# EDGAR Filing Document

**Accession Number:** 0000723603
**File Stem:** 0000950170-25-088317
**Filing Date:** 2025-6
**Character Count:** 29402
**Document Hash:** 4ecd3370970fbb4927331771c7cb61d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-088317.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000950170-25-088317

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CULP INC
- **CENTRAL INDEX KEY:** 0000723603
- **STANDARD INDUSTRIAL CLASSIFICATION:** BROADWOVEN FABRIC MILLS, COTTON [2211]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 561001967
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12597
- **FILM NUMBER:** 251060078

**BUSINESS ADDRESS:**
- **STREET 1:** 410 W. ENGLISH ROAD 5TH FLOOR
- **CITY:** HIGH POINT
- **STATE:** NC
- **ZIP:** 27262
- **BUSINESS PHONE:** 3368895161

**MAIL ADDRESS:**
- **STREET 1:** 410 W. ENGLISH ROAD 5TH FLOOR
- **CITY:** HIGH POINT
- **STATE:** NC
- **ZIP:** 27262

?xml version='1.0' encoding='ASCII'? 11-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 11-K

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 **(Mark One)** 

**☒** **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended** **December 31,** 2024

**OR** 

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO** 

**Commission File Number 1-12597**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Full title of the plan and the address of the plan, if different from that of the issuer named below:** 

**CULP, INC. EMPLOYEES' RETIREMENT PLAN**

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

CULP, INC.

**410 W. English Road 5**<sup>th</sup> **Floor**

**High Point, North Carolina 27262**

**Telephone Number: (336) 889-5161**

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**CULP, INC.**

**FORM 11K REPORT**

**TABLE OF CONTENTS**

<u>Page</u>

---

| | |
|:---|:---|
| [<u>Report of Independent Registered Public Accounting Firm</u>](#audit_opinion) | 3 |
| [<u>Statements of Net Assets Available for Benefits</u>](#statement_net_assets) | 5 |
| [<u>Statements of Changes in Net Assets Available for Benefits</u>](#statement_changes_net_assets) | 6 |
| [<u>Notes to Financial Statements</u>](#notes_to_financial_statements) | 7 |
| [<u>Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</u>](#schedule_h_line_4i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| [<u>Exhibit Index</u>](#exhibit_index) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| [<u>Signatures</u>](#signatures) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |

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<sup>2</sup>

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**Report of Independent Registered Public Accounting Firm**

To the Plan Participants and Retirement Committee of the

Culp, Inc. Employees' Retirement Builder Plan

High Point, North Carolina

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the Culp, Inc. Employees' Retirement Builder Plan (the "Plan") as of December 31, 2024 and 2023, the related statements of changes in net assets available for benefits for the years ended December 31, 2024, 2023, 2022 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, 2024 and 2023, and the changes in net assets available for benefits for the years ended December 31, 2024, 2023, and 2022 in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these 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.

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 schedule of assets (held at end of year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan's 2024 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 2024 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 2024 financial statements as a whole.

We have served as the Plan's auditor since 2022.

/s/ GreerWalker LLP

June 18, 2025

<sup>3</sup>

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Charlotte, North Carolina

<sup>4</sup>

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**CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN**

**STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS**

**DECEMBER 31, 2024 AND 2023**

---

| | | |
|:---|:---|:---|
| **ASSETS** | **2024** | **2023** |
| Investments, at fair value (Note C) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment companies | $40077354 | $36961195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common and collective trust fund | 3472715 | 3703050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Culp, Inc. common stock | 1153883 | 968890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market fund | 43493 | 42054 |
|  | 44747445 | 41675189 |
| Receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | - | 34835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant contributions | - | 66888 |
|  | - | 101723 |
| NET ASSETS AVAILABLE FOR BENEFITS | $44747445 | $41776912 |

---

<sup>5</sup>

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**CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN**

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

**YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022**

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| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
| **CHANGES IN NET ASSETS ATTRIBUTED TO :** |  |  |  |
| &nbsp;&nbsp;Investment income (loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation (depreciation) in fair value of investments | $2257892 | $3638951 | $(9641415) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 2413506 | 1839727 | 1935370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income (loss) | $4671398 | $5478678 | $(7706045) |
| &nbsp;&nbsp;Contributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer | 1059697 | 1053752 | 1043341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant | 1886013 | 1989324 | 1863552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct rollovers | 346981 | 153232 | 177454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 3292691 | 3196308 | 3084347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits paid to participants | (4865107) | (7550692) | (3782664) |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses (Note E) | (128449) | (121994) | (113530) |
| Net increase (decrease) | 2970533 | 1002300 | (8517892) |
| NET ASSETS AVAILABLE FOR BENEFITS |  |  |  |
| &nbsp;&nbsp;Beginning of year | 41776912 | 40774612 | 49292504 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $44747445 | $41776912 | $40774612 |

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<sup>6</sup>

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**NOTE A - DESCRIPTION OF PLAN** 

The following description of the Culp, Inc. Employees' Retirement Builder Plan (the "Plan") provides only general information. Participants should refer to the summary plan description for a more complete description of the Plan's provisions.

