v3.26.1
Master Trust Investments
 12 Months Ended
Dec. 31, 2025
EBP Hourly DPS Plan  
EBP, Master Trust [Line Items]  
Master Trust Investments
3.Master Trust Investments
At December 31, 2025 and 2024, the net assets of the Master Trust and Master Trust B, respectively, were as follows (in thousands of dollars): 
20252024
Master Trust BalancesPlan’s interest in Master Trust BalancesMaster Trust B BalancesPlan’s interest in Master Trust B Balances
Investments at fair value:
Altria Stock$1,456,691 $450,048 $1,357,573 $416,847 
Cash and cash equivalents40 23 36 22 
Collective investment funds2,688,978 297,490 — — 
Registered investment companies651,804 57,711 — — 
Government securities137,213 22,147 — — 
Other16,145 3,726 — — 
Total investments at fair value4,950,871 831,145 1,357,609 416,869 
Investments at contract value:
Fully benefit-responsive investment contracts494,528 129,627 — — 
Total Investments5,445,399 960,772 1,357,609 416,869 
Receivables:
Dividends on Altria Stock15,360 3,110 15,362 3,160 
Interest and dividend income on other investments29 — — — 
Other560— — — 
Payables:
Administrative expenses(963)— — — 
Net assets$5,460,385 $963,882 $1,372,971 $420,029 
The table below presents Master Trust investment activities for the year ended December 31, 2025, including activities related to assets transferred from Master Trust A beginning on the Transition Date (in thousands of dollars): 
Dividends on Altria Stock$106,187 
Net appreciation in Altria Stock140,966 
Interest and dividends on other investments68,205 
Net appreciation in fair value of other investments275,881 
  Investment income$591,239 
  Plan’s interest in investment income from Master Trust$95,649 
4.Master Trust A Investments
The information below relates to Master Trust A, which held certain Plan assets prior to the Transition. At December 31, 2024, the net assets of Master Trust A were as follows (in thousands of dollars): 
2024
Master Trust A BalancesPlan’s interest in Master Trust A Balances
Investments at fair value:
Collective investment funds$2,396,791 $270,426 
Registered investment companies554,006 56,054 
Government securities115,076 19,553 
Other9,038 2,023 
Total investments at fair value3,074,911 348,056 
Investments at contract value:
Fully benefit-responsive investment contracts559,727 154,479 
Total Investments3,634,638 502,535 
Receivables:
Interest and dividend income1,035 — 
Payables:
Administrative expenses(265)— 
Net assets$3,635,408 $502,535 



Master Trust A investment activities for the period of January 1, 2025 through the Transition were as follows (in thousands of dollars): 
Interest and dividends$8,105 
Net appreciation in fair value of investments222,238 
Investment income$230,343 
Plan’s interest in investment income from Master Trust A$41,462 
As discussed in Note 2. Summary of Significant Accounting Policies - Valuation of the Master Trusts’ Investments and Income Recognition, the Plan’s interest in Master Trust A and share of investment activities were based upon the total of the participants’ Plan accounts. Certain transactions in process at December 31, 2024 resulted in immaterial differences between Master Trust A net assets and the total of the participants’ Plan accounts.