# EDGAR Filing Document

**Accession Number:** 0001407200
**File Stem:** 0001407200-26-000008
**Filing Date:** 2026-3
**Character Count:** 19459
**Document Hash:** eeedebc1c8aab1419331cf74d6ca5ae4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001407200-26-000008.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001407200-26-000008

**CONFORMED SUBMISSION TYPE**: 10-D

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**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:** 26755745

**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:** 26755746

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

<br> **FORM 10-D**

**&nbsp;&nbsp;&nbsp;&nbsp;ASSET-BACKED ISSUER&nbsp;&nbsp;&nbsp;&nbsp;**

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

**THE SECURITIES EXCHANGE ACT OF 1934**

For the monthly distribution period from February 01, 2026 through February 28, 2026

___________________________

---

| | | |
|:---|:---|:---|
| **Commission File Numbers:**<br>**333-141703-02** | **Commission File Number:**<br>**333-205455** | **Commission File Numbers:**<br>**N/A** |
| **Central Index Key Number: 0001407200** | **Central Index Key Number: 0001645731** | **Central Index Key Number: 0000047288** |
| **DISCOVER CARD EXECUTION** <br>**NOTE TRUST** | **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 depositor<br>as specified in its charter) | (Exact name of the sponsor<br>as specified in its charter) |
| **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 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**  | **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 depositor) | (Address of principal executive offices of the sponsor) |
| Not applicable | 47-4047337 |  |
| (I.R.S. Employer Identification No. of the issuing entity) | (I.R.S. Employer Identification No. of the depositor) |  |

---

------

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

**Eric D. Bauder**

**Assistant Vice President, Treasurer**

**Discover Funding LLC**

**703-720-3148**

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

Each class of Notes 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 99.1 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.**

Discover Funding LLC, as depositor for Discover Card Execution Note Trust, filed Form ABS-15G on February 13, 2026 in respect of the credit card receivables held by Discover Card Master Trust I for the period from January 1, 2025 to December 18, 2025. The CIK number of Discover Funding LLC is 0001645731.

The information required by Items 1121(a) and 1121(b) of Regulation AB in respect of the defeasance collateral held by Discover Card Execution Note Trust is provided in the report attached hereto as Exhibit 99.1.

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

Not applicable.

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

Nothing to report.

**PART II – OTHER INFORMATION** 

**Item 2. Legal Proceedings.**

**Owner Trustee Litigation**

During the monthly distribution period, to the best of Wilmington Trust Company's ("WTC") knowledge, there were no legal proceedings pending against WTC or of which any property of WTC was the subject, which would be material to security holders, nor were any such material proceedings known to be contemplated by any governmental authorities.

On February 3, 2026, certain investors served Wilmington Trust, National Association ("WTNA"), an affiliate of WTC, with a civil complaint, filed in the Supreme Court of the State of New York, County of New York, for an unspecified amount of damages arising from alleged breaches of contract and duties

------

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

related to WTNA's roles as custodian and indenture trustee for certain Tricolor Holdings, LLC asset-backed securitization transactions. The plaintiffs generally assert causes of action related to WTNA's purported failure to comply with certain provisions related to waterfall payments, servicing transition costs and post-event of default duties and related to WTNA's purported failure to perform certain actions as custodian with respect to the related receivables. WTNA intends to vigorously defend itself against this legal action. WTNA does not believe that the ultimate resolution of this proceeding will have a materially adverse effect on the corporate trust services it provides.

WTC has provided us with the information under the caption "Owner Trustee Litigation" immediately above in response to the requirements of Regulation AB. Neither Capital One, National Association nor its affiliates is a party to such litigation. Other than the information regarding owner trustee litigation immediately above, WTC has not participated in the preparation of, and is not responsible for, any other information contained in this Form 10-D.

**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.**

Nothing to report.

