# EDGAR Filing Document

**Accession Number:** 0000861884
**File Stem:** 0001104659-26-074579
**Filing Date:** 2026-6
**Character Count:** 39644
**Document Hash:** 8b370cb9a29d4115b3241841e76bd8dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-074579.hdr.sgml**: 20260616

**ACCESSION NUMBER**: 0001104659-26-074579

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260616

**DATE AS OF CHANGE**: 20260616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RELIANCE, INC.
- **CENTRAL INDEX KEY:** 0000861884
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 951142616
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13122
- **FILM NUMBER:** 261094700

**BUSINESS ADDRESS:**
- **STREET 1:** 735 N. 19TH AVENUE
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85009
- **BUSINESS PHONE:** 213-687-7700

**MAIL ADDRESS:**
- **STREET 1:** 735 N. 19TH AVENUE
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85009

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RELIANCE STEEL & ALUMINUM CO
- **DATE OF NAME CHANGE:** 19940525

?xml version='1.0' encoding='ASCII'? Reliance, Inc.

[**Table of Contents**](#TOC)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 11-K
(Mark One)

**⌧** **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the fiscal year ended December 31, 2025

OR

---

| | |
|:---|:---|
| **◻** | **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**  |

---

For the transition period from ____________ to ______________

Commission file number: 001-13122

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

**Reliance, Inc. Master 401(k) Plan** 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**Reliance, Inc.**

**735 N. 19th Avenue**

**Phoenix, Arizona 85009**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**RELIANCE, INC. MASTER 401(K) PLAN**<br>**TABLE OF CONTENTS** | &nbsp;&nbsp;**RELIANCE, INC. MASTER 401(K) PLAN**<br>**TABLE OF CONTENTS** |
| &nbsp;&nbsp;**[Report of Independent Registered Public Accounting Firm](#opinion)**<br>| &nbsp;&nbsp;1 |
| &nbsp;&nbsp;[**Financial Statements**](#SONA) |  |
| &nbsp;&nbsp;[Statements of Net Assets Available for Benefits](#SONA) | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;[Statement of Changes in Net Assets Available for Benefits](#SOC) | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;[Notes to Financial Statements](#Notes_pg) | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;[**Supplemental Schedules\***](#SchDelinquentCont) |  |
| &nbsp;&nbsp;[Schedule H, Line 4a – Schedule of Delinquent Participant Contributions](#SchDelinquentCont) | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;[Schedule H, Line 4i – Schedule of Assets (Held at End of Year)](#schH) | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;[**Signature**](#Signatures) | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;[**Exhib**its](#ExhibitIndex_48116) | &nbsp;&nbsp;15 |

---

\* All other schedules required by 29 CFR §2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, are not included because they are not applicable.

[**Table of Contents**](#TOC)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Plan Administrator and Plan Participants

Reliance, Inc. Master 401(k) Plan

**Opinion on the financial statements** 

We have audited the accompanying statements of net assets available for benefits of Reliance, Inc. Master 401(k) Plan (the "Plan") as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for opinion** 

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental information** 

The supplemental information in the accompanying schedules, Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the year ended December 31, 2025 and Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025, ("supplemental information") has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ GRANT THORNTON LLP

We have served as the Plan's auditor since 2024.

Bellevue, Washington

June 16, 2026

#### 1
[**Table of Contents**](#TOC)

**RELIANCE, INC. MASTER 401(K) PLAN**

**STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS**

---

| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
| **Assets** |  |  |
| Investments, at fair value | $1815672113 | $1624267378 |
| Receivables: |  |  |
| &nbsp;&nbsp;Notes receivable from participants | 33644234 | 30616293 |
| &nbsp;&nbsp;Other receivables | 49562 | 70320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 33693796 | 30686613 |
| Total assets | 1849365909 | 1654953991 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Due to trustee, net | 77719 | 20555 |
| &nbsp;&nbsp;Other payables | 38353 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 116072 | 23228 |
| **Net assets available for benefits** | $1849249837 | $1654930763 |

---

See accompanying notes to financial statements.

