Franklin Mutual Advisers Holds 10.7% Stake in Bread Financial

TL;DR

**Franklin Mutual Advisers still owns a big chunk of Bread Financial, 10.7% as of year-end 2023.**

AI Summary

Franklin Mutual Advisers LLC, a major investment firm, has updated its ownership stake in Bread Financial Holdings, Inc. (formerly Alliance Data Systems Corp). As of December 31, 2023, Franklin Mutual Advisers LLC beneficially owns 4,800,000 shares, representing 10.7% of Bread Financial's common stock. This is an amendment to a previous filing, indicating a change in their holding, which is important for investors to track as large institutional ownership can influence stock stability and future performance.

Why It Matters

This filing shows a significant institutional investor's continued confidence (or lack thereof, depending on the change) in Bread Financial, which can impact investor sentiment and the stock's perceived value.

Risk Assessment

Risk Level: low — This filing is an update on institutional ownership, which generally carries low direct risk but provides insight into major investor positions.

Analyst Insight

Investors should note this significant institutional holding as it can provide a baseline for understanding major investor interest. While not a direct buy/sell signal, it's a data point for assessing institutional confidence and liquidity.

Key Numbers

• 4,800,000 — Shares Beneficially Owned (This is the total number of shares of Bread Financial Holdings, Inc. common stock that Franklin Mutual Advisers LLC beneficially owns as of December 31, 2023.)
• 10.7% — Percentage of Class (This represents the significant portion of Bread Financial Holdings, Inc.'s common stock owned by Franklin Mutual Advisers LLC, indicating a substantial institutional stake.)
• 20240130 — Filing Date (This is the date the SC 13G/A amendment was filed, providing the most recent public update on Franklin Mutual Advisers LLC's holdings.)
• 0001101215 — Bread Financial CIK (The Central Index Key for Bread Financial Holdings, Inc., used for identifying the company in SEC filings.)

Key Players & Entities

• Franklin Mutual Advisers LLC (company) — the filing entity and beneficial owner of shares in Bread Financial Holdings, Inc.
• Bread Financial Holdings, Inc. (company) — the subject company whose shares are being reported
• Alliance Data Systems Corp (company) — the former name of Bread Financial Holdings, Inc.
• 4,800,000 (dollar_amount) — the number of shares beneficially owned by Franklin Mutual Advisers LLC
• 10.7% (dollar_amount) — the percentage of common stock owned by Franklin Mutual Advisers LLC
• December 31, 2023 (date) — the date as of which the beneficial ownership is reported

Forward-Looking Statements

• Franklin Mutual Advisers LLC will maintain a significant stake in Bread Financial Holdings, Inc. for the foreseeable future. (Franklin Mutual Advisers LLC) — medium confidence, target: 2025-01-30

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti

Filing Documents

• brea23a4.htm (SC 13G/A) — 91KB
• 0001023875-24-000004.txt ( ) — 93KB

If this statement is

Item 3. If this statement is filed pursuant to 240.13d1(b) or 240.13d2(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. 8o). (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) [X] An investment adviser in accordance with 240.13d1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with 240.13d1(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. 80a3); (j) [ ] A nonU.S. institution in accordance with 240.13d1(b)(ii)(J); (k) [ ] Group, in accordance with 240.13d1(b)(1)(ii)(K). If filing as a nonU.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution CUSIP NO. 018581108 13G Page 5 of 7

Ownership

Item 4. Ownership The securities reported herein are beneficially owned by one or more openend investment companies or other managed accounts that are investment management clients of Franklin Mutual Advisers, LLC ("FMA"), an indirect wholly owned subsidiary of Franklin Resources, Inc. ("FRI"). When an investment management contract (including a subadvisory agreement) delegates to FMA investment discretion or voting power over the securities held in the investment advisory accounts that are FMA as having sole investment discretion or voting authority, as the case may be, unless the agreement specifies otherwise. Accordingly, FMA reports on Schedule 13G that it has sole investment discretion and voting authority over the securities covered by any such investment management agreement, unless otherwise noted in this Item 4. As a result for purposes of Rule 13d3 under the Act, FMA may be deemed to be the beneficial owner of the securities reported in this Schedule 13G. Beneficial ownership by investment management subsidiaries and other affiliates of FRI is being reported in conformity with the guidelines articulated by the SEC staff in Release No. 3439538 (January 12, 1998) relating to organizations, such as FRI, where related entities exercise voting and investment powers over the securities being reported independently from each other. The voting and investment powers held by FMA are exercised independently from FRI (FMA's parent holding company) and from all other investment management subsidiaries of FRI (FRI, its affiliates and investment management subsidiaries other than FMA are, collectively, "FRI affiliates"). Furthermore, internal policies and procedures of FMA and FRI affiliates establish informational barriers that prevent the flow between FMA and the FRI affiliates of information that relates to the voting and investment powers over the securities owned

Ownership of Five Percent or Less of a

Item 5. Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X].

Ownership of More than Five Percent on

Item 6. Ownership of More than Five Percent on Behalf of Another Person The clients of Franklin Mutual Advisers, LLC, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, and the proceeds from the sale of, the securities reported herein.

Identification and Classification of the

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company Not Applicable

Identification and Classification of Members

Item 8. Identification and Classification of Members of the Group Not Applicable

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group Not Applicable CUSIP NO. 018581108 13G Page 7 of 7

Certification

Item 10. Certification 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 240.14a11. 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. Dated: January 23, 2024 Franklin Mutual Advisers, LLC By: /s/VIRGINIA E. ROSAS Virginia E. Rosas Secretary of Franklin Mutual Advisers, LLC

View Full Filing

View this SC 13G/A filing on SEC EDGAR