# EDGAR Filing Document

**Accession Number:** 0001724789
**File Stem:** 0001104659-26-036124
**Filing Date:** 2026-3
**Character Count:** 85578
**Document Hash:** 8400b31a02f477eb40603403e8a7373e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-036124.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001104659-26-036124

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Synchrony Card Funding, LLC
- **CENTRAL INDEX KEY:** 0001724786
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 823295851
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-224689
- **FILM NUMBER:** 26807513

**BUSINESS ADDRESS:**
- **STREET 1:** 777 LONG RIDGE ROAD
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** (203) 585-2352

**MAIL ADDRESS:**
- **STREET 1:** 777 LONG RIDGE ROAD
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Synchrony Card Issuance Trust
- **CENTRAL INDEX KEY:** 0001724789
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-224689-01
- **FILM NUMBER:** 26807514

**BUSINESS ADDRESS:**
- **STREET 1:** 777 LONG RIDGE ROAD
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** (203) 585-2352

**MAIL ADDRESS:**
- **STREET 1:** 777 LONG RIDGE ROAD
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

**(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, 2025.**

**or**

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

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|:---|:---|
| **For the transition period from** | **to** |

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**333-224689; 333-224689-01; 333-257355; 333-257355-01; 333-280854; 333-280854-01**

**(Commission File Numbers)**

**SYNCHRONY CARD ISSUANCE TRUST**<br> (Exact Name of Issuing Entity as Specified in its Charter)

Central Index Key Number of Issuing Entity: 0001724789

**SYNCHRONY CARD FUNDING, LLC**<br> (Exact Name of Depositor as Specified in its Charter)

Central Index Key Number of Depositor: 0001724786

**SYNCHRONY BANK**

(Exact Name of Sponsor as Specified in its Charter)

Central Index Key Number of Sponsor: 0001602566

**Delaware**<br> (State or Other Jurisdiction of Incorporation or Organization of the Registrant)

**82-3295851** <br> (I.R.S. Employer Identification No. for Registrant)

**777 Long Ridge Road<br> Stamford, CT 06902**

**(877) 441-5094**<br> (Address and Telephone Number of Principal Executive Offices of Registrant)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: **None**<br> Securities registered pursuant to Section 12(g) of the Securities Exchange Act of 1934: **None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ◻ Yes ⌧ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act. ◻ Yes ⌧ No

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 ◻ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

⌧ Yes ◻ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer ◻ Accelerated filer ◻ <br> Non-accelerated filer ⌧ Smaller reporting company ◻ <br> Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ◻ Yes ⌧ No

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.

**Registrant does not have any voting or non-voting common equity held by non-affiliates as of the date of this report, has not been involved in bankruptcy proceedings during the past five years and is not a corporate registrant.**

Documents Incorporated by Reference. **None.**

**PART I**

**THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:**

**(A)** **Item 1:** **Business.** 

**(B)** **Item 1A:** **Risk Factors.** 

**(C)** **Item 1C:** **Cybersecurity.** 

**(D)** **Item 2:** **Properties.** 

**(E)** **Item 3:** **Legal Proceedings.** 

**Item 1B. Unresolved Staff Comments.**

Not applicable.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**PART II**

**THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:**

**(A)** **Item 5** **Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.** 

**(B)** **Item 6:** **[Reserved]** 

**(C)** **Item 7:** **Management's Discussion and Analysis of Financial Condition and Results of Operations.** 

**(D)** **Item 7A:** **Quantitative and Qualitative Disclosures about Market Risk.** 

**(E)** **Item 8:** **Financial Statements and Supplementary Data.** 

**(F)** **Item 9:** **Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.** 

**(G)** **Item 9A:** **Controls and Procedures.** 

**Item 9B. Other Information.**

None.

**PART III**

**THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:**

**(A)** **Item 10:** **Directors, Executive Officers and Corporate Governance.** 

**(B)** **Item 11:** **Executive Compensation.** 

**(C)** **Item 12:** **Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.** 

**(D)** **Item 13:** **Certain Relationships and Related Transactions, and Director Independence.** 

**(E)** **Item 14:** **Principal Accountant Fees and Services.** 

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

(a) List of documents filed as part of this Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The exhibits listed below are either included or incorporated by reference as indicated.

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|:---|:---|
| [Exhibit 3.1](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex3-1.htm) | [Certificate of Formation of Synchrony Card Funding, LLC, dated November 2, 2017 (incorporated by reference to Exhibit 3.1 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex3-1.htm) |

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|:---|:---|
| [Exhibit 3.2](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex3-2.htm) | [Amended and Restated Limited Liability Company Agreement of Synchrony Card Funding, LLC, dated May 1, 2018 (incorporated by reference to Exhibit 3.2 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex3-2.htm) |

