# EDGAR Filing Document

**Accession Number:** 0001645731
**File Stem:** 0001407200-25-000025
**Filing Date:** 2025-7
**Character Count:** 43939
**Document Hash:** c786763ef010ee654e5d24b03c19c046
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001407200-25-000025.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001407200-25-000025

**CONFORMED SUBMISSION TYPE**: 10-D

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Discover Card Execution Note Trust
- **CENTRAL INDEX KEY:** 0001407200
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 510020270
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-141703-02
- **FILM NUMBER:** 251123388

**BUSINESS ADDRESS:**
- **STREET 1:** C/O DISCOVER BANK
- **STREET 2:** 800 PRIDES CROSSING SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
- **BUSINESS PHONE:** 3023237315

**MAIL ADDRESS:**
- **STREET 1:** C/O DISCOVER BANK
- **STREET 2:** 800 PRIDES CROSSING SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Discover Funding LLC
- **CENTRAL INDEX KEY:** 0001645731
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 474047337
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-205455
- **FILM NUMBER:** 251123390

**BUSINESS ADDRESS:**
- **STREET 1:** 800 PRIDES CROSSING
- **STREET 2:** SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
- **BUSINESS PHONE:** 303-323-7315

**MAIL ADDRESS:**
- **STREET 1:** 800 PRIDES CROSSING
- **STREET 2:** SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DISCOVER CARD MASTER TRUST I
- **CENTRAL INDEX KEY:** 0000894329
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 510020270
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-23108
- **FILM NUMBER:** 251123389

**BUSINESS ADDRESS:**
- **STREET 1:** C/O DISCOVER BANK
- **STREET 2:** 800 PRIDES CROSSING SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
- **BUSINESS PHONE:** 3023237315

**MAIL ADDRESS:**
- **STREET 1:** C/O DISCOVER BANK
- **STREET 2:** 800 PRIDES CROSSING SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 10-D**

**ASSET-BACKED ISSUER**

**DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the monthly distribution period from June 1, 2025 to June 30, 2025

___________________________

---

| | | | |
|:---|:---|:---|:---|
| Commission File Numbers:<br>333-141703-02 | Commission File Numbers:<br>000-23108 | Commission File Number:<br>333-205455 | Commission File Numbers:<br>N/A |
| Central Index Key Number: 0001407200 | Central Index Key Number: 0000894329 | Central Index Key Number: 0001645731 | Central Index Key Number: 0000047288 |
| **DISCOVER CARD EXECUTION** <br>**NOTE TRUST** | **DISCOVER CARD**<br>**MASTER TRUST I** | **DISCOVER FUNDING LLC** | **CAPITAL ONE, NATIONAL ASSOCIATION**<br>**(as successor by merger to Discover Bank)** |
| (Exact name of the issuing entity in respect of the Notes as specified in its charter) | (Exact name of the issuing entity in respect of the Series 2007-CC Collateral Certificate) | (Exact name of the depositor<br>as specified in its charter) | (Exact name of the sponsor<br>as specified in its charter) |
| Delaware | Delaware | Delaware | National banking association |
| (State or jurisdiction of incorporation or organization of the issuing entity) | (State or jurisdiction of incorporation or organization of the issuing entity) | (State or jurisdiction of incorporation or organization of the depositor) | (State or jurisdiction of incorporation or organization of the sponsor) |
| c/o Discover Funding LLC<br>800 Prides Crossing<br>Suite 100<br>Newark, Delaware 19713 | c/o Discover Funding LLC<br>800 Prides Crossing<br>Suite 100<br>Newark, Delaware 19713 | 800 Prides Crossing, Suite 100<br>Newark, Delaware<br>19713 | 1680 Capital One Drive,<br>McLean, Virginia<br>22102 |
| (Address of principal executive offices of the issuing entity) | (Address of principal executive offices of the issuing entity) | (Address of principal executive offices of the depositor) | (Address of principal executive offices of the sponsor) |
| Not Applicable<br>(I.R.S. Employer Identification No. of the issuing entity) | Not Applicable<br>(I.R.S. Employer Identification No. of the issuing entity) | 47-4047337<br>(I.R.S. Employer Identification No. of the depositor) |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Patricia S. Hall, Vice President, Chief Financial Officer and Treasurer**

**Discover Funding LLC**

**302-323-7315**

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Each class of Notes, as well as the Series 2007-CC Collateral Certificate, to which this report on Form 10-D relates is subject to the reporting requirements of Section 15(d) of the Securities Exchange Act of 1934. The title of each class of Notes to which this report on Form 10-D relates is set forth in Exhibit 99.2 hereto.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes: [_X_] No: [___].

**PART I – DISTRIBUTION INFORMATION**

**Item 1. Distribution and Pool Performance Information.**

The interest of Discover Card Execution Note Trust (the "<u>Note Issuance Trust</u>") in credit card receivables is held solely in the form of an interest in a collateral certificate issued by Discover Card Master Trust I (the "<u>Master Trust</u>"). No assets securitized by Capital One, National Association ("<u>CONA</u>"), successor in interest to Discover Bank, and held by the Master Trust were the subject of a demand to repurchase or replace for breach of representations and warranties during the monthly distribution period from June 1, 2025 to June 30, 2025. Discover Bank, as predecessor in interest to CONA, filed its most recent Form ABS-15G on February 6, 2025. The CIK number of Discover Bank is 0000894327 and the CIK number of CONA is 0000047288.

