MEDIUMOutside partyCustomer
49%
five largest credit card programs
“10-K Item 1A: 'our five largest credit card programs...accounted for approximately 49% of our Total net interest and non-interest income excluding the gain on sale'”
BFH · Concentration risk · 10-K extracted
Bread Financial Holdings (BFH) concentration risks
Updated
The most significant concentration Bread Financial Holdings discloses is five largest credit card programs at 49%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Bread Financial Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 5 disclosed concentrations
HIGH0
MEDIUM2
LOW3
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
U.S. consumer credit
“10-K Item 1A: 'Our business is heavily concentrated in U.S. consumer credit'”
LOWOutside partyCustomer
Signet Jewelers
“10-K Item 1A: 'our programs with (alphabetically) Signet Jewelers, Ulta Beauty and Victoria's Secret & Co. ... each accounted for 10% or more of our Total net interest and non-interest income'”
LOWOutside partyCustomer
Ulta Beauty
“10-K Item 1A: 'our programs with (alphabetically) Signet Jewelers, Ulta Beauty and Victoria's Secret & Co. ... each accounted for 10% or more of our Total net interest and non-interest income'”
LOWOutside partyCustomer
Victoria's Secret
“10-K Item 1A: 'our programs with (alphabetically) Signet Jewelers, Ulta Beauty and Victoria's Secret & Co. ... each accounted for 10% or more of our Total net interest and non-interest income'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile spans program-level, geographic, and individual-partner dimensions within its credit card business. The most quantifiable exposure is at the program level: the five largest credit card programs accounted for approximately 49% of Total net interest and non-interest income excluding the gain on sale — a moderate share by disclosed size with a dependency character. Nearly half of operating income flowing through five programs means that non-renewal, restructuring, or deterioration of any of the larger programs would have a material effect on the economics of the portfolio without being offset by the remaining programs. Within that concentration, three individual partners — Signet Jewelers, Ulta Beauty, and Victoria's Secret and Co. — each individually accounted for 10% or more of Total net interest and non-interest income, though no specific percentages are disclosed for each. These are low individual-share exposures by disclosed size, but the fact that all three names are called out in the filing indicates they are the most concentrated single-partner relationships and merit monitoring for renewal and co-brand performance trends. The third dimension is structural and geographic: the business is heavily concentrated in U.S. consumer credit, which links results to domestic consumer health, charge-off cycles, and regulatory changes affecting credit card economics. This is a medium-share structural exposure rather than a single-name dependency. In aggregate, the program-level and geographic exposures are the dominant features. Diversifying the program base and maintaining strong co-brand partner performance are the key mitigants investors should track.
For the engine’s reasoning on BFH’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Credit Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AGM | Federal Agricultural Mortgage C | 3 | 0 | 0 | 3 |
| AGM-A | Federal Agricultural Mortgage C | 3 | 0 | 0 | 3 |
| AFRM | Affirm Holdings, Inc. | 2 | 1 | 0 | 3 |
| AXP | American Express Company | 0 | 3 | 1 | 4 |
| BFH● | Bread Financial Holdings, Inc. | 0 | 2 | 3 | 5 |
| ALLY | Ally Financial Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.