Schedule 13G: Thrivent Reports 752,320 BBW Shares, 5.7% Ownership

Rhea-AI Filing Summary

Thrivent Financial for Lutherans filed a Schedule 13G reporting beneficial ownership of 752,320 shares of Build-A-Bear Workshop Inc. (CUSIP 120076104), representing 5.7% of the outstanding common stock based on 13,208,592 shares outstanding as of June 9, 2025. The filing shows 2,672 shares as sole voting/dispositive power and 749,648 shares as shared voting/dispositive power. The shared holdings comprise 174,504 and 575,144 shares held by registered investment companies advised by Thrivent Financial for Lutherans and Thrivent Asset Management, LLC, respectively. The 2,672 shares are disclaimed. The filing is signed by CFO David S. Royal on 08/15/2025.

Positive

• Material disclosure: Reporting a 5.7% position provides transparency to the market about institutional ownership.
• Clear breakdown: Filing details the split between shares advised by Thrivent Financial and Thrivent Asset Management, aiding investor understanding.

Negative

• None.

Insights

Securities Analyst

TL;DR: Thrivent reports a >5% passive position in BBW via advised funds, signaling notable institutional exposure without seeking control.

The Schedule 13G discloses a 5.7% stake in Build-A-Bear Workshop held largely in registered investment companies advised by Thrivent entities. The split between sole and shared voting/dispositive power is immaterial economically, since the vast majority is held in advisory capacity by affiliated advisors. This filing is consistent with passive investment disclosure rules and does not indicate an attempt to influence control.

Investment Adviser / Governance Specialist

TL;DR: Filing reflects compliance and transparency by an adviser with material fund-level exposure; no governance action is signaled.

Thrivent appropriately discloses its advisory relationships and the allocation of 752,320 shares across funds it advises. The explicit disclaimer of the 2,672 plan-held shares clarifies recordkeeping and fiduciary posture. For investors, the key implication is increased institutional ownership that may affect liquidity and block-trade dynamics, but the adviser classifies the position as passive.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

BUILD-A-BEAR WORKSHOP INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

120076104

(CUSIP Number)

06/30/2025

(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 2,672.00
6	Shared Voting Power 749,648.00
7	Sole Dispositive Power 2,672.00
8	Shared Dispositive Power 749,648.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

752,320.00

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)

5.7 %

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 2,672 shares held in the Thrivent Financial Defined Benefit Plan Trust. Item 6, Item 8 and Item 9 - Represents 174,504 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 575,144 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 May 3, 2025, as filed with the Securities and Exchange Commission on June 12, 2025, that there were 13,208,592 common stock shares outstanding of Build-A-Bear Workshop Inc. as of June 9, 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, 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, Suite 2500 Minneapolis, Minnesota 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: 752,320 Thrivent Financial for Lutherans disclaims beneficial ownership of the 2,672 shares held in the Thrivent Financial Defined Benefit Plan Trust. Represents 174,504 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 575,144 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: 5.7 The percentage calculations used herein are based on the statement in the Company's Quarterly Report on Form 10-Q for the quarter ending May 3, 2025, as filed with the Securities and Exchange Commission on June 12, 2025, that there were 13,208,592 common stock shares outstanding of Build-A-Bear Workshop Inc. as of June 9, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,672 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: 749,648 Represents 174,504 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 575,144 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: 2,672 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: 749,648 Represents 174,504 shares held by registered investment companies for which Thrivent Financial for Lutherans serves as investment adviser, and 575,144 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:	08/15/2025

FAQ

How many Build-A-Bear Workshop (BBW) shares does Thrivent Financial for Lutherans report owning?

The filing reports 752,320 shares beneficially owned.

What percentage of BBW does Thrivent Financial for Lutherans own?

The reported stake represents 5.7% of BBW's outstanding common stock based on 13,208,592 shares outstanding as of June 9, 2025.

How are the 752,320 shares allocated between sole and shared voting power?

The filing shows 2,672 shares with sole voting/dispositive power and 749,648 shares with shared voting/dispositive power.

Do any of the reported shares have a disclaimer of beneficial ownership?

Yes. Thrivent disclaims beneficial ownership of the 2,672 shares held in the Thrivent Financial Defined Benefit Plan Trust.

Who signed the Schedule 13G for Thrivent and when?

The filing is signed by David S. Royal, Chief Financial Officer, dated 08/15/2025.