The information required by Items 1121(a) and 1121(b) of Regulation AB is provided in the reports attached hereto as Exhibits 99.1 and 99.2.

The Master Trust owns receivables in Discover card accounts that have been selected at various times from the aggregate Discover card portfolio and designated to the Master Trust. The performance of the accounts designated to the Master Trust may differ materially from the performance of the aggregate Discover card portfolio, which consists of all Discover card accounts originated by CONA or by Discover Bank, as predecessor in interest to CONA, including those that have not been designated to the Master Trust.

**Item 1A. Asset-Level Information.**

Not applicable.

**Item 1B. Asset Representations Reviewer and Investor Communication.**

Nothing to report.

**PART II – OTHER INFORMATION** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Item 2. Legal Proceedings.**

Nothing to report.

**Item 3. Sales of Securities and Use of Proceeds.**

Nothing to report.

**Item 4. Defaults Upon Senior Securities.**

Nothing to report.

**Item 5. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 6. Significant Obligors of Pool Assets.**

Not applicable.

**Item 7. Change in Sponsor Interest in the Securities.**

In accordance with the credit risk retention rules of Regulation RR, CONA, as Sponsor, is required to retain an economic interest in the credit risk of the Master Trust receivables. The Sponsor intends to satisfy this obligation by maintaining a seller's interest in the Master Trust, calculated in accordance with Regulation RR, that will equal not less than 5% of the aggregate unpaid principal balance of all DiscoverSeries notes, other than any notes that are at all times held by CONA or one or more wholly-owned affiliates of CONA. The required seller's interest will be held by Discover Funding through holding of the Transferor Interest, which represents an undivided interest in the receivables of the Master Trust that are not represented by outstanding certificates at any given time. The seller's interest amount and percentage as of the end of the distribution period covered by this Form 10-D is provided in the report attached hereto as Exhibit 99.1.

**Item 8. Significant Enhancement Provider Information.**

Not applicable.

**Item 9. Other Information.**

Nothing to report.

**Item 10. Exhibits.**

<u>Exhibit No.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u>

<u>[99.1](a2007-cccertstatement071.htm)</u> &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-CC Monthly Statement

<u>[99.2](noteholders071525.htm)</u> &nbsp;&nbsp;&nbsp;&nbsp;DiscoverSeries Monthly Statement

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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: July 15, 2025

DISCOVER FUNDING LLC

(as Depositor for Discover Card Master Trust I and

Discover Card Execution Note Trust)

By: <u>/s/ Patricia S. Hall</u>

Name: Patricia S. Hall

Title: Vice President, Chief Financial Officer and

Treasurer

## Exhibit 99.1

![](a2007-cccertstatement071001.jpg)

Investor Certificateholders' Monthly Statement Discover Card Master Trust I Series 2007-CC Monthly Statement Distribution Date: July 15, 2025 Month Ending: June 30, 2025 Exhibit 99.1 Pursuant to the Second Amended and Restated Series Supplement dated as of May 18, 2025, as amended, (the "Series Supplement") relating to the Fourth Amended and Restated Pooling and Servicing Agreement dated as of May 18, 2025, in each case as amended prior to the distribution date noted above, among Capital One, National Association ("CONA"), as Master Servicer and Servicer, Discover Funding LLC, as Transferor (the "Depositor"), and U.S. Bank Trust Company, National Association as Trustee (the "Pooling and Servicing Agreement"), the Trustee is required to prepare certain information each month regarding current distributions to investors and the performance of Discover Card Master Trust I (the "Master Trust"). We have set forth below this information and certain other information required under the Securities Exchange Act of 1934, as amended, for the Distribution Date listed above, as well as for the calendar month ended on the date listed above. Capitalized terms used in this report without definition have the meanings given to them in the Pooling and Servicing Agreement and the Series Supplement. The Pooling and Servicing Agreement and the Series Supplement were filed with the Securities and Exchange Commission as follows: Fourth Amended and Restated Pooling and Servicing Agreement As Exhibit 4.1.3 to the Form 8-K filed on May 20, 2025 under the file number 333-141703-02, as amended. Second Amended and Restated Series Supplement As Exhibit 4.1.4 to the Form 8-K filed on May 20, 2025 under the file number 333-141703-02, as amended. Principal Receivables for June, 20251. Beginning Principal Balances Ending Principal Balances (1) Aggregate Investor Interest (including Series 2007-CC Investor Interest) (a) Transferor Interest Total Master Trust Group One Investor Interest Series 2007-CC Investor Interest Total Master Trust # of Accounts Minimum Principal Receivables Balance at the end of month (2) (b) (c) (d) (e) Amount by which Master Trust Principal Receivables Exceeded the Minimum Principal Receivables Balance at the end of month (f) (g) Percentage of the Principal Receivables that reflect Transferor Interest 82.24% $6,139,240,507.77 $4,873,417,722.57 $21,327,767,984.01 $22,568,278,376.61 $27,467,008,491.78 $27,441,696,099.18 $4,873,417,722.57$6,139,240,507.77 12,617,530 12,454,735 $5,240,234,110.29 $22,201,461,988.89 $6,139,240,507.77 $4,873,417,722.57 2. Credit Risk Retention at the end of June, 2025 (a) Ending Principal Receivables (b) (c) (d) (e) (f) Ending Investor Interest (before principal payments on this Distribution Date) Seller's Interest (2(a) - 2(b)) Adjusted outstanding investor ABS interests (unpaid principal balance of DiscoverSeries Notes held by third-parties before principal payments on this Distribution Date) Seller's Interest as a percentage of adjusted outstanding investor ABS interests (2(c) / 2(d)) Minimum Seller's Interest as a percentage of adjusted outstanding investor ABS interests as required by Regulation RR $27,441,696,099.18 $6,139,240,507.77 5% $21,302,455,591.41 (4) $4,850,000,000.00 439.23% (3)

