year cliff vesting schedule. For all associates terminated prior to January 1, 2007, any employer discretionary profit sharing contributions that were previously provided were on a five-year cliff vesting schedule. Payment of benefits The full value of participants' accounts becomes payable upon retirement, disability, termination due to reduction in force, or death. Upon termination of employment for any other reason, participants' accounts, to the extent vested, become payable. Distributions are generally made in the form of a lump-sum, partial distribution, or in the form of substantially equal installments over a fixed number of years that do not exceed the life expectancy of the participant or the joint life expectancy of the participant and his or her beneficiary. Those participants holding shares of BFH Securities will have the option to receive such amounts in whole shares of BFH Securities and cash for any fractional shares. Participants have the option of having their benefit paid directly to an eligible retirement plan or to an individual retirement account specified by the participant. Terminated participants based on age are required to take minimum annual distributions in accordance with Section 401(a)(9) of the Code. Minimum annual distributions are also required for participants who are 5% owners (as defined in Section 416 of the Code). In-service withdrawals A participant may elect to withdraw an amount in cash from the participant’s after-tax regular account and their rollover account at any time. A participant, upon reaching age 59 1/2, may withdraw up to 100% of the participant’s vested account balance. A participant may request a hardship distribution due to an immediate and heavy financial need based on the terms of the Plan. Participant loans Participants are permitted to borrow from their account the lesser of $50,000 or 50% of the vested balance of their account, with repayment generally made from payroll deductions. The borrowing is a separate earmarked investment of the participant’s account. Interest on the borrowing is based on the prime interest rate as reported in the Wall Street Journal on the first business day of the month in which the loan occurs plus two percent. Loan repayments, including interest and applicable loan fees, are generally repaid through payroll deductions. Amounts allocated to participants withdrawn from the Plan There were no amounts allocated, but not yet paid, to participants who have withdrawn from the Plan as of December 31, 2025 and 2024. Forfeitures The Plan may use forfeitures to reduce Employer contributions or pay Plan expenses if so elected. The Plan used forfeitures to reduce Employer contributions by $45,863 and $355,000 for the years ended December 31, 2025 and 2024, respectively. There were $0 and $60,393 of unused forfeitures as of December 31, 2025 and 2024, respectively. Expenses Administrative expenses are paid directly by the Employer except for expenses for expedited processing of participant loan or distribution proceeds which are charged to participants’ accounts and disclosed in the financial statements as administrative expenses. Brokerage fees, transfer taxes and other expenses incurred in connection with the investment of the Plan’s assets increase the cost of investments purchased or deducted from the proceeds of investments sold.

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Investment, Fair Value and NAV [Line Items]

Schedule of Investment Assets At Fair Value

The following tables set forth by level, within the fair value hierarchy, the Plan’s investment assets at fair value as of December 31, 2025 and 2024:


	Assets at fair value as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Mutual funds	$	220,363,909	$	—	$	—	$	220,363,909
Employer common stock	14,736,081		—		—		14,736,081
Self-managed brokerage	21,314,511		—		—		21,314,511
	$	256,414,501	$	—	$	—	256,414,501
Collective investment trusts measured at net asset value							801,537,499
							$	1,057,952,000

	Assets at fair value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Mutual funds	$	211,379,888	$	—	$	—	$	211,379,888
Employer common stock	11,281,195		—		—		11,281,195
Self-managed brokerage	21,475,935		—		—		21,475,935
	$	244,137,018	$	—	$	—	244,137,018
Collective investment trusts measured at net asset value							659,376,341
							$	903,513,359

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Tabular disclosure of fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

+ References

+ Details

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Schedule of Asset Held for Investment [Line Items]

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

Bread Financial 401(k) Plan

EIN #13-3163498 Plan #001

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

December 31, 2025

(a)

(b)

Identity of issue, borrower,

lessor, or similar party

(c)

Description of investment including maturity date, rate of interest, collateral, par or maturity value

(d)

Cost (1)

(e)

Current Value

Bread Financial Holdings, Inc.

Employer common stock

14,736,081