<u>General</u>

The Plan is a defined contribution plan covering all full-time employees of Culp, Inc., and its subsidiaries (the "Company") who have three months of continuous service and are at least 21 years of age. Employees who elect to participate in the Plan may do so in the next available payroll period. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").

<u>Contributions</u>

Each year, participants may contribute compensation, as defined in the Plan document, subject to certain Internal Revenue Code ("IRC") limitations. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers various registered investment company funds, one common and collective trust fund, and Culp, Inc. common stock as investment options for participants. The Company makes matching safe harbor contributions equal to 100% of the participant's contribution up to the first 4% of annual compensation contributed to the Plan. An employee who is eligible to participate in the Plan but does not either affirmatively elect to decline participation or designate a specified amount to be contributed to the Plan, is required to have their compensation reduced by 3%, which is in turn contributed into the Plan's MassMutual Select T. Rowe Price Retirement Series.

Employees who elect to participate in the Plan are required to contribute at least 2% of their annual compensation to the Plan.

Additional profit-sharing amounts may be contributed at the option of the Company. No profit-sharing contributions were made during the years ended December 31, 2024, 2023, or 2022.

<u>Participant Accounts</u>

Each participant's account is credited with the participant's contributions and Company matching contributions, as well as allocations of (a) the Company's profit-sharing contributions, (b) Plan earnings, and (c) Plan administrative expenses. Allocations are based on participant earnings, account balances, or specific transactions, as defined in the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

<u>Vesting</u>

Participants are immediately vested in their own voluntary contributions and the Company's matching contributions plus actual earnings thereon.

<u>Notes Receivable from Participants</u>

Notes receivable from participants are not permitted by the Plan.

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<u>Payment of Benefits</u>

Upon termination of service due to death, disability, retirement, or other reasons as defined by the Plan, participants may receive a lump-sum distribution equal to the value of the participant's vested interest in the Plan. In-service distributions may be made to participants who have reached age 59 1/2. Withdrawals from the Plan may also be made upon circumstances of financial hardship, in accordance with provisions specified by the Plan.

**NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u>Basis of Accounting</u>

The financial statements of the Plan are prepared under the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP").

<u>Investment Valuation and Income Recognition</u>

The Plan's investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation or depreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.

<u>Use of Estimates</u>

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and changes therein, and disclosures. Actual results could differ from those estimates.

<u>Contributions</u>

Contributions from participants are recorded as they are withheld from the participants' wages. Contributions from the Employer are recorded in the period in which the related participant contributions are due.

<u>Payment of Benefits</u> 

Benefits are recorded when paid.

<u>Administrative Expenses</u>

Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. Investment related expenses are included in net appreciation (depreciation) in fair value of investments.

**NOTE C - FAIR VALUE MEASUREMENTS**

The Financial Accounting Standards Board issued a statement that defines fair value and 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 the highest priority to quoted market prices in active

<sup>8</sup>

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markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of fair value hierarchy are described as follows:

Level 1 - Quoted market prices in active markets for identical assets and liabilities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 - Inputs other than level 1 inputs that are either directly or indirectly observable, and

Level 3 - Unobservable inputs developed using the company's estimates and assumptions, which reflect those a market participant would use.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. There have been no changes in the methodologies used during the years ended December 31, 2024, 2023, and 2022, respectively.

<u>Registered Investment Companies</u>

Valued at the daily closing price as reported by the fund. The funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

<u>Common and Collective Trust Fund</u>

This investment is valued using the NAV as a practical expedient and is not classified in the fair value hierarchy. There are no participant redemption restrictions for this investment; the redemption notice period is applicable only to the Plan.

The following tables present information for which the NAV per share practical expedient was used:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Net Asset Value used as a practical expedient as of December 31, 2024: | Net Asset Value used as a practical expedient as of December 31, 2024: | Net Asset Value used as a practical expedient as of December 31, 2024: | Net Asset Value used as a practical expedient as of December 31, 2024: |
|  |  |  | Redemption |  |
|  |  | Unfunded | Frequency | Redemption |
| Description | Fair Value | Commitments | (If Currently Eligible) | Notice Period |
| Invesco Stable Value Trust Fund | $3472715 | N/A | Daily | 12 months |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Net Asset Value used as a practical expedient as of December 31, 2023: | Net Asset Value used as a practical expedient as of December 31, 2023: | Net Asset Value used as a practical expedient as of December 31, 2023: | Net Asset Value used as a practical expedient as of December 31, 2023: |
|  |  |  | Redemption |  |
|  |  | Unfunded | Frequency | Redemption |
| Description | Fair Value | Commitments | (If Currently Eligible) | Notice Period |
| Invesco Stable Value Trust Fund | $3703050 | N/A | Daily | 12 months |

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<sup>9</sup>

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<u>Culp, Inc. Common Stock</u>

This investment is valued at the closing price reported on the New York Stock Exchange, which is the active market in which the individual security is traded. This investment is classified within Level 1 of the valuation hierarchy.