------

![](a2007-cccertstatement071002.jpg)

Allocation Percentages at the beginning of June, 2025 (after giving effect to any increases in the Aggregate Investor Interest or the Series 2007-CC Investor Interest occurring during the month) 3. (a) Series 2007-CC Finance Charge Collections Allocation Percentage (b) Series 2007-CC Principal Collections Allocation Percentage (c) Series 2007-CC Charge-Off Allocation Percentage (d) Series 2007-CC Interchange Allocation Percentage 4. Allocation of Receivables and other amounts collected during June, 2025 (a) Allocation between Investors and Transferor: Aggregate Investor Allocation (including Series 2007-CC Allocation) Transferor Allocation (b) Group One Allocation (c) Series 2007-CC Allocation (d) Reallocation to Series 2007-CC from other Series (f) Group One Portfolio Yield as an annualized percentage of the Aggregate Investor Interest (FCC yield excludes principal recoveries) (g) Series 2007-CC Portfolio Yield as an annualized percentage of the Series Investor Interest (FCC yield excludes principal recoveries) (h) Principal Collections as a monthly percentage of Master Trust Receivables at the beginning of June, 2025 (i) Finance Charge Collections as a monthly percentage of Master Trust Receivables at the beginning of June, 2025 (j) Total Collections as a monthly percentage of Master Trust Receivables at the beginning of June, 2025 (k) Interchange as a monthly percentage of Master Trust Receivables at the beginning of June, 2025 (m) Trust Collections deposited for the month (5) (l) Total Collections and Interchange as a monthly percentage of Master Trust Receivables at the beginning of June, 2025 Finance Charge Collections Principal Collections Interchange N/A N/A 29.29% 29.75% Prior Month June, 2025 $275,993,118.53 $5,763,439,910.67 $100,087,786.84 $79,445,051.76 $0.00 $1,019,237,916.66 $0.00 $0.00 $2,024,161,022.03 $28,810,426.32 $79,445,051.76 $2,024,161,022.03 $28,810,426.32 $79,445,051.76 $2,024,161,022.03 $28,810,426.32 22.3513% 22.3513% 22.3513% 14.72% 14.72% 5.63% 5.63% 28.01% 1.28% 0.46% $1,019,237,916.66 $0.00$0.00 $0.00(e) Reallocation from Series 2007-CC to other Series 25.9921%

------

![](a2007-cccertstatement071003.jpg)

Investor Charged-Off Amount 5. Cumulative Reductions in Series Investor Interests Due to Investor Charged-Off AmountsJune, 2025 Group One Series 2007-CC As an annualized percentage of Principal Receivables at the beginning of June, 2025 (a) (b) (c) 3.41% N/A $17,452,640.32 $0.00 $0.00$17,452,640.32 Investor Monthly Servicing Fee payable to CONA on this Distribution Date (a) Group One (b) Series 2007-CC 6. 7. Delinquency Summary (a) Master Trust Receivables Outstanding at the end of June, 2025 Payment Status Number of Delinquent Accounts Delinquent Amount Ending Balance Percentage of Ending Receivables Outstanding 30-59 Days 60-89 Days 90-119 Days 120-149 Days 150-179 Days 180+ Days Total 45,642 $460,328,581.50 1.66% $10,232,067.52 $10,232,067.52 $27,789,076,349.48 15,366 10,502 $141,511,434.97 $100,033,527.41 7,427 $81,440,371.19 6,321 $69,801,954.61 0.51% 0.36% 0.29% 0.25% 0 $0.00 0.24%$67,541,293.32 6,026 0.00% 1.15%(b) Delinquency Percentage (60+ Days): Total Master Trust and Investor Principal Charge-Offs on this Distribution Date (6)8. (a) Gross Charge-offs (rate shown as an annualized percentage of applicable Principal Receivables at the beginning of June, 2025) (b) Recoveries (rate shown as an annualized percentage of applicable Principal Receivables at the beginning of June, 2025) (c) Net Charge-offs (rate shown as an annualized percentage of applicable Principal Receivables at the beginning of June, 2025) Investor Amount Rate 3.41% 0.81% $13,306,211.20 2.60% $4,146,429.12 $17,452,640.32 Total MT Amount $78,083,334.39 $59,532,157.86 $18,551,176.53

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![](a2007-cccertstatement071004.jpg)

