v3.26.1
Investment in the Master Trust
 12 Months Ended
Dec. 31, 2025
EBP 020  
EBP, Master Trust [Line Items]  
Investment in the Master Trust Investment in the Master Trust
 
The Master Trust is comprised of two funds – the Carpenter Technology Stock Fund and the Insight Investment Stable Value Fund.
 
Carpenter Technology Stock Fund - The Carpenter Technology Stock Fund holds investments in the common stock of the Plan Sponsor. These investments are reported at fair value.
 
Insight Investment Stable Value Fund - This fund holds investments in a short-term investment fund which is reported at fair value, as well as investments held in fully benefit-responsive guaranteed investment contracts ("GICs") which are reported at contract value. See Note 5 for further discussion of fully benefit-responsive GICs.

The Master Trust, which is administered by the Trustee, holds the investments of these funds for the Plan Sponsor's participating plans, which include the Plan and the Latrobe Company 401(k) Retirement Plan. Use of the Master Trust permits the commingling of trust assets for investment and administrative purposes. Although the assets of each plan are commingled in the Master Trust, the Trustee maintains separate supporting records for the purpose of tracking the individual activity of each plan. The investments held in the Master Trust are accounted for at the plan level since the participating plans have a divided interest in assets held in the Master Trust.
The net assets of the Master Trust and the Plan's divided interest in the Master Trust as of December 31, 2025 and 2024 are as follows:
2025
Dollars in thousandsMaster TrustPlan's Divided Interest
Investments, at fair value:
Insight Investment Stable Value Fund
Short-term investment fund$1,504 $1,414 
Carpenter Technology Stock Fund61,663 61,396 
Total investments at fair value63,167 62,810 
Investments, at contract value:
Insight Investment Stable Value Fund
Fixed maturity synthetic GIC2,763 2,598 
Constant duration synthetic GICs37,849 35,583 
Total investments at contract value40,612 38,181 
Net assets in Master Trust$103,779 $100,991 

2024
Dollars in thousandsMaster TrustPlan's Divided Interest
Investments, at fair value:
Insight Investment Stable Value Fund
Short-term investment fund$1,190 $1,121 
Carpenter Technology Stock Fund43,155 42,818 
Total investments at fair value44,345 43,939 
Investments, at contract value:
Insight Investment Stable Value Fund
Fixed maturity synthetic GIC4,204 3,960 
Constant duration synthetic GICs42,334 39,874 
Total investments at contract value46,538 43,834 
Net assets in Master Trust$90,883 $87,773 
The change in the net assets of the Master Trust for the year ended December 31, 2025 was as follows:
Dollars in thousands
Investment income: 
Appreciation in fair value of investments
Carpenter Technology Stock Fund$33,578 
Interest and dividends
Insight Investment Stable Value Fund1,262 
Carpenter Technology Stock Fund186 
Total investment income35,026 
Net transfers out(22,130)
Net increase in net assets available for benefits12,896 
Net assets available for benefits, beginning of year90,883 
Net assets available for benefits, end of year$103,779