| Schedule of Master Trust Net Assets |
The following table is a summary, at fair value, of the net assets of the master trust by investment type as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | Master Trust Balances | Plan's Interest in Master Trust Balances | | Master Trust Balances | Plan's Interest in Master Trust Balances | | Allegheny Technologies Incorporated Master Trust: | | | | | | | Common collective trusts | $ | 681,459,280 | | $ | 193,253,854 | | | $ | 611,412,373 | | $ | 174,443,223 | | | Registered investment companies | 452,989,632 | | 99,069,806 | | | 385,843,440 | | 77,386,014 | | | Pooled separate accounts | 151,624,798 | | 43,371,551 | | | 140,662,433 | | 37,328,857 | | | Corporate common stock | 93,113,165 | | 35,172,294 | | | 68,021,722 | | 28,527,659 | | | Cash | 4,805,431 | | 1,789,769 | | | 3,451,804 | | 1,240,311 | | | Total investments at fair value | $ | 1,383,992,306 | | $ | 372,657,274 | | | $ | 1,209,391,772 | | $ | 318,926,064 | | | Plan's interest in master trust | | 27 | % | | | 26 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table is a summary, at contract value, of the net assets of the Allegheny Technologies Incorporated Master Trust by investment type as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | Master Trust Balances | Plan's Interest in Master Trust Balances | | Master Trust Balances | Plan's Interest in Master Trust Balances | | Allegheny Technologies Incorporated Master Trust: | | | | | | | Synthetic investment contracts | $ | 113,818,599 | | $ | 42,391,411 | | | $ | 120,666,597 | | $ | 43,208,303 | | | Total investments at contract value | $ | 113,818,599 | | $ | 42,391,411 | | | $ | 120,666,597 | | $ | 43,208,303 | |
Investment income attributable to the master trust for the year ended December 31, 2025 was as follows:
| | | | | | | | Allegheny Technologies Incorporated Master Trust | | | Net appreciation in fair value of investments | $ | 235,511,834 | | | | Investment income from investments at fair value | 14,683,788 | | | | Investment income from investments at contract value | 3,532,110 | | | | Administrative expenses and other, net | (115,396) | | | | Total investment income | $ | 253,612,336 | | |
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