(1) For Section 1, the ending balances for the Investor Interest and the Transferor Interest are shown after any principal payments to be made to the holders of DiscoverSeries Notes on this Distribution Date. (2) Pursuant to the Pooling and Servicing Agreement, the Discover Card Master Trust I is required to maintain Principal Receivables greater than or equal to the Minimum Principal Receivables Balance. The Minimum Principal Receivables Balance is generally calculated by dividing the Investor Interest by 93%. If the Principal Receivables in the Master Trust are less than the Minimum Principal Receivables Balance, and CONA (as successor by merger to Discover Bank) fails to assign sufficient Receivables to eliminate the deficiency, then an amortization event would occur. This would also cause an early redemption event for the notes issued by Discover Card Execution Note Trust. (4) In accordance with the credit risk retention rules of Regulation RR, CONA (as successor by merger to Discover Bank), as Sponsor, is required to retain an economic interest in the credit risk of the Master Trust receivables. The Sponsor intends to satisfy this obligation by maintaining a seller's interest in the Master Trust, calculated in accordance with Regulation RR, that will equal not less than 5% of the aggregate unpaid principal balance of all DiscoverSeries Notes, other than any notes that are at all times held by CONA (as successor by merger to Discover Bank) or one or more wholly-owned affiliates of CONA (as successor by merger to Discover Bank) ("adjusted outstanding investor ABS interests"). The required seller's interest will be held by the Depositor through holding of the Transferor interest, which represents an undivided interest in the receivables of the Master Trust that are no represented by outstanding certificates at any given time. The Seller's Interest set forth in Section 2 is calculated as of the applicable month-end and does not reflect principal payments to be made to holders of DiscoverSeries Notes on this Distribution Date. (5) Only the portion of Master Trust Collections required to be deposited under the Master Trust 's Required Daily Deposit provisions will typically be deposited in the Master Trust Collections Account each month, and these required amounts may vary markedly from month to month depending on whether any Notes (or Certificates) are maturing on the following distribution date (in which case additional Principal Collections are retained in such account). Accordingly, the amount deposited in the account is not meaningful as an indicator of Master Trust performance . (6) For purposes of allocations to investors, all recoveries are treated as Finance Charge Collections and are included as such in Section 4 above. (3) At the date of this report, CONA (as successor by merger to Discover Bank), as "originator" for the purposes of Article 6 of the EU Securitization Regulation and/or Article 6 of the UK Securitization Regulation (as applicable), in each case as in effect and applicable on the date of the issuance of the relevant outstanding tranche of DiscoverSeries Notes (the "EU/UK Risk Retention Regulations"), currently retains a material net economic interest that is not less than 5% of the nominal value of the securitized exposures, in the form that is intended to qualify as an originator's interest as provided in option (b) of Article 6(3) of the EU Securitization Regulation and/or Article 6(3) of the UK Securitization Regulation (as applicable), in each case as in effect and applicable on the date of the issuance of the relevant outstanding tranche of DiscoverSeries Notes, which such interest is not hedged or otherwise mitigated except to the extent permitted by the EU/UK Risk Retention Regulations. See Section 1 for a calculation of the Transferor Interest percentage.

------

## Exhibit 99.2

![](noteholders071525001.jpg)

As Exhibit 4.1.6 to the Note Issuance Trust's current report on From 8-K filed on May 20, 2025.Third Amended and Restated Indenture Supplement As Exhibit 4.1.5 to the Note Issuance Trust's current report on From 8-K filed on May 20, 2025.Second Amended and Restated Indenture Pursuant to the Second Amended and Restated Indenture dated as of May 18, 2025, as amended, (the "Indenture") by and between Discover Card Execution Note Trust (the "Note Issuance Trust") and U.S. Bank Trust Company, National Association as Indenture Trustee (the "Indenture Trustee") and the Third Amended and Restated Indenture Supplement dated as of May 18, 2025, in each case as amended prior to the distribution date noted above, for the DiscoverSeries Notes, by and between the Note Issuance Trust and the Indenture Trustee (the "Indenture Supplement"), the Note Issuance Trust is required to prepare certain information each month regarding current distributions to noteholders . We have set forth below this information regarding the DiscoverSeries Notes and certain other information required under the Securities Exchange Act of 1934, as amended, for the Distribution Date listed above, as well as for the calendar month ended on the date listed above. Capitalized terms used in this report without definition have the meanings given to them in the Indenture or Indenture Supplement. The Indenture and the Indenture Supplement were filed with the Securities and Exchange Commission as follows: Month Ending: June 30, 2025Distribution Date: July 15, 2025 DiscoverSeries Monthly Statement Discover Card Execution Note Trust Exhibit 99.2

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![](noteholders071525002.jpg)

CUSIP Number SOFR Determination Date Interest Payment Date Interest Rate Number of Days in the Interest Accrual Period Amount of interest paid on this Distribution Date Amount of interest paid on this Distribution Date per $1,000 of Outstanding Dollar Principal AmountTranche 1. Interest to be paid on this Distribution Date: 254683CQ6 07/15/2025 30 $515,000.00 0.858333333Class A (2021-2) 1.03000% 254683CW3 07/15/2025 30 $5,933,333.33 2.966666665Class A (2022-3) 3.56000% 254683CX1 07/15/2025 30 $4,191,666.67 4.191666670Class A (2022-4) 5.03000% 254683CY9 07/15/2025 30 $4,489,583.33 3.591666664Class A (2023-1) 4.31000% 254683CZ6 07/15/2025 30 $4,108,333.33 4.108333330Class A (2023-2) 4.93000% $19,237,916.66Total Class A $0.00 0.000000000Class B (2023-1) $0.00Total Class B $0.00 0.000000000Class C (2023-1) $0.00Total Class C $19,237,916.66Total 2. Principal to be paid on this Distribution Date: Tranche CUSIP Number Scheduled principal payments Shortfall in scheduled principal payments Amount of principal paid on this Distribution Date Amount of principal paid per $1,000 of Stated Principal Amount Total amount of principal paid through this Distribution Date 0.00 $0.00 $0.00254683CQ6 $0.00 0.00Class A (2021-2) 2,000,000,000.00 $0.00 $2,000,000,000.00254683CW3 $1,000.00 2,000,000,000.00Class A (2022-3) 0.00 $0.00 $0.00254683CX1 $0.00 0.00Class A (2022-4) 0.00 $0.00 $0.00254683CY9 $0.00 0.00Class A (2023-1) 0.00 $0.00 $0.00254683CZ6 $0.00 0.00Class A (2023-2) 2,000,000,000.00 $0.00 $2,000,000,000.00Total Class A 2,000,000,000.00 69,620,253.20 $0.00 $69,620,253.20(1)Class B (2023-1) 69,620,253.20 $0.00 $69,620,253.20Total Class B (1) 0.00 88,607,595.00 $0.00 $88,607,595.00(1)Class C (2023-1) 88,607,595.00 $0.00 $88,607,595.00Total Class C (1) 0.00 107,594,937.00 $0.00 $107,594,937.00(1)Class D (2009-1) 107,594,937.00 $0.00 $107,594,937.00Total Class D Total 2,265,822,785.20 $0.00 $2,265,822,785.20