#### 2
[**Table of Contents**](#TOC)

**RELIANCE, INC. MASTER 401(K) PLAN**

**STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS**

---

| | |
|:---|:---|
| **Year Ended December 31,** | **2025** |
| **Additions** |  |
| Income: |  |
| &nbsp;&nbsp;Net appreciation in fair value of investments | $237846383 |
| &nbsp;&nbsp;Interest and dividends | 16747877 |
| &nbsp;&nbsp;Interest on notes receivable from participants | 2628352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 257222612 |
| Contributions: |  |
| &nbsp;&nbsp;Participant | 78560264 |
| &nbsp;&nbsp;Employer, net of forfeitures | 35028667 |
| &nbsp;&nbsp;Rollover | 6435620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total contributions, net | 120024551 |
| Revenue sharing program credits | 30290 |
| Total additions | 377277453 |
| **Deductions** |  |
| &nbsp;&nbsp;Benefits paid | 219305665 |
| &nbsp;&nbsp;Administrative expenses | 394333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deductions | 219699998 |
| **Net increase** | 157577455 |
| Transfers from other plans | 36741619 |
| **Net increase in net assets available for benefits** | 194319074 |
| **Net assets available for benefits,** beginning of year | 1654930763 |
| **Net assets available for benefits,** end of year | $1849249837 |

---

See accompanying notes to financial statements*.*

#### 3
[**Table of Contents**](#TOC)

**RELIANCE, INC. MASTER 401(K) PLAN**

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 and 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **DESCRIPTION OF THE PLAN** 

The following description of the Reliance, Inc. Master 401(k) Plan (the "Plan") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

**General**

The Plan is a defined contribution plan that provides benefits to eligible employees of Reliance, Inc. and certain subsidiaries (collectively the "Company"). The Plan is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974 and subsequent amendments ("ERISA"). The Plan is sponsored by Reliance, Inc. ("Reliance") whose subsidiaries are participating employers ("Participating Employers") in the Plan. The Plan is established for employees of the Participating Employers of the Company who are not covered by a collective bargaining agreement providing for participation in another retirement plan. The Plan is administered by the Reliance, Inc. Benefits Committee ("Plan Administrator"). The trustee of the Plan is Fidelity Management Trust Company (the "Trustee") and the recordkeeper is Fidelity Investments Institutional Operations Company, Inc.

**Transfers from Other Plans**

Effective January 1, 2025, the following retirement plans were merged into the Plan and the related net assets were transferred to the Plan. Participant balances transferred into the plan and employees of the applicable subsidiaries became eligible to participate in the Plan and were credited with prior service for vesting.

---

| | |
|:---|:---|
| **Year Ended December 31,** | **2025** |
| American Alloy Steel 401(k) Plan (EIN: 74-1688398) | $23505710 |
| Cooksey Iron & Metal Co., Inc. 401(k) Profit Sharing Plan (EIN: 58-6017120) | 8188709 |
| Southern Steel Supply 401(k) Plan (EIN: 62-0645144) | 5047200 |
|  | $36741619 |

---

**Participation**

Eligible employees may participate in the Plan upon completion of 30 days of employment. Eligible employees are automatically enrolled into the Plan 90 days following hire date with an initial deferral contribution of 3% of eligible compensation, unless the employee elects a different deferral contribution percentage or declines to participate. The initial deferral contribution percentage for those participants automatically enrolled into the Plan increases annually by 1% (up to a maximum of 10%), unless elected otherwise by the participant.

**Contributions**

Participants may contribute up to 50% of eligible compensation into the Plan on a pre-tax basis and/or make Roth 401(k) contributions on an after-tax basis, subject to federal limits. Participants aged 60 through 63 are eligible for "super catch-up" contributions. Additionally, participants attaining the age of 50 by the end of a Plan year can make additional "catch-up" contributions. Participating employers make matching contributions per payroll cycle and all employer contributions are discretionary, as determined by the Company.

Participants may contribute eligible rollovers from other qualified defined benefit plans, defined contribution plans and individual retirement accounts.

#### 4
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**RELIANCE, INC. MASTER 401(K) PLAN**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025 and 2024**

**Participant Accounts**

Each participant's account is credited with the participant's contributions, employer contributions and allocation of investment earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Participants direct the investment of their account balances into various investment funds offered by the Plan.