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|:---|:---|
| [Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-1.htm) | [Amended and Restated Master Indenture, dated as of May 1, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.2](https://www.sec.gov/Archives/edgar/data/1724786/000114420418051913/tv503672_ex4-1.htm) | [SynchronySeries Indenture Supplement, dated as of September 26, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)](https://www.sec.gov/Archives/edgar/data/1724786/000114420418051913/tv503672_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.3](https://www.sec.gov/Archives/edgar/data/1724786/000110465921075820/tm2118042d1_ex4-1.htm) | [Supplement No. 1 to SynchronySeries Indenture Supplement, dated as of May 28, 2021, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on June 2, 2021)](https://www.sec.gov/Archives/edgar/data/1724786/000110465921075820/tm2118042d1_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.4](https://www.sec.gov/Archives/edgar/data/1724786/000110465922048647/tm2211672d8_ex4-1.htm) | [Class A(2022-1) Terms Document, dated as of April 18, 2022, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on April 22, 2022)](https://www.sec.gov/Archives/edgar/data/1724786/000110465922048647/tm2211672d8_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.5](https://www.sec.gov/Archives/edgar/data/1724786/000110465922048647/tm2211672d8_ex4-2.htm) | [Risk Retention Agreement, dated as of April 18, 2022, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on April 22, 2022)](https://www.sec.gov/Archives/edgar/data/1724786/000110465922048647/tm2211672d8_ex4-2.htm) |

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|:---|:---|
| [Exhibit 4.6](https://www.sec.gov/Archives/edgar/data/1724786/000110465922081196/tm2221405d1_ex4-1.htm) | [Class A(2022-2) Terms Document, dated as of July 15, 2022, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on July 20, 2022)](https://www.sec.gov/Archives/edgar/data/1724786/000110465922081196/tm2221405d1_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.7](https://www.sec.gov/Archives/edgar/data/1724786/000110465922081196/tm2221405d1_ex4-2.htm) | [Risk Retention Agreement, dated as of July 15, 2022, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on July 20, 2022)](https://www.sec.gov/Archives/edgar/data/1724786/000110465922081196/tm2221405d1_ex4-2.htm) |

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|:---|:---|
| [Exhibit 4.8](https://www.sec.gov/Archives/edgar/data/1724786/000110465923090476/tm2322099d7_ex4-1.htm) | [Class A(2023-1) Terms Document, dated as of August 9, 2023, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on August 11, 2023)](https://www.sec.gov/Archives/edgar/data/1724786/000110465923090476/tm2322099d7_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.9](https://www.sec.gov/Archives/edgar/data/1724786/000110465923090476/tm2322099d7_ex4-2.htm) | [Risk Retention Agreement, dated as of August 9, 2023, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on August 11, 2023)](https://www.sec.gov/Archives/edgar/data/1724786/000110465923090476/tm2322099d7_ex4-2.htm) |

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|:---|:---|
| [Exhibit 4.10](https://www.sec.gov/Archives/edgar/data/1724786/000110465923119920/tm2329680d10_ex4-1.htm) | [Class A(2023-2) Terms Document, dated as of November 15, 2023, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on November 20, 2023)](https://www.sec.gov/Archives/edgar/data/1724786/000110465923119920/tm2329680d10_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.11](https://www.sec.gov/Archives/edgar/data/1724786/000110465923119920/tm2329680d10_ex4-2.htm) | [Risk Retention Agreement, dated as of November 15, 2023, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on November 20, 2023)](https://www.sec.gov/Archives/edgar/data/1724786/000110465923119920/tm2329680d10_ex4-2.htm) |

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|:---|:---|
| [Exhibit 4.12](https://www.sec.gov/Archives/edgar/data/1724786/000110465924037869/tm247935d8_ex4-1.htm) | [Class A(2024-1) Terms Document, dated as of March 18, 2024, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on March 22, 2024)](https://www.sec.gov/Archives/edgar/data/1724786/000110465924037869/tm247935d8_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.13](https://www.sec.gov/Archives/edgar/data/1724786/000110465924037869/tm247935d8_ex4-2.htm) | [Risk Retention Agreement, dated as of March 18, 2024, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on March 22, 2024)](https://www.sec.gov/Archives/edgar/data/1724786/000110465924037869/tm247935d8_ex4-2.htm) |

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|:---|:---|
| [Exhibit 4.14](https://www.sec.gov/Archives/edgar/data/1724786/000110465924085823/tm2419515d9_ex4-1.htm) | [Class A(2024-2) Terms Document, dated as of July 30, 2024, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on August 5, 2024)](https://www.sec.gov/Archives/edgar/data/1724786/000110465924085823/tm2419515d9_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.15](https://www.sec.gov/Archives/edgar/data/1724786/000110465924085823/tm2419515d9_ex4-2.htm) | [Risk Retention Agreement, dated as of July 30, 2024, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on August 5, 2024)](https://www.sec.gov/Archives/edgar/data/1724786/000110465924085823/tm2419515d9_ex4-2.htm) |

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|:---|:---|
| [Exhibit 4.16](https://www.sec.gov/Archives/edgar/data/1724786/000110465925016519/tm254753d8_ex4-1.htm) | [Class A(2025-1) Terms Document, dated as of February 18, 2025, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on February 24, 2025)](https://www.sec.gov/Archives/edgar/data/1724786/000110465925016519/tm254753d8_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.17](https://www.sec.gov/Archives/edgar/data/1724786/000110465925016519/tm254753d8_ex4-2.htm) | [Risk Retention Agreement, dated as of February 18, 2025, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on February 24, 2025)](https://www.sec.gov/Archives/edgar/data/1724786/000110465925016519/tm254753d8_ex4-2.htm) |