------

![](noteholders071525003.jpg)

3. Principal Amount and Nominal Liquidation Amount: (reflects issuances during June 2025 and principal payments and Nominal Liquidation Amount Deficits after giving effect to all allocations expected to occur on this Distribution Date) Tranche Stated Principal Amount Outstanding Dollar Principal Amount Adjusted Outstanding Dollar Principal Amount Nominal Liquidation Amount $600,000,000.00 $600,000,000.00 $600,000,000.00 $600,000,000.00Class A (2021-2) $2,000,000,000.00 $0.00 $0.00 $0.00Class A (2022-3) $1,000,000,000.00 $1,000,000,000.00 $1,000,000,000.00 $1,000,000,000.00Class A (2022-4) $1,250,000,000.00 $1,250,000,000.00 $1,250,000,000.00 $1,250,000,000.00Class A (2023-1) $1,000,000,000.00 $1,000,000,000.00 $1,000,000,000.00 $1,000,000,000.00Class A (2023-2) Total Class A $3,850,000,000.00 $3,850,000,000.00 $3,850,000,000.00$5,850,000,000.00 $268,037,974.82 $268,037,974.82 $268,037,974.82 $268,037,974.82Class B (2023-1) Total Class B $268,037,974.82 $268,037,974.82 $268,037,974.82$268,037,974.82 $341,139,240.75 $341,139,240.75 $341,139,240.75 $341,139,240.75Class C (2023-1) Total Class C $341,139,240.75 $341,139,240.75 $341,139,240.75$341,139,240.75 $414,240,507.00 $414,240,507.00 $414,240,507.00 $414,240,507.00Class D (2009-1) Total Class D $414,240,507.00 $414,240,507.00 $414,240,507.00$414,240,507.00 $4,873,417,722.57 $4,873,417,722.57 $4,873,417,722.57Total $6,873,417,722.57

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![](noteholders071525004.jpg)

4. Nominal Liquidation Amount for Tranches of Notes Outstanding: (including all tranches issued as of the end of June 2025, after taking into account all allocations expected to occur on this Distribution Date) Tranche Nominal Liquidation Amount as of the beginning of Due Period Increase due to Accretion of Principal for Discount Notes Increase due to withdrawals of Prefunding Excess Amounts from Principal Funding Subaccount Increase due to reimbursement of Nominal Liquidation Amount Deficits Reductions due to allocation of charged-off receivables Increases and reductions due to reallocation of charged-off receivables Reductions due to reallocation of Series Principal Amounts Nominal Liquidation Amount as of the end of the Due Period Cumulative unreimbursed Nominal Liquidation Amount Reductions due to deposits into Principal Funding Subaccount $600,000,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $600,000,000.00 $0.00N/AClass A (2021-2) $1,000,000,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,000,000,000.00 $0.00 $0.00N/AClass A (2022-3) $1,000,000,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,000,000,000.00 $0.00N/AClass A (2022-4) $1,250,000,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,250,000,000.00 $0.00N/AClass A (2023-1) $1,000,000,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,000,000,000.00 $0.00N/AClass A (2023-2) $0.00$3,850,000,000.00$1,000,000,000.00$0.00$0.00$0.00$0.00$0.00$4,850,000,000.00Total Class A $337,658,228.02 $0.00 $0.00 $0.00 $0.00 $0.00 $69,620,253.20 $268,037,974.82 $0.00N/AClass B (2023-1) $0.00$268,037,974.82$69,620,253.20$0.00$0.00$0.00$0.00$0.00$337,658,228.02Total Class B $429,746,835.75 $0.00 $0.00 $0.00 $0.00 $0.00 $88,607,595.00 $341,139,240.75 $0.00N/AClass C (2023-1) $0.00$341,139,240.75$88,607,595.00$0.00$0.00$0.00$0.00$0.00$429,746,835.75Total Class C $521,835,444.00 $0.00 $0.00 $0.00 $0.00 $0.00 $107,594,937.00 $414,240,507.00 $0.00N/AClass D (2009-1) $0.00$414,240,507.00$107,594,937.00$0.00$0.00$0.00$0.00$0.00$521,835,444.00Total Class D Total $6,139,240,507.77 $0.00 $0.00 $0.00 $0.00 $1,265,822,785.20$0.00 $4,873,417,722.57 $0.00