**Vesting**

Participants are immediately vested in their accounts with respect to participant contributions, eligible rollovers and earnings thereon. Participants vest in Company contributions and earnings thereon based upon the following schedule:

---

| | |
|:---|:---|
| **Years of Service** | **Vested Percentage** |
| Less than 1 | 0% |
| 1 | 25% |
| 2 | 50% |
| 3 | 75% |
| 4 or more | 100% |

---

**Payment of Benefits** 

Upon retirement, disability, death, or termination of service, a participant is eligible to receive a lump-sum amount equal to the value of the vested interest in his or her account. Installment payment options are also available. Other withdrawals from participants' account balances may be made under certain circumstances, as defined in the Plan document. The Plan includes certain automatic distribution provisions for participants with small account balances.

**Forfeitures**

For the year ended December 31, 2025, forfeited employer contributions totaled $2,170,563. Forfeitures used to reduce the Company's contributions during 2025 were $2,166,782. As of December 31, 2025 and 2024, the Plan held $285,444 and $256,433, respectively, of forfeited nonvested account balances that will be used to reduce future Company contributions.

**Notes Receivable from Participants**

Participants generally may borrow from their accounts up to the lesser of $50,000 or 50% of their vested account balance. Loans are secured by the respective participant's vested account balance and are subject to interest charges. Interest rates applicable to new notes are determined by the Plan Administrator on the first day of each calendar quarter based on prevailing market rates. Loans are repaid ratably through periodic payroll deductions over a term not exceeding five years for general purpose loans and up to ten years for the purchase of a primary residence. The Plan holds notes from transferred plans whose maturities exceed ten years. As of December 31, 2025, notes receivable from participants had interest rates that ranged from 3.25% to 10.50% and maturities through August 2040. Interest earned is recorded on an accrual basis in "Interest on notes receivable from participants" in the accompanying statement of changes in net assets available for benefits. Unpaid loans determined to be in default under the terms of the notes are deemed to be distributed in accordance with the provisions of the Plan document and included in "Benefits paid" in the accompanying statement of changes in net assets available for benefits.

#### 5
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**RELIANCE, INC. MASTER 401(K) PLAN**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025 and 2024**

**Administrative Expenses**

Participant loan initiation and maintenance fees, as well as certain other transaction-based fees, are charged directly to the accounts of applicable participants.

Recordkeeping fees and certain other administrative expenses are paid by the Company to the extent they are not offset by amounts in a suspense account that receives float income from Fidelity. Any unapplied balance in the suspense account is carried forward and used to reduce plan expenses paid by the Company.

For the year ended December 31, 2025, $187,150 of float income from Fidelity is included in "Interest and dividends" in the statement of changes in net assets. Total administrative expenses of $394,333 included $110,000 applied from the suspense account.

Audit and legal expenses relating to the Plan are not reflected in the accompanying financial statements, as they are paid by the Company.

**Revenue Sharing Program**

The Plan receives investment funds administrative revenue credits through its participation in Fidelity's revenue sharing program which are reflected in "Revenue sharing program credits" in the statement of changes in net assets available for benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation**

The accompanying financial statements of the Plan are prepared under the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Investments are reported at fair value.

**Investment Valuation and Income Recognition**

The Plan has investments in registered investment companies (mutual funds), commingled funds, a common collective trust, a unitized Reliance common stock fund and participant-directed brokerage accounts through Fidelity BrokerageLink<sup>®</sup>. Mutual funds and common stock are stated at fair value based on the quoted market price of the funds or common stock held. The investments in commingled funds and a common collective trust are stated at net asset value ("NAV") of the shares held by the Plan as a practical expedient to estimate fair value. The investments offered through Fidelity BrokerageLink<sup>®</sup> include interest-bearing cash, common stocks, mutual funds and exchange traded funds, which are stated at fair value based on quoted market prices in active markets. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.

Included in interest income are earnings the Plan receives from overnight investment of amounts awaiting trade settlement or clearing of disbursements. Such amounts are deposited in a suspense account which are used to pay recordkeeping fees and other Plan expenses. See *Note 1—* "*Administrative Expenses"* for further details of interest income received from Fidelity.

The Plan holds shares in commingled pools, managed by Fidelity and other sponsors. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value and there are generally no restrictions on a participant's ability to redeem at the fund's NAV.