The Plan held 196,376 shares and 167,314 shares of the Company's common stock as of December 31, 2024, and 2023, respectively. The cost basis of these shares of the Company's common stock was $1,253,261 and $1,188,047 as of December 31, 2024, and 2023, respectively.

<u>Money Market Fund</u>

This investment is a public investment vehicle valued using $1 for the NAV. The money market fund is classified within Level 2 of the valuation hierarchy.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following tables present information about assets and liabilities measured at fair value on a recurring basis:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair value measurements as of December 31, 2024, using: | Fair value measurements as of December 31, 2024, using: | Fair value measurements as of December 31, 2024, using: | Fair value measurements as of December 31, 2024, using: |
|  | Quoted prices | Significant |  |  |
|  | in active | other | Significant |  |
|  | markets for | observable | unobservable |  |
|  | identical assets | inputs | inputs |  |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Registered investment companies | $40077354 |  |  | $40077354 |
| Culp, Inc. common stock | $1153883 |  |  | $1153883 |
| Money market fund |  | $43493 |  | $43493 |
| Total investments in the fair value hierarchy | $41231237 | $43493 | $— | $41274730 |
| Investments at net asset value, as a practical expedient: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common and collective trust fund |  |  |  | $3472715 |
| Total investments at fair value |  |  |  | $44747445 |

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<sup>10</sup>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair value measurements as of December 31, 2023, using: | Fair value measurements as of December 31, 2023, using: | Fair value measurements as of December 31, 2023, using: | Fair value measurements as of December 31, 2023, using: |
|  | Quoted prices | Significant |  |  |
|  | in active | other | Significant |  |
|  | markets for | observable | unobservable |  |
|  | identical assets | inputs | inputs |  |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Registered investment companies | $36961195 |  |  | $36961195 |
| Culp, Inc. common stock | $968890 |  |  | $968890 |
| Money market fund |  | $42054 |  | $42054 |
| Total investments in the fair value hierarchy | $37930085 | $42054 | $— | $37972139 |
| Investments at net asset value, as a practical expedient: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common and collective trust fund |  |  |  | $3703050 |
| Total investments at fair value |  |  |  | $41675189 |

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**NOTE D - EXEMPT PARTY-IN-INTEREST TRANSACTIONS**

During the years ended December 31, 2024, 2023, and 2022, Plan investments include shares of the Company's common stock and therefore, transactions associated with the Company's common stock qualify as party-in-interest.

Commencing on January 1, 2021, Empower Retirement, a wholly owned subsidiary of Great West Life & Annuity Insurance Company has served as Plan administrator during the years ended December 31, 2024, 2023, and 2022.

**NOTE E – ADMINISTRATIVE EXPENSES**

Administrative fees paid directly by the Plan to Raymond James Financial Services for investment advisory and other administrative services were $86,499, $82,400, and $86,965 during the years ended December 31, 2024, 2023 and 2022, respectively.

Administrative fees paid directly by the Plan to Smith Leonard PLLC for audit services were $1,000, $2,000 and $15,000 during the years ended December 31, 2024, 2023, and 2022, respectively.

Administrative fees paid directly by the Plan to GreerWalker LLP for audit services were $27,000 and $25,000 during the years ended December 31, 2024 and 2023, respectively.

Administrative fees paid directly by the Plan to Empower Annuity Insurance Company of America were $13,950, $12,594 and $7,025, during the years ended December 31, 2024, 2023 and 2022, respectively.

Administrative fees paid directly by the Plan to Great-West Life & Annuity Insurance Company was $4,540 during the year ended December 31, 2022.

**NOTE F - PLAN TERMINATION**

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.

<sup>11</sup>

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**NOTE G - TAX STATUS**

The Plan has adopted a prototype plan document sponsored by the Plan's trustee. The Internal Revenue Service has determined and informed the Plan's trustee by a letter dated June 30, 2020, that the Plan is designed and in compliance with the applicable requirements of the IRC. The Plan administrator and the Plan's tax counsel believe that the Plan is designed and currently being operated in compliance with the applicable requirements of the IRC and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.

GAAP requires 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 by the taxing authorities. The Plan has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024, and 2023, there are no uncertain 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 of any tax periods in progress.

