The Master Trust

12 Months Ended

Dec. 31, 2025

EBP 010

The Master Trust

The Master Trust

Note 3 - The Master Trust

The Company established the Master Trust pursuant to a trust agreement between the Company and State Street Bank and Trust Company, as trustee, in order to permit the commingling of trust assets of several employee benefit plans for investment and administrative purposes. The assets of the Master Trust are held by State Street Bank and Trust Company.

Employee benefit plans participating in the Master Trust as of December 31, 2025 and 2024 include the following defined contribution plans:

● Ford Motor Company Savings and Stock Investment Plan

● Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees

All transfers to, withdrawals from, or other transactions regarding the Master Trust shall be conducted in such a way that the proportionate interest in the Master Trust of each plan and the fair market value of that interest may be determined at any time.

Note 3 - The Master Trust (Continued)

The interest of each such plan shall be debited or credited (as the case may be) (i) for the entire amount of every contribution received on behalf of such plan (including participant contributions), every distribution, or other expense attributable solely to such plan, and every other transaction relating only to such plan; and (ii) for its proportionate share of every item of collected or accrued income, gain or loss, and general expense, and of any other transactions attributable to the Master Trust or that investment option as a whole.

A summary of the net assets of the Master Trust and the Plan’s interest in the Master Trust as of December 31, 2025 and 2024 is as follows (in thousands):

Summary of Net Assets - Note 3 Master Trust

	2025				2024
	Master Trust		Plan's Interest in		Master Trust		Plan's Interest in
	Balances		Master Trust		Balances		Master Trust
Investments - Fair value:
Separate Account - Common Stock (1)	$	381,021	$	293,318	$	506,138	$	394,503
Ford Stock Fund		1,822,288		923,562		1,527,436		798,471
Common and commingled institutional pools		24,695,725		16,858,179		20,992,156		14,559,113
Total Investments at Fair Value		26,899,034		18,075,059		23,025,730		15,752,087
Investments at Contract value - Interest Income Fund		2,414,326		1,506,678		2,405,123		1,484,288
Total Investments		29,313,360		19,581,737		25,430,853		17,236,375
Other Assets/(Liabilities) - Net (2)		(2,288)		—		(2,943)		—
Total Net Assets	$	29,311,072	$	19,581,737	$	25,427,910	$	17,236,375

(1) The fund is primarily made up of common stock that is owned 100% by the Master Trust.

(2) Includes accrued but unpaid fees, unsettled trades, and other receivables. In the Plan’s Interest in Master Trust, these amounts are reported within total investments and are not material to the amounts presented.

During the year ended December 31, 2025, the Master Trust investment gain was comprised of the following (in thousands):

Net realized and unrealized gains	$	4,485,349
Dividend and other income		117,411
Total Master Trust investment gains	$	4,602,760