#### 6
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**RELIANCE, INC. MASTER 401(K) PLAN**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025 and 2024**

The Plan has an investment in the Fidelity Managed Income Portfolio II Class 2 ("MIP"), a stable value fund held within a common collective trust, which has entered into fully benefit-responsive investment contracts to provide preservation of principal, maintain a stable interest rate and provide liquidity at contract value for participant withdrawals and transfers. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value.

Generally, there are no restrictions on a participant's ability to redeem their investment in the commingled pools and common collective trust at the investment's NAV. However, withdrawals prompted by certain events (e.g., the termination of the commingled pools or MIP and changes in laws or regulations) may restrict a participant's ability to redeem the investment at its NAV. There are no unfunded commitments with respect to these investments.

Cash and cash equivalents include interest-bearing cash and a money market fund.

**Net Appreciation (Depreciation) in Fair Value of Investments**

Realized and unrealized appreciation (depreciation) in fair value of investments is based on the difference between the fair value of the assets at the beginning of the year, or at the time of purchase for assets purchased during the year, and the related fair value on the day investments are sold with respect to realized appreciation (depreciation), or on the last day of the year for unrealized appreciation (depreciation).

Realized and unrealized appreciation (depreciation) in fair value of investments is presented in the accompanying statement of changes in net assets available for benefits as net appreciation in fair value of investments.

**Risks and Uncertainties**

The Plan invests in various funds that hold investment securities. Investment securities are exposed to various risks such as interest rate, market volatility and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risk in the near term would materially affect participants' account balances and the amounts reported in the financial statements.

**Use of Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could materially differ from those estimates.

**Benefit Payments**

Benefits to participants and beneficiaries are recorded when paid.

**Subsequent Events**

Plan management evaluates subsequent events through the date the financial statements are issued.

#### 7
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**RELIANCE, INC. MASTER 401(K) PLAN**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025 and 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **RELIANCE, INC. STOCK FUND** 

Participants may invest in certain investments offered by the Trustee, including a unitized Reliance common stock fund that consists principally of Reliance, Inc. common stock and interest-bearing cash that provides liquidity for trading. As of December 31, 2025 and 2024, the Plan held approximately 867,630 and 924,758 units of the Reliance, Inc. Stock Fund with fair values of $182,897,445 and $181,839,940, respectively.

The assets and liabilities of the Reliance, Inc. Stock Fund were as follows:

---

| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
| Reliance, Inc. common stock (608,179 shares as of December 31, 2025 and 648,334 shares as of December 31, 2024) | $175684668 | $174570413 |
| Interest-bearing cash | 7215987 | 7201880 |
| Other receivables | 35143 | 70320 |
| Other payables | (38353) | (2673) |
|  | $182897445 | $181839940 |

---

Risks and uncertainties regarding an investment in Reliance common stock can be found in "Item 1A. Risk Factors" of Reliance, Inc. Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **FAIR VALUE MEASUREMENTS** 

Fair value is the price that would be received to sell the investment in an orderly transaction between market participants (an exit price). The FASB Accounting Standards Codification establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). All investments measured within the fair value hierarchy are classified as Level 1. The Plan does not hold Level 2 or Level 3 investments.

The following tables set forth by level, within the fair value hierarchy, the Plan's investment assets at fair value as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **December 31, 2025** | **Level 1** | **Total** |
| Cash and cash equivalents | $71423123 | $71423123 |
| Mutual funds | 204750352 | 204750352 |
| Reliance, Inc. common stock | 175684668 | 175684668 |
| Self-directed brokerage accounts | 17198004 | 17198004 |
| Total assets in the fair value hierarchy | 469056147 | 469056147 |
| Commingled funds measured at NAV |  | 1322012995 |
| Common collective trust measured at NAV |  | 24602971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $469056147 | $1815672113 |

---

#### 8
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**RELIANCE, INC. MASTER 401(K) PLAN**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
| **December 31, 2024** | **Level 1** | **Total** |
| Cash and cash equivalents | $74205456 | $74205456 |
| Mutual funds | 204803986 | 204803986 |
| Reliance, Inc. common stock | 174570413 | 174570413 |
| Self-directed brokerage accounts | 12149292 | 12149292 |
| Total assets in the fair value hierarchy | 465729147 | 465729147 |
| Commingled funds measured at NAV |  | 1128780183 |
| Common collective trust measured at NAV |  | 29758048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $465729147 | $1624267378 |