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5. Targeted Deposits to Principal Funding Subaccounts with respect to this Distribution Date: Tranche Beginning Principal Funding Subaccount balance Amount scheduled to be deposited on this Distribution Date Previous shortfalls Shortfalls in targeted deposit to Principal Funding Subaccount with respect to this Distribution Date Actual deposit to Principal Funding Subaccount Amounts withdrawn from Principal Funding Subaccount for payment to Noteholders Prefunding Excess Amounts withdrawn from Principal Funding Subaccount Ending Principal Funding Subaccount balance Income earned on funds on deposit in Principal Funding Subaccount Targeted deposit to Principal Funding Subaccount $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class A (2021-2) $1,000,000,000.00 $1,000,000,000.00 $0.00 $0.00 $1,000,000,000.00 $2,000,000,000.00 $0.00 $0.00 $1,736,144.00Class A (2022-3) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class A (2022-4) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class A (2023-1) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class A (2023-2) $1,000,000,000.00 $1,000,000,000.00 $0.00 $0.00 $1,000,000,000.00 $0.00 $0.00 $1,736,144.00Total Class A $2,000,000,000.00 $0.00 $69,620,253.20 $0.00 $0.00 $69,620,253.20 $69,620,253.20 $0.00 $0.00 $0.00Class B (2023-1) $0.00 $69,620,253.20 $0.00 $0.00 $69,620,253.20 $0.00 $0.00 $0.00Total Class B $69,620,253.20 $0.00 $88,607,595.00 $0.00 $0.00 $88,607,595.00 $88,607,595.00 $0.00 $0.00 $0.00Class C (2023-1) $0.00 $88,607,595.00 $0.00 $0.00 $88,607,595.00 $0.00 $0.00 $0.00Total Class C $88,607,595.00 $0.00 $107,594,937.00 $0.00 $0.00 $107,594,937.00 $107,594,937.00 $0.00 $0.00 $0.00Class D (2009-1) $0.00 $107,594,937.00 $0.00 $0.00 $107,594,937.00 $0.00 $0.00 $0.00Total Class D $107,594,937.00 $1,736,144.00$0.00$0.00$2,265,822,785.20$1,265,822,785.20$0.00$1,000,000,000.00 $0.00$1,265,822,785.20Total

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6. Prefunding with respect to this Distribution Date: Tranche Beginning balance of prefunded deposits Prefunded amount applied to scheduled principal deposits Targeted Prefunding Deposits Prefunding Excess Amounts withdrawn from Principal Funding Subaccount Actual deposit to Principal Funding Subaccount for Prefunding Ending balance of prefunded deposits $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class A (2021-2) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class A (2022-3) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class A (2022-4) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class A (2023-1) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class A (2023-2) $0.00 $0.00 $0.00 $0.00 $0.00Total Class A $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class B (2023-1) $0.00 $0.00 $0.00 $0.00 $0.00Total Class B $0.00 Total $0.00 $0.00 $0.00 $0.00 $0.00$0.00

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7. Targeted Deposits to Interest Funding Subaccounts with respect to this Distribution Date: Targeted deposit to Interest Funding Subaccount with respect to this Distribution Date Beginning Interest Funding Subaccount Interest accrued during monthly interest Previous Shortfalls in targeted deposit to Interest Funding Subaccount with respect to this Actual deposit to Interest Funding Amounts withdrawn from Interest Funding Subacccount for payment to Ending Interest Funding Subaccount Income earned on funds on deposit in Interest Funding Total targeted deposit to Interest Funding $0.00 $515,000.00 $0.00 $515,000.00 $0.00 $515,000.00 $515,000.00 $0.00 $0.00Class A (2021-2) $0.00 $5,933,333.33 $0.00 $5,933,333.33 $0.00 $5,933,333.33 $5,933,333.33 $0.00 $0.00Class A (2022-3) $0.00 $4,191,666.67 $0.00 $4,191,666.67 $0.00 $4,191,666.67 $4,191,666.67 $0.00 $0.00Class A (2022-4) $0.00 $4,489,583.33 $0.00 $4,489,583.33 $0.00 $4,489,583.33 $4,489,583.33 $0.00 $0.00Class A (2023-1) $0.00 $4,108,333.33 $0.00 $4,108,333.33 $0.00 $4,108,333.33 $4,108,333.33 $0.00 $0.00Class A (2023-2) Total Class A $0.00 $19,237,916.66 $0.00 $19,237,916.66 $0.00 $0.00 $0.00$19,237,916.66$19,237,916.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class B (2023-1) Total Class B $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00$0.00$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Class C (2023-1) Total Class C $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00$0.00$0.00 Total $0.00 $19,237,916.66 $0.00 $19,237,916.66 $0.00 $0.00 $0.00$19,237,916.66$19,237,916.66

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8. Deposits to and withdrawals from Class C Reserve Subaccounts: (2) Tranche Beginning Class C Reserve Subaccount balance Income earned on funds on deposit in Class C Reserve Subaccount Targeted deposit to Class C Reserve Subaccount Actual deposit to Class C Reserve Subaccount Amounts withdrawn from Class C Reserve Subaccount for application to Class C Notes Excess amounts withdrawn from Class C Reserve Subaccount Ending Class C Reserve Subaccount balance Cumulative Shortfall in Class C Reserve Subaccount N/A

