v3.26.1
Master Trust A Investments
 12 Months Ended
Dec. 31, 2025
EBP Hourly DPS Plan  
EBP, Master Trust [Line Items]  
Master Trust A 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.