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|:---|:---|
| [Exhibit 4.18](https://www.sec.gov/Archives/edgar/data/1724786/000110465925059392/tm2517817d1_ex4-1.htm) | [Class A(2025-2) Terms Document, dated as of June 9, 2025, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on June 13, 2025)](https://www.sec.gov/Archives/edgar/data/1724786/000110465925059392/tm2517817d1_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.19](https://www.sec.gov/Archives/edgar/data/1724786/000110465925059392/tm2517817d1_ex4-2.htm) | [Risk Retention Agreement, dated as of June 9, 2025, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on June 13, 2025)](https://www.sec.gov/Archives/edgar/data/1724786/000110465925059392/tm2517817d1_ex4-2.htm) |

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|:---|:---|
| [Exhibit 4.20](https://www.sec.gov/Archives/edgar/data/1724786/000110465925115005/tm2530159d7_ex4-1.htm) | [Class A(2025-3) Terms Document, dated as of November 17, 2025, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on November 21, 2025)](https://www.sec.gov/Archives/edgar/data/1724786/000110465925115005/tm2530159d7_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.21](https://www.sec.gov/Archives/edgar/data/1724786/000110465925115005/tm2530159d7_ex4-2.htm) | [Risk Retention Agreement, dated as of November 17, 2025, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on November 21, 2025)](https://www.sec.gov/Archives/edgar/data/1724786/000110465925115005/tm2530159d7_ex4-2.htm) |

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|:---|:---|
| [Exhibit 4.22](https://www.sec.gov/Archives/edgar/data/1724786/000110465926035218/tm269767d1_ex4-1.htm) | [Class A(2026-1) Terms Document, dated as of March 20, 2026, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on March 26, 2026).](https://www.sec.gov/Archives/edgar/data/1724786/000110465926035218/tm269767d1_ex4-1.htm) |

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|:---|:---|
| [Exhibit 4.23](https://www.sec.gov/Archives/edgar/data/1724786/000110465926035218/tm269767d1_ex4-2.htm) | [Risk Retention Agreement, dated as of March 20, 2026, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on March 26, 2026).](https://www.sec.gov/Archives/edgar/data/1724786/000110465926035218/tm269767d1_ex4-2.htm) |

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|:---|:---|
| [Exhibit 4.24](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-7.htm) | [Amended and Restated Trust Agreement, dated as of May 1, 2018, among Synchrony Card Funding, LLC, Citibank, N.A. and Citicorp Trust Delaware, National Association (incorporated by reference to Exhibit 4.7 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-7.htm) |

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|:---|:---|
| [Exhibit 4.25](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-8.htm) | [Custody and Control Agreement, dated as of November 30, 2017, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Custodian and Indenture Trustee (incorporated by reference to Exhibit 4.8 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-8.htm) |

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|:---|:---|
| [Exhibit 4.26](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-9.htm) | [Amended and Restated Receivables Sale Agreement, dated as of May 1, 2018, between Synchrony Bank, as Seller, and Synchrony Card Funding, LLC, as Buyer (incorporated by reference to Exhibit 4.9 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-9.htm) |

---

---

| | |
|:---|:---|
| [Exhibit 4.27](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-10.htm) | [Amended and Restated Transfer Agreement, dated as of May 1, 2018, between Synchrony Card Funding, LLC, as Transferor, and Synchrony Card Issuance Trust, as Buyer (incorporated by reference to Exhibit 4.10 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-10.htm) |

---

---

| | |
|:---|:---|
| [Exhibit 4.28](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-11.htm) | [Amended and Restated Servicing Agreement, dated as of May 1, 2018, between Synchrony Card Issuance Trust and Synchrony Bank (incorporated by reference to Exhibit 4.11 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-11.htm) |

---

---

| | |
|:---|:---|
| [Exhibit 4.29](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-13.htm) | [Administration Agreement, dated as of November 30, 2017, between Synchrony Card Issuance Trust and Synchrony Bank (incorporated by reference to Exhibit 4.13 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))](https://www.sec.gov/Archives/edgar/data/1724786/000114420418025430/tv492492_ex4-13.htm) |

---

---

| | |
|:---|:---|
| [Exhibit 4.30](https://www.sec.gov/Archives/edgar/data/1724786/000110465924063854/tm2415038d1_ex4-1.htm) | [Supplement No. 1 to Amended and Restated Master Indenture, dated as of May 20, 2024, between Synchrony Card Issuance Trust and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on May 21, 2024)](https://www.sec.gov/Archives/edgar/data/1724786/000110465924063854/tm2415038d1_ex4-1.htm) |

---

---

| | |
|:---|:---|
| [Exhibit 10.1](https://www.sec.gov/Archives/edgar/data/1724786/000114420418045612/tv501285_ex4-1.htm) | [Asset Representations Review Agreement, dated as of August 15, 2018, among Synchrony Bank, as Seller and as Servicer, Synchrony Card Funding, LLC, as Transferor, Synchrony Card Issuance Trust, as Issuer, and Clayton Fixed Income Services LLC, as Asset Representations Reviewer (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on August 20, 2018)](https://www.sec.gov/Archives/edgar/data/1724786/000114420418045612/tv501285_ex4-1.htm) |