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9. Deposits to and withdrawals from Accumulation Reserve Subaccounts: Tranche Beginning Accumulation Reserve Subaccount balance Targeted deposit to Accumulation Reserve Subaccount Actual deposit to Accumulation Reserve Subaccount Amounts withdrawn from Accumulation Reserve Subaccount for use as Series Finance Charge Amounts Excess amounts withdrawn from Accumulation Reserve Subaccount Ending Accumulation Reserve Subaccount balance Income earned on funds on deposit in Accumulation Reserve Subaccount $0.00 $3,000,000.00 $3,000,000.00 0.00 $0.00 $3,000,000.00 $0.00Class A (2021-2) $10,000,000.00 $0.00 $0.00 1,230,522.67 $8,769,477.33 $0.00 $34,641.28Class A (2022-3) $5,000,000.00 $0.00 $0.00 0.00 $0.00 $5,000,000.00 $8,680.72Class A (2022-4) $0.00 $0.00 $0.00 0.00 $0.00 $0.00 $0.00Class A (2023-1) $0.00 $0.00 $0.00 0.00 $0.00 $0.00 $0.00Class A (2023-2) Total Class A $3,000,000.00 1,230,522.67 $8,769,477.33 $8,000,000.00 $43,322.00$15,000,000.00 $3,000,000.00 $0.00 $0.00 $0.00 0.00 $0.00 $0.00 $0.00Class B (2023-1) Total Class B $0.00 0.00 $0.00 $0.00 $0.00$0.00 $0.00 $0.00 $0.00 $0.00 0.00 $0.00 $0.00 $0.00Class C (2023-1) Total Class C $0.00 0.00 $0.00 $0.00 $0.00$0.00 $0.00 $3,000,000.00 1,230,522.67 $8,769,477.33 $8,000,000.00 $43,322.00$15,000,000.00 $3,000,000.00Total

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10. Class A: Required Subordinated Amount; Available Subordinated Amount; Usage: Tranche Required Subordinated Amount of Class B Notes As of last Distribution Date As of current Distribution Date Available Subordinated Amount of Class B Notes Usage of Class B As of last Distribution Date As of current Distribution Date As of last Distribution Date As of current Distribution Date $41,772,151.92 $41,772,151.92 $41,772,151.92 $41,772,151.92 $0.00 $0.00Class A (2021-2) $69,620,253.20 $0.00 $69,620,253.20 $0.00 $0.00 $0.00Class A (2022-3) $69,620,253.20 $69,620,253.20 $69,620,253.20 $69,620,253.20 $0.00 $0.00Class A (2022-4) $87,025,316.50 $87,025,316.50 $87,025,316.50 $87,025,316.50 $0.00 $0.00Class A (2023-1) $69,620,253.20 $69,620,253.20 $69,620,253.20 $69,620,253.20 $0.00 $0.00Class A (2023-2) $337,658,228.02 $268,037,974.82 $0.00 $0.00Total Class A $268,037,974.82$337,658,228.02

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Tranche As of last Distribution Date Required Subordinated Amount of Class C Notes As of current Distribution Date As of last Distribution Date Available Subordinated Amount of Class C Notes As of current Distribution Date As of last Distribution Date Usage of Class C As of current Distribution Date $53,164,557.00 $53,164,557.00 $53,164,557.00 $53,164,557.00 $0.00 $0.00Class A (2021-2) $88,607,595.00 $0.00 $88,607,595.00 $0.00 $0.00 $0.00Class A (2022-3) $88,607,595.00 $88,607,595.00 $88,607,595.00 $88,607,595.00 $0.00 $0.00Class A (2022-4) $110,759,493.75 $110,759,493.75 $110,759,493.75 $110,759,493.75 $0.00 $0.00Class A (2023-1) $88,607,595.00 $88,607,595.00 $88,607,595.00 $88,607,595.00 $0.00 $0.00Class A (2023-2) Total Class A $429,746,835.75 $341,139,240.75 $341,139,240.75$429,746,835.75 $0.00 $0.00

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Tranche As of last Distribution Date Required Subordinated Amount of Class D Notes As of current Distribution Date As of last Distribution Date Available Subordinated Amount of Class D Notes As of current Distribution Date As of last Distribution Date Usage of Class D As of current Distribution Date $64,556,962.08 $64,556,962.08 $64,556,962.08 $64,556,962.08 $0.00 $0.00Class A (2021-2) $107,594,936.80 $0.00 $107,594,936.80 $0.00 $0.00 $0.00Class A (2022-3) $107,594,936.80 $107,594,936.80 $107,594,936.80 $107,594,936.80 $0.00 $0.00Class A (2022-4) $134,493,671.00 $134,493,671.00 $134,493,671.00 $134,493,671.00 $0.00 $0.00Class A (2023-1) $107,594,936.80 $107,594,936.80 $107,594,936.80 $107,594,936.80 $0.00 $0.00Class A (2023-2) Total Class A $521,835,443.48 $414,240,506.68 $521,835,443.48 $414,240,506.68 $0.00 $0.00