---

Investments in mutual funds, common stock and self-directed brokerage accounts are measured at fair value based on quoted market prices of the underlying investments in active markets. Cash and cash equivalents include a money market fund that is measured at fair value based on a quoted market price in an active market and interest-bearing cash with a carrying amount that approximates fair value. Investments in commingled funds and a common collective trust are measured at fair value using NAV as a practical expedient. The fair value of these assets is excluded from the fair value hierarchy and is presented in the tables above to permit reconciliation of the investments classified within the fair value hierarchy to the total investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **RELATED PARTY AND PARTY-IN-INTEREST TRANSACTIONS** 

Certain of the Plan's investments include shares in mutual funds, commingled funds and an interest in a common collective trust that are managed by the Trustee. The Plan also invests in shares of Reliance, Inc. common stock through the unitized Reliance common stock fund. The unitized Reliance common stock fund received $3,031,535 of dividends from Reliance, Inc. in 2025. These transactions, along with investment and fee-related transactions, participant loans, and the Plan's participation in Fidelity's revenue sharing program qualify as exempt party-in-interest transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **INCOME TAX STATUS** 

The Plan received a determination letter from the Internal Revenue Service ("IRS") dated June 13, 2019 confirming the tax qualification status of the Plan. Although the Plan has been amended since the date of this letter, the Plan Administrator believes the Plan is currently operating in compliance with the applicable requirements of the Internal Revenue Code and therefore is tax qualified.

U.S. GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination. Plan management has concluded that, as of December 31, 2025 and 2024, there were no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax years in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **PLAN TERMINATION** 

Although it has not expressed any intent to do so, the Company has the right under the Plan to amend or terminate the Plan at any time, subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested with respect to Company contributions.

#### 9
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**RELIANCE, INC. MASTER 401(K) PLAN**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025 and 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **NONEXEMPT TRANSACTIONS** 

Certain participant contributions and loan repayments for the year ended December 31, 2025 were not remitted to the Plan within the timeframe specified by the Department of Labor Regulation 29 CFR §2510.3-102 and, accordingly, constitute nonexempt transactions between the Plan and the Company.

Total delinquent contributions for 2025 amounted to $2,606, of which $56 were corrected during 2025 and $2,550 were corrected subsequent to year end.

Certain delinquent participant contributions identified in the 2024 plan year were corrected during 2025.

As of the Form 5500 filing date, all such amounts have been corrected. The Company remitted applicable lost earnings to the affected participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500** 

The following are reconciliations of net assets and changes in net assets available for benefits as reported on Form 5500 with that reported in the accompanying financial statements:

---

| | | |
|:---|:---|:---|
| **December 31,** | **2025** | **2024** |
| Net assets available for benefits as reported on the Form 5500 | $1848568908 | $1653223283 |
| &nbsp;&nbsp;Adjustment from fair market value per Trustee to NAV for the MIP | 680929 | 1707480 |
| Net assets available for benefits | $1849249837 | $1654930763 |

---

---

| | |
|:---|:---|
| **Year Ended December 31,** | **2025** |
| Net income as reported on the Form 5500 | $158604006 |
| Investments: |  |
| &nbsp;&nbsp;Adjustment from fair market value per Trustee to NAV for the MIP  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | (1707480) |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | 680929 |
| Net increase before transfers | $157577455 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **SUBSEQUENT EVENT** 

On January 1, 2026, non-union participants of the Mid-West Materials, Inc. Employees 401(k) Profit Sharing Plan and Trust (EIN:34-0793643) with net assets of approximately $2.3 million (unaudited) merged into the Plan. Participant balances transferred into the Plan and eligible employees of Mid-West Materials, Inc. not covered by a collective bargaining agreement became eligible to participate in the Plan and were credited with prior service for vesting.