---

[Exhibit 31.1](tm261233d1_ex31-1.htm) [Certification of Officer of Depositor delivered with respect to Synchrony Card Issuance Trust](tm261233d1_ex31-1.htm)

[Exhibit 33.1](tm261233d1_ex33-1.htm) [Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of Synchrony Bank](tm261233d1_ex33-1.htm)

[Exhibit 33.2](tm261233d1_ex33-2.htm) [Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of The Bank of New York Mellon](tm261233d1_ex33-2.htm)

[Exhibit 34.1](tm261233d1_ex34-1.htm) [Attestation Report on Assessment of Compliance with Servicing for Asset-Backed Securities of KPMG LLP, on behalf of Synchrony Bank](tm261233d1_ex34-1.htm)

[Exhibit 34.2](tm261233d1_ex34-2.htm) [Attestation Report on Assessment of Compliance with Servicing for Asset-Backed Securities of KPMG LLP, on behalf of The Bank of New York Mellon](tm261233d1_ex34-2.htm)

[Exhibit 35.1](tm261233d1_ex35-1.htm) [Servicing Compliance Statement of Synchrony Bank](tm261233d1_ex35-1.htm)

(b) Exhibit list.

See Item 15(a)(3) above for a list of exhibits filed in response to Item 601 of Regulation S-K.

**Item 16. Form 10-K Summary.**

Not applicable.

**SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:**

**Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).**

Not applicable.

**Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers).**

Not applicable.

I**tem 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).**

Not applicable.

**Item 1117 of Regulation AB. Legal Proceedings.**

Except as disclosed in the following paragraph, there are no legal proceedings pending or proceedings known to be contemplated by governmental authorities against any of Synchrony Card Master Issuance Trust (the "<u>Issuing Entity</u>"), The Bank of New York Mellon ("<u>BNY</u>"), as indenture trustee (the "<u>Indenture Trustee</u>"), Citibank, N.A. ("<u>Citibank</u>"), as owner trustee (the "<u>Owner Trustee</u>"), Citicorp Trust Delaware, National Association, as Delaware trustee (the "<u>Delaware Trustee</u>"), Synchrony Bank (the "<u>Sponsor</u>") or Synchrony Card Funding, LLC (the "<u>Depositor</u>") or of which any property of the foregoing is subject, that are material to holders of the notes of Synchrony Card Issuance Trust.

In the ordinary course of business, BNY is named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization ("<u>RMBS</u>") transactions, BNY has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, BNY denies liability and intends to defend the litigations vigorously.

**Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions**.

The information required by item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

**Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.**

Each of the Sponsor and BNY (in its capacity as Indenture Trustee) (collectively, the "<u>PPSFs</u>") has been identified by the registrant as parties participating in the servicing function with respect to more than 5% of the pool assets held by the Issuing Entity. Each of the PPSFs has completed a report on an assessment of compliance with the servicing criteria applicable to it (each, a "<u>Servicing Report</u>"), which Servicing Reports are attached as exhibits to this Form 10-K. In addition, each of the PPSFs has provided an attestation report (each, an "<u>Attestation Report</u>") by one or more registered public accounting firms, which Attestation Reports are also attached as exhibits to this Form 10-K.

Neither the Servicing Reports nor the Attestation Reports have identified any material instances of noncompliance with the servicing criteria applicable to the PPSFs.

**Item 1123 of Regulation AB. Servicer Compliance Statement.**

The Sponsor has completed a Statement of Compliance with applicable servicing criteria (the "<u>Compliance Statement</u>") signed by an authorized officer of such servicer. The Compliance Statement is attached as an exhibit to this 10-K.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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 27, 2026

---

| | |
|:---|:---|
| SYNCHRONY CARD FUNDING, LLC, as Depositor | SYNCHRONY CARD FUNDING, LLC, as Depositor |
| By: | /s/ Christopher Coffey |
| Name: | Christopher Coffey |
| Title: | Vice President, and as the senior officer in charge of securitization |

---

**Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act.**

No annual report or proxy materials have been sent to security holders and no such report or proxy materials are to be furnished to security holders subsequent to the filing of this Annual Report on Form 10-K.

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Christopher Coffey, Vice President of Synchrony Card Funding LLC, certify that:

1. I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Synchrony Card Issuance Trust (the "Exchange Act periodic reports");

2. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

4. Based on my knowledge and the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer has fulfilled its obligations under the servicing agreement in all material respects; and

5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: BNY Mellon Trust of Delaware, Citibank, N.A. and Citicorp Trust Delaware, National Association.