**NOTE H - RISKS AND UNCERTAINTIES**

The Plan invests in various investment securities. Investment securities are exposed to various risks, such as inflation, unemployment, interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the

values of investment securities will occur in the near term and that such changes could materially affect the participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

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<sup>12</sup>

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**CULP, INC.** EMPLOYEES' RETIREMENT BUILDER PLAN

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

**EIN:** 56-1001967

**PLAN NUMBER:** 001

**December 31, 2024**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (a) | (b) Borrower, Lessor or Similar Party | (c) Description of Investment | (c) Description of Investment | (d) Cost \*\* | Value |
|  | MFS Moderate Allocation Fund | 306024 | units |  | 5878728 |
|  | Franklin Dynatech Fund | 31866 | units |  | 5564076 |
|  | MFS Value Fund | 94657 | units |  | 4584226 |
|  | MFS Total Return Fund | 195999 | units |  | 3706350 |
|  | Invesco Stable Value Trust Fund | 3472715 | units |  | 3472715 |
|  | MFS Growth Allocation Fund | 105810 | units |  | 2544734 |
|  | MFS Core Equity Fund | 47787 | units |  | 2415137 |
|  | MFS Aggressive Growth Allocation Fund | 61297 | units |  | 1819304 |
|  | American Century Mid Cap Value Fund | 110291 | units |  | 1707307 |
|  | MFS International Diversification Fund | 74553 | units |  | 1681927 |
|  | JP Morgan Small Cap Growth Fund | 73963 | units |  | 1308398 |
|  | MassMutual Select T. Rowe Price Retirement 2035 Fund | 81750 | units |  | 1305549 |
|  | Pioneer Bond Fund | 138422 | units |  | 1136444 |
|  | MassMutual Select T. Rowe Price Retirement 2045 Fund | 56022 | units |  | 931083 |
|  | DWS RREEF Real Estate Securities Fund | 39430 | units |  | 856030 |
|  | MFS Corporate Bond Fund | 67579 | units |  | 826487 |
|  | MassMutual Select T. Rowe Price Retirement 2055 Fund | 34266 | units |  | 581500 |
|  | MassMutual Select T. Rowe Price Retirement 2030 Fund | 37152 | units |  | 566201 |
|  | Lord Abbett Bond Debenture Fund | 70197 | units |  | 499806 |
|  | MassMutual Select T. Rowe Price Retirement 2050 Fund | 27798 | units |  | 452003 |
|  | MassMutual Select T. Rowe Price Retirement 2015 Fund | 29134 | units |  | 419818 |
|  | MassMutual Select T. Rowe Price Retirement 2040 Fund | 26026 | units |  | 402100 |
|  | MFS Conservative Allocation Fund | 24464 | units |  | 398268 |
|  | MassMutual Select T. Rowe Price Retirement 2060 Fund | 20346 | units |  | 371311 |
|  | MassMutual Select T. Rowe Price Retirement 2025 Fund | 8193 | units |  | 120356 |
|  | MassMutual Select T. Rowe Price Retirement 2020 Fund | 15 | units |  | 211 |
|  | Fidelity Colchester Street Trust Government Portfolio | 43493 | units |  | 43493 |
| \* | Culp, Inc. Common Stock | 196376 | units |  | 1153883 |
|  |  |  |  |  | $44747445 |

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\*Indicates party-in-interest.

\*\*Cost information omitted for participant-directed investments.

<sup>13</sup>

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Exhibit Description</u> |
| Exhibit 23.1 | [<u>Consent of Independent Registered Public Accounting Firm in connection with registration statement of Culp, Inc. on Form S-8 (File No. 33-13310)</u>](culp-ex23_1.htm) |

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<sup>14</sup>

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**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the plan administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

CULP, INC. EMPLOYEES' RETIREMENT BUILDER PLAN

By: Culp, Inc., Plan Administrator

By: The Culp, Inc. Retirement Committee

Date: June 20, 2025

<u>/s/ Robert G. Culp, IV</u>

Robert G. Culp, IV

<u>/s/ Kenneth R. Bowling</u>

Kenneth R. Bowling

<u>/s/Teresa A. Huffman</u>

Teresa A. Huffman

<sup>15</sup>

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## Exhibit 23.1

**EXHIBIT 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Retirement Committee of the

Culp, Inc. Employees' Retirement Builder Plan

High Point, North Carolina

We consent to the incorporation by reference in the Registration Statements No. 333-207195 on Form S-8 of Culp, Inc. Employee's Retirement Builder Plan (the "Plan") of our report dated June 18, 2025, with respect to the financial statements of net assets available for benefits of the Plan as of December 31, 2024 and 2023, the related statements of changes in net assets available for benefits for the years then ended, and the related and ERISA-required supplemental schedules as of December 31, 2024, which report appears in the December 31, 2024 annual report on Form 11-K of the Plan.

/s/ GreerWalker LLP

Charlotte, North Carolina

June 18, 2025

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