**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>

99.1 &nbsp;&nbsp;&nbsp;&nbsp;<u>[Monthly Servicer Certificate](exhibit991report-postdefea.htm)</u>

------

&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;&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;&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;&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;**SIGNATURE**

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: March 16, 2026

---

| | |
|:---|:---|
| **<u>DISCOVER FUNDING LLC</u>** <br><u>(as Depositor for Discover Card Execution Note Trust)</u> | **<u>DISCOVER FUNDING LLC</u>** <br><u>(as Depositor for Discover Card Execution Note Trust)</u> |
| By: | <u>/s/ Eric D. Bauder</u>  |
| Name: | Eric D. Bauder |
| Title: | Assistant Vice President, Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Monthly Servicer Certificate**

**Discover Card Execution Note Trust**

**DiscoverSeries Class A(2021-2) Notes** 

**DiscoverSeries Class A(2023-1) Notes** 

**DiscoverSeries Class A(2023-2) Notes**

Distribution Date: March 16, 2026

Related Due Period: February 01, 2026 to February 28, 2026

Related Interest Accrual Period: February 17, 2026 to March 15, 2026

Under the Defeasance Agreement, dated as of December 18, 2025 (the "Defeasance Agreement"), by and among Discover Card Execution Note Trust ("DCENT"), as Issuer, U.S. Bank Trust Company, National Association ("USBTC"), in its capacity as Indenture Trustee and as Paying Agent, and U.S. Bank National Association ("USB"), in its capacity as Securities Intermediary relating to the Indenture and Indenture Supplement, the Master Servicer is required to prepare, and the Indenture Trustee and the Paying Agent are required to make available, certain information each month regarding current distributions to Noteholders. The information for the Distribution Date listed above is set forth below.

Capitalized terms used herein have the meanings set forth in the Defeasance Agreement (including by reference to the Indenture), unless otherwise defined herein.

1. **<u>Payments to DiscoverSeries Investors with respect to this Distribution Date</u>**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;<u>Total</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>Interest</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>Principal</u> |
| Class A(2021-2) Notes | $515000.00 | $515000.00 | $0.00 |
| Class A(2023-1) Notes | $1254489583.33 | $4489583.33 | $1250000000.00 |
| Class A(2023-2) Notes | $4108333.33 | $4108333.33 | $0.00 |

---

2. **<u>Information Concerning Principal Payments</u>**

---

| | | |
|:---|:---|:---|
|  | *<u>Amount Distributed this Due Period</u>* | *<u>Total Principal Distributions through this Due Period</u>* |
| DISCOVERSERIES BY TRANCHE |  |  |
| (a) Class A(2021-2) Notes | $0.00 | $0.00 |
| (b) Class A(2023-1) Notes | $1250000000.00 | $1250000000.00 |
| (b) Class A(2023-2) Notes | $0.00 | $0.00 |

---

------

3. **<u>I</u><u>nformation Concerning Class A(2021-2) Defeasance Interest Funding Account</u>**

---

| | | |
|:---|:---|:---|
| (a) | Amount credited to the Class A(2021-2) Defeasance Interest Funding Account at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $3697700.00 |
| (b) | Amount of Class A(2021-2) Note Interest withdrawn from the Class A(2021-2) Defeasance Interest Funding Account with respect to the current Distribution Date | $515000.00 |
| (c) | Amount, if any, withdrawn from the Class A(2021-2) Defeasance Interest Funding Account and paid to the Beneficiary with respect to the current Distribution Date | $0.00 |
| (d) | Amount credited to the Class A(2021-2) Defeasance Interest Funding Account at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $3182700.00 |

---

4. **<u>Information Concerning Class A(2021-2) Defeasance Principal Funding Accounts</u>**

---

| | | |
|:---|:---|:---|
| (a) | Aggregate amount credited to the Class A(2021-2) Defeasance Principal Funding Accounts at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $901344986.43 |
| (b) | Amount of interest and earnings on any Permitted Investment credited to the Class A(2021-2) Supplemental Defeasance Principal Funding Account, if any, since the close of business on the immediately preceding Distribution Date | $832728.43 |
| (c) | Aggregate amount withdrawn from the Class A(2021-2) Defeasance Principal Funding Accounts in respect of unpaid amounts of principal with respect to the Class A(2021-2) Notes, if any, and distributed to Class A(2021-2) Noteholders with respect to the current Distribution Date | $0.00 |
| (d) | Aggregate amount, if any, withdrawn from the Class A(2021-2) Defeasance Principal Funding Accounts and paid to the Beneficiary with respect to the current Distribution Date | $0.00 |
| (e) | Aggregate amount credited to the Class A(2021-2) Defeasance Principal Funding Accounts at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $902177714.86 |