March 27, 2026

---

| | |
|:---|:---|
| By: | /s/ Christopher Coffey |
| Name: | Christopher Coffey |
| Title: | Vice President, and senior officer in charge of securitization |

---

## Exhibit 33.1

**Exhibit 33.1**

**SYNCHRONY BANK**

<u>Management's Assessment of Compliance</u>

1. Management of Synchrony Bank (the "Company") is responsible
for assessing compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB of the Securities
and Exchange Commission, as of and for the twelve months ended December 31, 2025 (the "Reporting Period"), as set forth
in Appendix A hereto. Appendix B identifies the transactions covered by this report and includes Synchrony Credit Card Master Note
Trust and Synchrony Card Issuance Trust asset-backed securities transactions for which the Company acted as servicer involving private
label and co-branded credit card receivables (such asset-backed securities transactions, the "Platform");

2. The Company has engaged certain vendors, which are not "servicers" as defined in Item 1101(j) of
Regulation AB (the "Vendors"), to perform specific, limited or scripted activities, and the Company's management elects
to take responsibility for assessing compliance with the servicing criteria or portions of the servicing criteria applicable to such Vendors'
activities as set forth in Appendix A hereto, as permitted by the SEC's Compliance and Disclosure Interpretation ("C&DI")
200.06, Vendors Engaged by Servicers (C&DI 200.06). Management has policies and procedures in place designed to provide reasonable
assurance that the Vendors' activities comply in all material respects with the servicing criteria applicable to each Vendor. The
Company's management is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the Vendors
and related criteria;

3. Except as set forth in paragraph 4 below, the Company used the criteria set forth in paragraph (d) of
Item 1122 of Regulation AB to assess the compliance with the applicable servicing criteria;

4. The criteria listed in the column titled "Inapplicable Servicing Criteria" on Appendix A hereto
are inapplicable to the Company based on the activities it performs, directly or through the Vendors, with respect to the Platform;

5. The Company has complied, in all material respects, with the applicable servicing criteria as of December 31,
2025 and for the Reporting Period with respect to the Platform taken as a whole;

6. The Company has not identified and is not aware of any material instance of noncompliance by the Vendors
with the applicable servicing criteria as of December 31, 2025 and for the Reporting Period with respect to the Platform taken as
a whole;

7. The Company has not identified any material deficiency in its policies and procedures to monitor the compliance
by the Vendors with the applicable servicing criteria as of December 31, 2025 and for the Reporting Period with respect to the Platform
taken as a whole; and

8. KPMG LLP, an independent registered public accounting firm, has issued an attestation report on the Company's
assessment of compliance with the applicable servicing criteria for the Reporting Period.

March 26, 2026

---

| | |
|:---|:---|
| Synchrony Bank | Synchrony Bank |
| By: | /s/ Eric Duenwald |
| Name: | Eric Duenwald |
| Title: | Treasurer |

---

APPENDIX A

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing Criteria** | |
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp; **Performed**<br> **Directly<br> by<br> the <br> Company** | &nbsp;&nbsp;**INAPPLICABLE <br> SERVICING <br> CRITERIA** |
|  | &nbsp;&nbsp;**General Servicing Considerations** |  |  |
| &nbsp;&nbsp;1122(d)(1)(i) | &nbsp;&nbsp;Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | &nbsp;&nbsp;**X<sup>\*</sup>** |  |
| &nbsp;&nbsp;1122(d)(1)(ii) | &nbsp;&nbsp;If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(1)(iii) | &nbsp;&nbsp;Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(1)(iv) | &nbsp;&nbsp;A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. | &nbsp;&nbsp;**X<sup>\*</sup>** |  |
| &nbsp;&nbsp;1122(d)(1)(v) | &nbsp;&nbsp;Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | &nbsp;&nbsp;**X** &nbsp;&nbsp;**X<sup>1</sup>** |  |
|  | &nbsp;&nbsp;**Cash Collection and Administration** |  |  |
| &nbsp;&nbsp;1122(d)(2)(i) | &nbsp;&nbsp;Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements. | &nbsp;&nbsp;**X** &nbsp;&nbsp;**X<sup>2</sup>** |  |
| &nbsp;&nbsp;1122(d)(2)(ii) | &nbsp;&nbsp;Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(2)(iii) | &nbsp;&nbsp;Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(2)(iv) | &nbsp;&nbsp;The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | &nbsp;&nbsp;**X<sup>\*</sup>** |  |

---

<sup>\*</sup> This servicing criterion is applicable only to the activities performed with respect to the Synchrony Card Issuance Trust transactions that are part of the Platform as noted in Appendix B.

<sup>1</sup> The activities described in servicing criterion 1122(d)(1)(v) that are performed by a Vendor include both the aggregation of information and the conveyance of that information to the Company, as servicer.

<sup>2</sup> Certain of the activities described in servicing criterion 1122(d)(2)(i) are outsourced to Vendors and the Company has elected to take responsibility for assessing such Vendors' compliance with servicing criterion 1122(d)(2)(i).