#### 10
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**RELIANCE, INC. MASTER 401(K) PLAN**

**SCHEDULE H, LINE 4a – SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS**

**Year Ended December 31, 2025**

Employer Identification Number: 95-1142616

Plan Number: 003

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Total that Constitute Nonexempt Prohibited Transactions** | **Total that Constitute Nonexempt Prohibited Transactions** | **Total that Constitute Nonexempt Prohibited Transactions** | |
| | <br>**Participant Contributions Transferred**<br>**Late to the Plan** | | | | |
| <br>**Year** | **Check Here if Late Participant Loan**<br>**Repayments are Included** ⌧ | <br>**Contributions**<br>**Not**<br>**Corrected** | <br>**Contributions**<br>**Corrected**<br>**Outside VFCP** | <br>**Contributions**<br>**Pending**<br>**Correction in**<br>**VFCP** | <br>**Total Fully**<br>**Corrected**<br>**Under**<br>**VFCP and PTE**<br>**2002-51** |
| 2025 | $2,606 | $2,550 | $56 | ***—*** | ***—*** |
| 2024 | $1,112 | ***—*** | $1,112  | ***—*** | ***—*** |

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#### 11
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| |
|:---|
| **RELIANCE, INC. MASTER 401(K) PLAN**<br>**SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)**<br>**December 31, 2025**<br>Employer Identification Number: 95-1142616 |
| Plan Number: 003 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**(a)** | <br>**(b)**<br>**Identity of Issue, Borrower,**<br>**Lessor or Similar Party** | **(c)**<br>**Description of Investment,**<br>**Including Maturity Date,**<br>**Rate of Interest, Collateral,**<br>**(d)**<br>**Par or Maturity Value** | <br>**(e)**<br>**Current**<br>**Value** |
|  | ***Mutual funds:*** |  |  |
|  | Hartford Small Company HLS Fund Class IA | 3,652,366 shares<br> *a* | $72828183 |
|  | MFS Value Fund Class R6 | 1,128,261 shares<br> *a* | 56311507 |
|  | PIMCO Total Return Institutional Class | 3,986,407 shares<br> *a* | 35319567 |
|  | Victory Sycamore Small Company Opportunity | 469,268 shares<br> *a* | 21323516 |
| \* | Fidelity<sup>®</sup> U.S. Bond Index Fund | 779,743 shares<br> *a* | 8234084 |
|  | BlackRock High Yield Bond Portfolio Institutional Shares | 801,046 shares<br> *a* | 5783552 |
| \* | Fidelity<sup>®</sup> Inflation-Protected Bond Index Fund | 272,876 shares<br> *a* | 2488631 |
|  | DFA Global Real Estate Securities Portfolio | 164,180 shares<br> *a* | 1718964 |
|  | Vanguard Total International Bond Index Fund | 38,344 shares<br> *a* | 742348 |
|  |  | *Total mutual funds:* | 204750352 |
|  | ***Commingled funds:*** |  |  |
| \* | Spartan 500 Index Pool Class E | 562,048 shares<br> *a* | 182693731 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2030 Commingled Pool Class S | 5,772,778 shares<br> *a* | 175146086 |
|  | Commingled Pension Trust Fund (Large Cap Growth) of JPMorgan Chase Bank, N.A. | 1,234,470 shares<br> *a* | 156493790 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2035 Commingled Pool Class S | 4,053,092 shares<br> *a* | 139588483 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2040 Commingled Pool Class S | 3,435,341 shares<br> *a* | 126970195 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2025 Commingled Pool Class S | 3,619,435 shares<br> *a* | 104131147 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2045 Commingled Pool Class S | 2,707,363 shares<br> *a* | 102988080 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2050 Commingled Pool Class S | 2,370,482 shares<br> *a* | 88869381 |
| \* | Fidelity<sup>®</sup> Diversified International Commingled Pool Class A | 2,277,054 shares<br> *a* | 54649302 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2055 Commingled Pool Class S | 1,280,261 shares<br> *a* | 51492104 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2020 Commingled Pool Class S | 1,685,823 shares<br> *a* | 44168568 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2060 Commingled Pool Class S | 1,055,439 shares<br> *a* | 28454622 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2065 Commingled Pool Class S | 776,838 shares<br> *a* | 15925178 |
| \* | Spartan Total International Index Pool Class E | 97,851 shares<br> *a* | 14019113 |
| \* | Spartan Extended Market Index Pool Class E | 66,205 shares<br> *a* | 12606002 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2015 Commingled Pool Class S | 469,467 shares<br> *a* | 11811789 |
| \* | Fidelity Freedom Blend Retirement Fund Class S | 320,648 shares<br> *a* | 5964046 |
| \* | Fidelity Freedom<sup>®</sup> Blend 2010 Commingled Pool Class S | 242,495 shares<br> *a* | 5657407 |
| \* | Fidelity Freedom® Blend 2070 Commingled Pool Class S | 31,041 shares<br> *a* | 383971 |
|  |  | *Total commingled funds:* | $1322012995 |