---

------

5. **<u>Information Concerning Class A(2023-1) Defeasance Interest Funding Account</u>**

---

| | | |
|:---|:---|:---|
| (a) | Amount credited to the Class A(2023-1) Defeasance Interest Funding Account at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $17959583.34 |
| (b) | Amount of Class A(2023-1) Note Interest withdrawn from the Class A(2023-1) Defeasance Interest Funding Account with respect to the current Distribution Date | $4489583.33 |
| (c) | Amount, if any, withdrawn from the Class A(2023-1) Defeasance Interest Funding Account and paid to the Beneficiary with respect to the current Distribution Date | $13470000.01 |
| (d) | Amount credited to the Class A(2023-1) Defeasance Interest Funding Account at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $0.00 |

---

6. **<u>Information Concerning Class A(2023-1) Defeasance Principal Funding Accounts</u>**

---

| | | |
|:---|:---|:---|
| (a) | Aggregate amount credited to the Class A(2023-1) Defeasance Principal Funding Accounts at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $1877802055.06 |
| (b) | Amount of interest and earnings on any Permitted Investment credited to the Class A(2023-1) Supplemental Defeasance Principal Funding Accounts, if any, since the close of business on the immediately preceding Distribution Date | $1734850.89 |
| (c) | Aggregate amount withdrawn from the Class A(2023-1) Defeasance Principal Funding Accounts in respect of unpaid amounts of principal with respect to the Class A(2023-1) Notes, if any, and distributed to Class A(2023-1) Noteholders with respect to the current Distribution Date | $1250000000.00 |
| (d) | Aggregate amount, if any, withdrawn from the Class A(2023-1) Defeasance Principal Funding Accounts and paid to the Beneficiary with respect to the current Distribution Date | $629536905.95 |
| (e) | Aggregate amount credited to the Class A(2023-1) Defeasance Principal Funding Accounts at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $0.00 |

---

------

7.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Information Concerning Class A(2023-2) Defeasance Interest Funding Account</u>**

---

| | | |
|:---|:---|:---|
| (a) | Amount credited to the Class A(2023-2) Defeasance Interest Funding Account at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $16926333.34 |
| (b) | Amount of Class A(2023-2) Note Interest withdrawn from the Class A(2023-2) Defeasance Interest Funding Account with respect to the current Distribution Date | $4108333.33 |
| (c) | Amount, if any, withdrawn from the Class A(2023-2) Defeasance Interest Funding Account and paid to the Beneficiary with respect to the current Distribution Date | $0.00 |
| (d) | Amount credited to the Class A(2023-2) Defeasance Interest Funding Account at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $12818000.01 |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Information Concerning Class A(2023-2) Defeasance Principal Funding Accounts</u>**

---

| | | |
|:---|:---|:---|
| (a) | Aggregate amount credited to the Class A(2023-2) Defeasance Principal Funding Accounts at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $1502241644.05 |
| (b) | Amount of interest and earnings on any Permitted Investment credited to the Class A(2023-2) Supplemental Defeasance Principal Funding Accounts, if any, since the close of business on the immediately preceding Distribution Date | $1387880.72 |
| (c) | Aggregate amount withdrawn from the Class A(2023-2) Defeasance Principal Funding Accounts in respect of unpaid amounts of principal with respect to the Class A(2023-2) Notes, if any, and distributed to Class A(2023-2) Noteholders with respect to the current Distribution Date | $0.00 |
| (d) | Aggregate amount, if any, withdrawn from the Class A(2023-2) Defeasance Principal Funding Accounts and paid to the Beneficiary with respect to the current Distribution Date  | $0.00 |
| (e) | Aggregate amounts credited to the Class A(2023-2) Defeasance Principal Funding Accounts at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $1503629524.77 |

---

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**CAPITAL ONE, NATIONAL ASSOCIATION**,<br>as Master Servicer

By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Eric D. Bauder</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;Eric D. Bauder

Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative

<br>