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing Criteria** | |
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp; **Performed**<br> **Directly<br> by<br> the<br> Company** | &nbsp;&nbsp;**Performed <br> by<br> Vendor(s) <br> for which <br> the<br> Company is <br> the <br> Responsible <br> Party** | &nbsp;&nbsp;**INAPPLICABLE <br> SERVICING <br> CRITERIA** |
| &nbsp;&nbsp;1122(d)(2)(v) | &nbsp;&nbsp;Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;1122(d)(2)(vi) | &nbsp;&nbsp;Unissued checks are safeguarded so as to prevent unauthorized access. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(2)(vii) | &nbsp;&nbsp;Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | &nbsp;&nbsp;**X** |  |  |
|  | &nbsp;&nbsp;**Investor Remittances and Reporting** |  |  |  |
| &nbsp;&nbsp;1122(d)(3)(i) | &nbsp;&nbsp;Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. | &nbsp;&nbsp;**X<sup>\*</sup>** |  |  |
| &nbsp;&nbsp;1122(d)(3)(ii) | &nbsp;&nbsp;Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | &nbsp;&nbsp;**X<sup>\*</sup>** |  |  |
| &nbsp;&nbsp;1122(d)(3)(iii) | &nbsp;&nbsp;Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | &nbsp;&nbsp;**X<sup>\*</sup>** |  |  |
| &nbsp;&nbsp;1122(d)(3)(iv) | &nbsp;&nbsp;Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | &nbsp;&nbsp;**X** |  |  |
|  | &nbsp;&nbsp;**Pool Asset Administration** |  |  |  |
| &nbsp;&nbsp;1122(d)(4)(i) | &nbsp;&nbsp;Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset loan documents. | &nbsp;&nbsp;**X<sup>\*</sup>** |  |  |
| &nbsp;&nbsp;1122(d)(4)(ii) | &nbsp;&nbsp;Pool asset and related documents are safeguarded as required by the transaction agreements | &nbsp;&nbsp;**X<sup>\*</sup>** |  |  |
| &nbsp;&nbsp;1122(d)(4)(iii) | &nbsp;&nbsp;Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | &nbsp;&nbsp;**X<sup>\*</sup>** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing Criteria** | |
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp; **Performed**<br> **Directly<br> by<br> the<br> Company** | &nbsp;&nbsp;**INAPPLICABLE <br> SERVICING <br> CRITERIA** |
| &nbsp;&nbsp;1122(d)(4)(iv) | &nbsp;&nbsp;Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. | &nbsp;&nbsp;**X<sup>\*</sup>** &nbsp;&nbsp;**X<sup>\*, 3</sup>** |  |
| &nbsp;&nbsp;1122(d)(4)(v) | &nbsp;&nbsp;The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. | &nbsp;&nbsp;**X<sup>\*</sup>** |  |
| &nbsp;&nbsp;1122(d)(4)(vi) | &nbsp;&nbsp;Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(4)(vii) | &nbsp;&nbsp;Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(4)(viii) | &nbsp;&nbsp;Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | &nbsp;&nbsp;**X** &nbsp;&nbsp;**X<sup>4</sup>** |  |
| &nbsp;&nbsp;1122(d)(4)(ix) | &nbsp;&nbsp;Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(4)(x) | &nbsp;&nbsp;Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xi) | &nbsp;&nbsp;Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  | &nbsp;&nbsp;**X** |

---

<sup>3</sup> Servicing criterion 1122(d)(4)(iv) is applicable to the activities performed by Vendors with respect to the Platform as it relates to (x) the posting of certain payments on pool assets to the appropriate servicer's obligor records and (y) allocation of certain payments on pool assets to principal, interest or other items in accordance with the related pool asset documents.

<sup>4</sup> Certain of the activities described in servicing criterion 1122(d)(4)(viii) are outsourced to Vendors and the Company has elected to take responsibility for assessing such Vendors' compliance with the servicing criterion.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing Criteria** | |
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp; **Performed**<br> **Directly<br> by<br> the<br> Company** | &nbsp;&nbsp;**Performed <br> by<br> Vendor(s) <br> for which <br> the<br> Company is <br> the <br> Responsible <br> Party** | &nbsp;&nbsp;**INAPPLICABLE <br> SERVICING <br> CRITERIA** |
| &nbsp;&nbsp;1122(d)(4)(xii) | &nbsp;&nbsp;Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xiii) | &nbsp;&nbsp;Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the Servicer, or such other number of days specified in the transaction agreements. |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xiv) | &nbsp;&nbsp;Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | &nbsp;&nbsp;**X<sup>\*</sup>** |  |  |
| &nbsp;&nbsp;1122(d)(4)(xv) | &nbsp;&nbsp;Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. | &nbsp;&nbsp;**X<sup>\*, 5</sup>** |  |  |

---

<sup>5</sup> With respect to servicing criterion 1122(d)(4)(xv), there were no activities performed during the twelve months ended December 31, 2025 with respect to the Platform because there were no occurrences of events that would require the Company to perform such activities.

APPENDIX B

Synchrony Credit Card Master Note Trust, Series 2014-VFN4 Notes

Synchrony Credit Card Master Note Trust, Series 2014-VFN5 Notes

Synchrony Credit Card Master Note Trust, Series 2020-VFN1 Notes

Synchrony Card Issuance Trust, SynchronySeries Class A(2022-1) Notes

Synchrony Card Issuance Trust, SynchronySeries Class A(2022-2) Notes

Synchrony Card Issuance Trust, SynchronySeries Class A(2023-1) Notes

Synchrony Card Issuance Trust, SynchronySeries Class A(2023-2) Notes

Synchrony Card Issuance Trust, SynchronySeries Class A(2024-1) Notes

Synchrony Card Issuance Trust, SynchronySeries Class A(2024-2) Notes

Synchrony Card Issuance Trust, SynchronySeries Class A(2025-1) Notes

Synchrony Card Issuance Trust, SynchronySeries Class A(2025-2) Notes

Synchrony Card Issuance Trust, SynchronySeries Class A(2025-3) Notes

## Exhibit 33.2

**Exhibit 33.2**

![](tm261233d1_ex33-2img001.jpg)

