Thrivent Advises 917,479 BBW Shares, 6.99% Stake

Thrivent Financial for Lutherans reports beneficial ownership of 917,479 common shares of Build-A-Bear Workshop, Inc., representing 6.99% of the outstanding shares based on September 8, 2025 share count of 13,126,157.

Rhea-AI Filing Summary

Thrivent Financial for Lutherans reports beneficial ownership of 917,479 common shares of Build-A-Bear Workshop, Inc., representing 6.99% of the outstanding shares based on September 8, 2025 share count of 13,126,157. Thrivent disclaims ownership of 4,626 shares held in its Defined Benefit Plan Trust; the remainder reflects advisory holdings: 248,991 shares for registered investment companies advised directly by Thrivent Financial for Lutherans and 663,862 shares for funds advised by its subsidiary Thrivent Asset Management, LLC. Voting and dispositive power are split between 4,626 sole and 912,853 shared positions. The filer certifies the holdings were acquired in the ordinary course of business and not to influence control.

Positive

• Substantial advisory stake of 917,479 shares ( 6.99% ) signals institutional interest
• Majority of holdings are in registered investment companies managed as adviser, consistent with passive investment
• Filer certified holdings were acquired in the ordinary course and not to influence control

Negative

• Voting power largely shared (912,853), limiting direct control influence
• Small direct ownership only 4,626 shares which the filer disclaims beneficial ownership of

Insights

Institutional Ownership Analyst

Thrivent holds a notable 6.99% stake through advisory vehicles.

Thrivent's 917,479 share position combines a small directly held plan stake and larger advisory positions managed on behalf of registered investment companies. The split between sole and shared voting/dispositive power indicates most influence is indirect through fund advisory arrangements rather than direct proprietary ownership.

Dependencies include fund mandates and client flows that determine whether Thrivent's advisory accounts maintain or trade these shares; monitor quarterly ownership filings and the issuer's outstanding share count for material percent changes over a 3–12 month window.

Regulatory Compliance Specialist

Filing aligns with Schedule 13G treatment for passive/agency holdings.

The statement checks the boxes consistent with passive/advisory ownership and contains the required disclaimers for plan-held shares. The certification asserts acquisition in the ordinary course and not for control purposes, matching the Schedule 13G/A posture rather than a Schedule 13D activist filing.

Investors should note the filing date 10/07/2025 and the issuer's reported share base as of 09/08/2025 when comparing percent ownership; any large asset-manager reallocation or fund consolidation in the next quarter could change reported percentages.

FAQ

What stake does Thrivent Financial hold in Build-A-Bear Workshop (BBW)?

Thrivent Financial for Lutherans reports beneficial ownership of 917,479 shares, equal to 6.99% of BBW's common stock based on 13,126,157 shares outstanding as of 09/08/2025.

How are Thrivent's BBW shares allocated between direct and advisory holdings?

The filing discloses 4,626 shares in a Thrivent Defined Benefit Plan Trust (disclaimed) and 912,853 shares held by registered investment companies advised by Thrivent entities (248,991 and 663,862 respectively).

Does Thrivent intend to influence control of Build-A-Bear Workshop?

The certification states the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control.

What voting power does Thrivent report for these shares?

Thrivent reports 4,626 shares with sole voting power and 912,853 shares with shared voting power.

When was this Schedule 13G/A signed?

The filing is signed by David S. Royal, Chief Financial Officer, on 10/07/2025.

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Accepted by SEC EDGAR 10/07/2025 - 03:38 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

BUILD-A-BEAR WORKSHOP INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

120076104

(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. 120076104

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 4,626.00
6	Shared Voting Power 912,853.00
7	Sole Dispositive Power 4,626.00
8	Shared Dispositive Power 912,853.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

917,479.00

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)

7.0 %

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 4,626 shares held in the Thrivent Financial Defined Benefit Plan Trust. Item 6, Item 8 and Item 9 - Represents 248,991 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 663,862 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 August 2, 2025, as filed with the Securities and Exchange Commission on September 11, 2025, that there were 13,126,157 common shares outstanding of Build-A-Bear Workshop, Inc. as of September 8, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BUILD-A-BEAR WORKSHOP INC
(b)	Address of issuer's principal executive offices: 415 S. 18TH STREET, SUITE 200, 415 S. 18TH STREET, SUITE 200, ST LOUIS, MISSOURI, 63103.
Item 2.
(a)	Name of person filing: Thrivent Financial for Lutherans
(b)	Address or principal business office or, if none, residence: 901 Marquette Avenue, Suit 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.: 120076104
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: 917,479 Thrivent Financial for Lutherans disclaims beneficial ownership of the 4,626 shares held in the Thrivent Financial Defined Benefit Plan Trust. Represents 248,991 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 663,862 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: 6.99 The percentage calculations used herein are based on the statement in the Company's Quarterly Report on Form 10-Q for the quarter ending August 2, 2025, as filed with the Securities and Exchange Commission on September 11, 2025, that there were 13,126,157 common shares outstanding of Build-A-Bear Workshop, Inc. as of September 8, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,626 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: 912,853 Represents 248,991 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 663,862 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: 4,626 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: 912,853 Represents 248,991 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 663,862 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