<SEC-DOCUMENT>0001101215-25-000157.txt : 20251017
<SEC-HEADER>0001101215-25-000157.hdr.sgml : 20251017
<ACCEPTANCE-DATETIME>20251017112035
ACCESSION NUMBER:		0001101215-25-000157
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251015
FILED AS OF DATE:		20251017
DATE AS OF CHANGE:		20251017

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Gerspach John C
		CENTRAL INDEX KEY:			0001321140
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15749
		FILM NUMBER:		251399316

	MAIL ADDRESS:	
		STREET 1:		C/O CORPORATE LAW DEP'T, CITIGOUP INC.
		STREET 2:		388 GREENWICH STREET, 17TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BREAD FINANCIAL HOLDINGS, INC.
		CENTRAL INDEX KEY:			0001101215
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		ORGANIZATION NAME:           	02 Finance
		EIN:				311429215
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3095 LOYALTY CIRCLE
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43219
		BUSINESS PHONE:		6147294000

	MAIL ADDRESS:	
		STREET 1:		3095 LOYALTY CIRCLE
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLIANCE DATA SYSTEMS CORP
		DATE OF NAME CHANGE:	19991217
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wk-form4_1760714432.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-10-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001101215</issuerCik>
        <issuerName>BREAD FINANCIAL HOLDINGS, INC.</issuerName>
        <issuerTradingSymbol>BFH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001321140</rptOwnerCik>
            <rptOwnerName>Gerspach John C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3095 LOYALTY CIRCLE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>COLUMBUS</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43219</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-10-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>670</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>46224</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Gerspach 2020 GST Exempt Trust</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The new grant is for 670 shares of common stock represented by restricted stock units, which will vest on October 15, 2026.</footnote>
        <footnote id="F2">The total amount of securities beneficially owned includes:  (a) 17,316 unrestricted shares; (b) 5,981 unvested restricted stock units granted 6/22/20; (c) 2,241 unvested restricted stock units granted 6/15/21; (d) 431 unvested restricted stock units granted 9/15/21; (e) 474 unvested restricted stock units granted 12/15/21; (f) 538 unvested restricted stock units granted 3/15/22; (g) 2,650 unvested restricted stock units granted 6/15/22; (h) 934 unvested restricted stock units granted 7/15/22; (i) 969 unvested restricted stock units granted 10/17/22; (j) 912 unvested restricted stock units granted 1/17/23; (k) 1,038 unvested restricted stock units granted 4/17/23; (l) 4,932 unvested restricted stock units granted 6/15/23; (m) 1,186 unvested restricted stock units granted 7/17/23; (n) 1,033 unvested restricted stock units granted 10/16/23;</footnote>
        <footnote id="F3">The shares are held by the Gerspach 2020 GST Exempt Trust, for which the Reporting Person's spouse serves as trustee.</footnote>
    </footnotes>

    <remarks>Footnote 2, continued: (o) 604 unvested restricted stock units granted 1/15/25; (p) 842 unvested restricted stock units granted 4/15/25; (q) 2,802 unvested restricted stock units granted 6/16/25; (r) 671 unvested restricted stock units granted 7/15/25; and (s) the new grant for 670 restricted stock units.</remarks>

    <ownerSignature>
        <signatureName>Benjamin L. Morgan, Attorney in Fact</signatureName>
        <signatureDate>2025-10-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