ASSESSMENT OF COMPLIANCE WITH

APPLICABLE SERVICING CRITERIA

Management of The Bank of New York Mellon (formerly The Bank of New York), BNY Mellon Trust of Delaware (formerly BNYM (Delaware)) and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A.), (collectively, the "Company") is responsible for assessing the Company's compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB promulgated by the Securities and Exchange Commission. The Company's management has determined that the servicing criteria are applicable in regard to the servicing platform as of and for the period as follows:

<u>Platform</u>: Publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 that are subject to Regulation AB (including transactions subject to Regulation AB by contractual obligation) for which the Company provides trustee, securities administration, paying agent or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities (the "Platform").

<u>Period</u>: The twelve months ended December 31, 2025 (the "Period").

<u>Applicable Servicing Criteria</u>: All servicing criteria set forth in Item 1122(d), to the extent required by the related transaction agreements as to any transaction, except as set forth in the column titled "Not Applicable to Platform" in Appendix 1 attached hereto.

With respect to servicing criterion 1122(d)(2)(vi), the Company's management has engaged a vendor to perform the activities required by the servicing criterion. The Company's management has determined that this vendor is not considered a "servicer" as defined in Item 1101(j) of Regulation AB, and the Company's management has elected to take responsibility for assessing compliance with the servicing criterion applicable to this vendor as permitted by the SEC's *Compliance and Disclosure Interpretation 200.06, Vendors Engaged by Servicers* ("C&DI 200.06"). The Company's management has policies and procedures in place designed to provide reasonable assurance that the vendor's activities comply in all material respects with the servicing criterion applicable to the vendor. The Company's management is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendor and related servicing criterion.

With respect to the Platform as of and for the Period, the Company provides the following assessment of compliance in respect of the Applicable Servicing Criteria:

1. The Company's management is responsible for assessing the Company's compliance with the Applicable Servicing Criteria.

2. The Company's management has assessed compliance with the Applicable Servicing Criteria, including the servicing criterion for which compliance is determined based on C&DI 200.06 as described above as of and for the Period. In making this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB.

3. With respect to servicing criterion 1122(d)(4)(i), for certain transactions in the Platform the Trustor (as such term is defined in the related transaction agreements) may direct the Trustee (as such term is defined in the related transaction agreements) to file, or cause to be filed, all filings identified by the Trustor to be necessary to maintain the effectiveness of any original filings identified by the Trustor to be necessary under the Uniform Commercial Code as in effect in any jurisdiction to perfect the Trustee's security interest in or lien on the Underlying Securities (as such term is defined in the related transaction agreements). As of and for the twelve months ended December 31, 2025, the Company was not instructed by any Trustors to perform such activities. Absent the receipt of instruction from a Trustor to perform such activities, the Company's responsibility for criterion 1122(d)(4)(i) for the Platform is solely with regard to the manner of holding trust assets and investment of trust assets in eligible investments and the Company does not have any duties as to the original UCC filing and any continuations to perfect the security interest unless instructed to do so by other parties in the transaction agreement. With respect to servicing criterion 1122(d)(4)(iii), the Company has determined that there were no activities performed during the twelve months ended December 31, 2025 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities.

4. Based on such assessment, as of and for the Period, the Company has complied, in all material respects, with the Applicable Servicing Criteria.

KPMG LLP, an independent registered public accounting firm, has issued an attestation report with respect to the Company's compliance with the Applicable Servicing Criteria as of and for the Period.

---

| | |
|:---|:---|
| The Bank of New York Mellon | &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Trust of Delaware |
| /s/ David Keys | /s/ Melissa Adelson |
| David Keys | Melissa Adelson |
| Authorized Signatory | Authorized Signatory |
| The Bank of New York Mellon Trust Company, N.A. |  |
| /s/ Kevin Weeks |  |
| Kevin Weeks |  |
| Authorized Signatory |  |

