Discover Card Trusts Update Disclosures

TL;DR

Discover trusts filed an 8-K updating disclosures for credit card ABS as of Sept 30, 2025.

AI Summary

Discover Card Execution Note Trust, Discover Funding LLC, and Discover Card Master Trust I filed an 8-K on October 15, 2025, to update disclosures related to their asset-backed securities. The filing pertains to credit card asset classes and provides updated information for the period ending September 30, 2025.

Why It Matters

This filing provides updated information for investors and stakeholders in Discover Card's securitization trusts, ensuring transparency in the credit card asset-backed securities market.

Risk Assessment

Risk Level: low — The filing is an update to existing disclosures and does not appear to contain new material risks or events.

Key Players & Entities

• Discover Card Execution Note Trust (company) — Filer of the 8-K
• Discover Funding LLC (company) — Filer of the 8-K
• Discover Card Master Trust I (company) — Filer of the 8-K
• Discover Bank (company) — Associated entity for mailing and business addresses
• 20251015 (date) — Filing date of the 8-K
• 20250930 (date) — Period of report end date

FAQ

Key Financial Figures

• $27,250,898,267.37 — counts designated for the Trust totaled $27,250,898,267.37 and the total number of Accounts was 12
• $3,426 — , 2025, the average account balance was $3,426 (using 7,953,048 active accounts design
• $14,406 — month) and the average credit limit was $14,406. A. Current Composition and Distribut
• $000 — Credit Limit Receivables Outstanding ($000's) Percentage of Total Receivables
• $5,000.00 — Total Accounts Less than or equal to $5,000.00 $ 376,505 1.38 % 985,681 8.15 % $5,000
• $5,000.01 — 000.00 $ 376,505 1.38 % 985,681 8.15 % $5,000.01 to $10,000.00 $ 1,791,467 6.57 % 2,215,
• $10,000.00 — 505 1.38 % 985,681 8.15 % $5,000.01 to $10,000.00 $ 1,791,467 6.57 % 2,215,859 18.33 % $
• $10,000.01 — 0 $ 1,791,467 6.57 % 2,215,859 18.33 % $10,000.01 to $15,000.00 $ 4,447,381 16.32 % 3,914
• $15,000.00 — 6.57 % 2,215,859 18.33 % $10,000.01 to $15,000.00 $ 4,447,381 16.32 % 3,914,184 32.38 %
• $0.01 — o Balance $ 0 0.00 % 4,673,941 38.66 % $0.01 to $5,000.00 $ 6,106,711 22.41 % 5,415,

Filing Documents

• qtrly_dcmtxdcentxasofsepte.htm (8-K) — 128KB
• 0001407200-25-000036.txt ( ) — 130KB

01 Other Events

Item 8.01 Other Events Prior to January 1, 2016, Discover Bank, predecessor to Capital One, National Association (CONA), securitized the receivables (the Receivables) arising in a subset of the Discover card accounts (such subset, the Accounts) that it owned by transferring the Receivables directly to Discover Card Master Trust I (the "Trust") pursuant to a pooling and servicing agreement. Prior to January 1, 2016, the parties to the pooling and servicing agreement referred to above amended and restated that pooling and servicing agreement to provide for, among other things, the substitution of Discover Funding LLC ("Discover Funding") in the place of Discover Bank, in its capacity as Seller (now referred to as the Transferor) under the amended and restated pooling and servicing agreement. On and after January 1, 2016 but prior to May 18, 2025 (the "Merger Date"), Discover Bank sold the Receivables arising in the Accounts that it owned to Discover Funding pursuant to a receivables sale and contribution agreement and Discover Funding securitized the Receivables arising the Accounts by transferring the Receivables to Master Trust pursuant to the amended and restated pooling and servicing agreement referred to above. On the Merger Date, the parties to the receivables sale and contribution agreement referred to above amended and restated that receivables sale and contribution agreement, and the parties to the amended and restated pooling and servicing agreement referred to above further amended and restated the pooling and servicing agreement, to provide for, among other things, the substitution of CONA, as successor by merger, in the place of Discover Bank. As a result, on and after the Merger Date, CONA sells the Receivables arising in the Accounts that it owns to Discover Funding pursuant to the amended and restated receivables sale and contribution agreement and Discover Funding continues to securitize the Receivables arising in the Accounts by transferring th

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date October 15, 2025 Discover Funding LLC (as Depositor for Discover Card Master Trust I and Discover Card Execution Note Trust) By s Patricia S. Hall Name Patricia S. Hall Title Vice President, Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR