Thrivent Financial Files Schedule 13G/A Showing 7.4% Stake in BBSI

Rhea-AI Filing Summary

Thrivent Financial for Lutherans reports beneficial ownership of 1,901,425 shares of Barrett Business Services Inc. This represents 7.4% of the company's common stock based on 25,689,563 shares outstanding as of July 25, 2025. The filing shows shared voting and dispositive power over 1,892,060 shares and sole voting/dispositive power over 9,365 shares, which Thrivent disclaims as held in a defined benefit plan trust. The statement is filed on a Schedule 13G/A and includes a certification that the securities are held in the ordinary course of business and not to influence control.

Positive

• Clear disclosure of aggregate ownership: 1,901,425 shares (7.4%).
• Majority of authority is shared, indicating holdings are managed via registered investment companies rather than a direct control stake.

Negative

• Ownership level is substantial at 7.4%, which could attract investor attention or scrutiny.
• Percentage tied to July 25, 2025 share count; changes in outstanding shares would alter the reported stake.

Insights

Investment Adviser Analyst

Stake level indicates a meaningful passive position by an investment adviser group.

The filing shows 1,901,425 shares owned, equal to 7.4% of Barrett Business Services, with most authority listed as shared voting/dispositive power. That split typically reflects holdings in funds or pooled accounts managed by an adviser rather than a lone activist stake.

Dependence on reported outstanding shares means the percentage is tied to the July 25, 2025 share count; any subsequent issuances or buybacks would change this figure. Watch quarterly filings for shifts in the 7.4% level over the next reporting cycle.

Corporate Governance Specialist

Voting profile suggests passive influence, not control intent.

Shared voting power of 1,892,060 shares versus sole voting power of 9,365 shares implies decisions are exercised through collective fund structures rather than direct single-entity control. The signer certified holdings are ordinary-course and not meant to change control.

Investors should note the disclaimer around the 9,365 shares in the defined benefit trust and check future amendments or Form 4s for any shifts to sole-control positions within Q4 2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

BARRETT BUSINESS SERVICES INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

068463108

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 068463108

1

Names of Reporting Persons

THRIVENT FINANCIAL FOR LUTHERANS

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

WISCONSIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 9,365.00
6	Shared Voting Power 1,892,060.00
7	Sole Dispositive Power 9,365.00
8	Shared Dispositive Power 1,892,060.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,901,425.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.4 %

12

Type of Reporting Person (See Instructions)

IA, IC

Comment for Type of Reporting Person: Item 5, Item 7 and Item 9 - Thrivent Financial for Lutherans disclaims beneficial ownership of the 9,365 shares held in the Thrivent Financial Defined Benefit Plan Trust. Item 6, Item 8 and Item 9 - Represents 509,901 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 1,382,159 shares held by registered investment companies for which Thrivent Asset Management, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Thrivent Financial for Lutherans, serves as investment adviser. Item 11 - The percentage calculations used herein are based on the statement in the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2025, as filed with the Securities and Exchange Commission on August 7, 2025, that there were 25,689,563 shares outstanding of Barrett Business Services Inc. as of July 25, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BARRETT BUSINESS SERVICES INC
(b)	Address of issuer's principal executive offices: 8100 NE PARKWAY DRIVE, 8100 NE PARKWAY DRIVE, VANCOUVER, WASHINGTON, 98662.
Item 2.
(a)	Name of person filing: Thrivent Financial for Lutherans
(b)	Address or principal business office or, if none, residence: 901 Marquette Avenue, Suite 2500 Minneapolis, MN 55402
(c)	Citizenship: Thrivent Financial for Lutherans is a Wisconsin fraternal benefit society.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 068463108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(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. 78o);
(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)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(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. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,901,425 Thrivent Financial for Lutherans disclaims beneficial ownership of the 9,365 shares held in the Thrivent Financial Defined Benefit Plan Trust. Represents 509,901 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 1,382,159 shares held by registered investment companies for which Thrivent Asset Management, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Thrivent Financial for Lutherans, serves as investment adviser.
(b)	Percent of class: 7.4 The percentage calculations used herein are based on the statement in the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2025, as filed with the Securities and Exchange Commission on August 7, 2025, that there were 25,689,563 shares outstanding of Barrett Business Services Inc. as of July 25, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 9,365 Thrivent Financial for Lutherans disclaims beneficial ownership of these shares held in the Thrivent Financial Defined Benefit Plan Trust.
	(ii) Shared power to vote or to direct the vote: 1,892,060 Represents 509,901 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 1,382,159 shares held by registered investment companies for which Thrivent Asset Management, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Thrivent Financial for Lutherans, serves as investment adviser.
	(iii) Sole power to dispose or to direct the disposition of: 9,365 Thrivent Financial for Lutherans disclaims beneficial ownership of these shares held in the Thrivent Financial Defined Benefit Plan Trust.
	(iv) Shared power to dispose or to direct the disposition of: 1,892,060 Represents 509,901 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 1,382,159 shares held by registered investment companies for which Thrivent Asset Management, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Thrivent Financial for Lutherans, serves as investment adviser.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

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 § 240.14a-11.

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.

THRIVENT FINANCIAL FOR LUTHERANS

Signature:	David S. Royal
Name/Title:	Chief Financial Officer
Date:	10/07/2025

FAQ

How many Barrett Business Services (BBSI) shares does Thrivent report owning?

Thrivent reports beneficial ownership of 1,901,425 shares, representing 7.4% of common stock based on the July 25, 2025 share count.

What voting power does Thrivent hold in BBSI?

Thrivent has sole voting power over 9,365 shares and shared voting power over 1,892,060 shares.

Does Thrivent claim the 9,365 shares as beneficially owned?

No; Thrivent disclaims beneficial ownership of the 9,365 shares held in the Thrivent Financial Defined Benefit Plan Trust.

What filing was submitted for this ownership disclosure?

The ownership was disclosed on a Schedule 13G/A filed for Barrett Business Services Inc. (BBSI).

On what share count is the reported percentage based?

The 7.4% calculation uses 25,689,563 shares outstanding as of July 25, 2025, per the company's quarterly report.