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11. Class B: Required Subordinated Amount; Available Subordinated Amount; Usage: Tranche As of last Distribution Date Required Subordinated Amount of Class C Notes As of current Distribution Date As of last Distribution Date Available Subordinated Amount of Class C Notes As of current Distribution Date As of last Distribution Date Usage of Class C As of current Distribution Date $341,139,240.70$429,746,835.69 $341,139,240.70$429,746,835.69 $0.00$0.00Class B (2023-1) Total Class B $429,746,835.69 $341,139,240.70 $429,746,835.69 $341,139,240.70 $0.00 $0.00 Tranche As of last Distribution Date Required Subordinated Amount of Class D Notes As of current Distribution Date As of last Distribution Date Available Subordinated Amount of Class D Notes As of current Distribution Date As of last Distribution Date Usage of Class D As of current Distribution Date $521,835,443.32 $414,240,506.55 $521,835,443.32 $414,240,506.55 $0.00 $0.00Class B (2023-1) Total Class B $521,835,443.32 $414,240,506.55 $521,835,443.32 $414,240,506.55 $0.00 $0.00

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12. Class C: Required Subordinated Amount; Available Subordinated Amount; Usage: Tranche As of last Distribution Date Required Subordinated Amount of Class D Notes As of current Distribution Date As of last Distribution Date Available Subordinated Amount of Class D Notes As of current Distribution Date As of last Distribution Date Usage of Class D As of current Distribution Date $414,240,506.63$521,835,443.42 $0.00$414,240,506.63$521,835,443.42Class C (2023-1) $0.00 Total Class C $414,240,506.63 $0.00 $0.00$521,835,443.42$414,240,506.63$521,835,443.42 13. Excess Spread Triggers: For this Distribution Date For the preceding Distribution Date For the second preceding Distribution Date Three-month average for this Distribution Date $64,299,520.25 $77,161,750.65$84,762,563.37$82,423,168.34 12.73%12.27%13.36% $84,762,563.37$82,423,168.34 12.73%12.27%13.36% $64,299,520.25 12.57% 12.57% Group Excess Spread Percentage Group Excess Spread Excess Spread Percentage Excess Spread Amount (3) (4) (5) (6) $77,161,750.65 14. Weighted Average Coupon Interest Rate: (7) Coupon interest rate (shown as an annualized percentage of total Outstanding Dollar Principal Amount at the beginning of June 2025) Adjusted coupon interest rate (shown as an annualized percentage of total Outstanding Dollar Principal Amount, excluding interest held by wholly-owned subsidiaries of CONA (as successor by merger to Discover Bank), at the beginning of June 2025) Group coupon interest rate (shown as an annualized percentage of Group Outstanding Dollar Principal Amount at the beginning of June 2025) Adjusted group coupon interest rate (shown as an annualized percentage of Group Outstanding Dollar Amount, excluding interest held by wholly-owned subsidiaries of CONA (as successor by merger to Discover Bank), at the beginning of June 2025) For this Distribution Date 3.23% 3.23% 3.95% 3.95%

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15. Excess Spread Early Redemption Event: No 16. Delinquency Trigger: No 17. Investor Communication Requests: None (x) the sum of (2) Does not apply to any outstanding Class C notes. (3) The Excess Spread Amount means, generally, with respect to the DiscoverSeries notes for any distribution date: the difference, whether positive or negative, between (1) Total amount of principal paid through this distribution date with respect to Class D(2009-1), Class B(2023-1) and Class C(2023-1) are not shown. Total Class B and Total Class C for Total amount of principal paid through this distribution date does not include Class B(2023-1) and Class C(2023-1), respectively. (a) the amount of Finance Charge Amounts allocated to the DiscoverSeries pursuant to the Indenture ; (c) an amount equal to income earned on all funds on deposit in the Principal Funding Account (including all subaccounts of such account) (net of investment expenses and losses); and (d) the amount withdrawn from the Accumulation Reserve Subaccount to cover the Accumulation Negative Spread on the Principal Funding Subaccounts , and in each case for the applicable period only. (y) (b) the sum of all interest, swap payments or accreted discount and servicing fees for the DiscoverSeries notes and reimbursement of all charged -off receivables allocated to the DiscoverSeries, any amounts to be treated as Series Finance Charge Amounts and designated to be a part of the Excess Spread Amount pursuant to any Terms Document ; (4) The Excess Spread Percentage means, generally, with respect to the DiscoverSeries notes for any distribution date, the Excess Spread Amount, multiplied by twelve and divided by the sum of the Nominal Liquidation Amount of all outstanding DiscoverSeries notes as of the beginning of the related Due Period . (5) The Group Excess Spread is the sum of the series excess spreads for each series in the group to which the Series 2007-CC Collateral Certificate belongs. All series other than the Series 2007-CC Collateral Certificate have been paid in full. Accordingly, the Group Excess Spread equals the Excess Spread Amount for the DiscoverSeries notes . If certain issuances are made after the date of this report, they could cause these amounts to diverge again in future months. With respect to Series 2007-CC, the "series excess spread" will generally mean the Excess Spread Amount for the DiscoverSeries notes . See item 13 and footnote 3. (6) The Group Excess Spread Percentage will generally mean the Group Excess Spread, multiplied by twelve and divided by the sum of the aggregate investor interest in receivables for all series in the group as of the beginning of the related Due Period. There are currently no series in the group other than the Series 2007-CC Collateral Certificate; therefore, the Group Excess Spread Percentage equals the (7) Coupon interest is the sum of the monthly interest deposited into the DiscoverSeries interest funding subaccounts and relating to the current interest accrual period. The Group coupon interest is the sum of such monthly interest deposited into the series interest funding accounts for all series in the group to which the Series 2007-CC Collateral Certificate belongs. There are currently no series in the group other than the Series 2007-CC Collateral Certificate; therefore, the group rates are the same as the DiscoverSeries rates. DiscoverSeries Excess Spread Percentage.

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