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#### 12
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**RELIANCE, INC. MASTER 401(K) PLAN**

**SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)**

**December 31, 2025**

Employer Identification Number: 95-1142616

Plan Number: 003

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**(a)** | <br>**(b)**<br>**Identity of Issue, Borrower,**<br>**Lessor or Similar Party** | **(c)**<br>**Description of Investment,**<br>**Including Maturity Date,**<br>**Rate of Interest, Collateral,**<br>**Par or Maturity Value** | <br>**(d)**<br>**Cost** | <br>**(e)**<br>**Current**<br>**Value** |
|  | ***Cash and cash equivalents:*** |  |  |  |
|  | &nbsp;&nbsp;Gabelli Funds | Gabelli US Treasury Money Market Fund | *a* | $64207136 |
| \* | &nbsp;&nbsp;Fidelity Investments | Interest-bearing cash | *a* | 7215987 |
|  |  | *Total cash and cash equivalents:* | *Total cash and cash equivalents:* | 71423123 |
|  | ***Common stock:*** |  |  |  |
| \* | &nbsp;&nbsp;Reliance, Inc. | 608,179 shares | *a* | 175684668 |
|  | ***Self-directed brokerage accounts:*** |  |  |  |
| \* | &nbsp;&nbsp;Fidelity Investments | Fidelity BrokerageLink<sup>®</sup> | *a* | 17198004 |
|  | ***Common collective trust:*** |  |  |  |
| \* | &nbsp;&nbsp;Fidelity Investments | Fidelity Managed Income Portfolio II Class 2 | *a* | 23922042 |
|  | ***Notes receivable from participants:*** |  |  |  |
|  |  | Notes receivable from participants with |  |  |
|  |  | interest rates ranging from 3.25% to  |  |  |
|  |  | 10.50%, collateralized by participants'  |  |  |
|  |  | account balance and maturing through |  |  |
| \* | &nbsp;&nbsp;Notes receivable from participants | August 2040 |  | 33644234 |
|  |  | *Total:* | *Total:* | $1848635418 |

---

\* Represents a party-in-interest as defined by ERISA.

*a* The cost of participant-directed investments is not required to be disclosed.

#### 13
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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the members of the Reliance, Inc. Benefits Committee have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

RELIANCE, INC. MASTER 401(K) PLAN

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| |
|:---|
| /s/ Arthur Ajemyan |
| Arthur Ajemyan |
| Member of the Reliance, Inc. Benefits Committee |

---

June 16, 2026

#### 14
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**EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 23.1 | [Consent of Independent Registered Public Accounting Firm—Grant Thornton LLP.](rs-20251231xex23d1.htm) |
| 101  | The following financial information from Reliance, Inc. Master 401(k) Plan's Annual Report on Form 11-K for the fiscal year ended December 31, 2025 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Statements of Net Assets Available for Benefits, (ii) the Statement of Changes in Net Assets Available for Benefits, and (iii) related notes to these financial statements. |
| 104 | Cover page interactive data file formatted as Inline XBRL (included in Exhibit 101). |

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#### 15

## Exhibit 23.1

**EXHIBIT 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated June 16, 2026, with respect to the financial statements and supplemental information included in the Annual Report of Reliance, Inc. Master 401(k) Plan on Form 11-K for the year ended December 31, 2025. We consent to the incorporation by reference of said report in the Registration Statement of Reliance, Inc. on Form S-8 (File No. 333-147226).

/s/ GRANT THORNTON LLP

Bellevue, Washington

June 16, 2026

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