---

Dated: February 27, 2026

APPENDIX 1

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;REG AB<br> REFERENCE | &nbsp;&nbsp;SERVICING CRITERIA | &nbsp;&nbsp;Applicable to Platform | &nbsp;&nbsp;Applicable to Platform | &nbsp;&nbsp;Not Applicable to <br> Platform |
| &nbsp;&nbsp;REG AB<br> REFERENCE | &nbsp;&nbsp;SERVICING CRITERIA | &nbsp;&nbsp;**Performed Directly<br> by the Company** | &nbsp;&nbsp;**Performed by <br> Vendor(s) for which<br> the Company is the <br> Responsible Party** | &nbsp;&nbsp;Not Applicable to <br> Platform |
|  | &nbsp;&nbsp;**General servicing considerations** |  |  |  |
| &nbsp;&nbsp;1122(d)(1)(i) | &nbsp;&nbsp;Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;1122(d)(1)(ii) | &nbsp;&nbsp;If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;1122(d)(1)(iii) | &nbsp;&nbsp;Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;1122(d)(1)(iv) | &nbsp;&nbsp;A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1122(d)(1)(v) | &nbsp;&nbsp;Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. |  |  | &nbsp;&nbsp; <br>X |
|  | &nbsp;&nbsp;**Cash collection and administration** |  |  |  |
| &nbsp;&nbsp;1122(d)(2)(i) | &nbsp;&nbsp;Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements. | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;1122(d)(2)(ii) | &nbsp;&nbsp;Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;1122(d)(2)(iii) | &nbsp;&nbsp;Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  |  | &nbsp;&nbsp; X |
| &nbsp;&nbsp;1122(d)(2)(iv) | &nbsp;&nbsp;The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (*e.g*., with respect to commingling of cash) as set forth in the transaction agreements. | &nbsp;&nbsp;X |  |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;REG AB<br> REFERENCE | &nbsp;&nbsp;SERVICING CRITERIA | &nbsp;&nbsp;Applicable to Platform | &nbsp;&nbsp;Applicable to Platform | &nbsp;&nbsp;Not Applicable to <br> Platform |
| &nbsp;&nbsp;REG AB<br> REFERENCE | &nbsp;&nbsp;SERVICING CRITERIA | &nbsp;&nbsp;**Performed Directly<br> by the Company** | &nbsp;&nbsp;**Performed by <br> Vendor(s) for which<br> the Company is the <br> Responsible Party** | &nbsp;&nbsp;Not Applicable to <br> Platform |
| &nbsp;&nbsp;1122(d)(2)(v) | &nbsp;&nbsp;Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 240.13k-1(b)(1) of this chapter. | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;1122(d)(2)(vi) | &nbsp;&nbsp;Unissued checks are safeguarded so as to prevent unauthorized access. |  | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;1122(d)(2)(vii) | &nbsp;&nbsp;Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations (A) Are mathematically accurate; (B) Are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) Are reviewed and approved by someone other than the person who prepared the reconciliation; and (D) Contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | &nbsp;&nbsp;X |  |  |
|  | &nbsp;&nbsp;**Investor remittances and reporting** |  |  |  |
| &nbsp;&nbsp;1122(d)(3)(i) | &nbsp;&nbsp;Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) Are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) Provide information calculated in accordance with the terms specified in the transaction agreements; (C) Are filed with the Commission as required by its rules and regulations; and (D) Agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the servicer. | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;1122(d)(3)(ii) | &nbsp;&nbsp;Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;1122(d)(3)(iii) | &nbsp;&nbsp;Disbursements made to an investor are posted within two business days to the servicer's investor records, or such other number of days specified in the transaction agreements. | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;1122(d)(3)(iv) | &nbsp;&nbsp;Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | &nbsp;&nbsp;X |  |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;REG AB<br> REFERENCE | &nbsp;&nbsp;SERVICING CRITERIA | &nbsp;&nbsp;Applicable to Platform | &nbsp;&nbsp;Applicable to Platform | &nbsp;&nbsp;Not Applicable to <br> Platform |
| &nbsp;&nbsp;REG AB<br> REFERENCE | &nbsp;&nbsp;SERVICING CRITERIA | &nbsp;&nbsp;**Performed Directly<br> by the Company** | &nbsp;&nbsp;**Performed by <br> Vendor(s) for which<br> the Company is the <br> Responsible Party** | &nbsp;&nbsp;Not Applicable to <br> Platform |
|  | &nbsp;&nbsp;**Pool asset administration** |  |  |  |
| &nbsp;&nbsp;1122(d)(4)(i) | &nbsp;&nbsp;Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;1122(d)(4)(ii) | &nbsp;&nbsp;Pool asset and related documents are safeguarded as required by the transaction agreements | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;1122(d)(4)(iii) | &nbsp;&nbsp;Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | &nbsp;&nbsp;X <sup>1</sup> |  |  |
| &nbsp;&nbsp;1122(d)(4)(iv) | &nbsp;&nbsp;Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (*e.g.,* escrow) in accordance with the related pool asset documents. |  |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;1122(d)(4)(v) | &nbsp;&nbsp;The servicer's records regarding the pool assets agree with the servicer's records with respect to an obligor's unpaid principal balance. |  |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;1122(d)(4)(vi) | &nbsp;&nbsp;Changes with respect to the terms or status of an obligor's pool assets (*e.g.,* loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. |  |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;1122(d)(4)(vii) | &nbsp;&nbsp;Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. |  |  | &nbsp;&nbsp; X |
| &nbsp;&nbsp;1122(d)(4)(viii) | &nbsp;&nbsp;Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). |  |  | &nbsp;&nbsp;X |

---

<sup>1</sup> With respect to applicable servicing criterion 1122(d)(4)(iii) the Company has determined that there were no activities performed during the twelve months ended December 31, 2025 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;REG AB<br> REFERENCE | &nbsp;&nbsp;SERVICING CRITERIA | &nbsp;&nbsp;Applicable to Platform | &nbsp;&nbsp;Applicable to Platform | &nbsp;&nbsp;Not Applicable to <br> Platform |
| &nbsp;&nbsp;REG AB<br> REFERENCE | &nbsp;&nbsp;SERVICING CRITERIA | &nbsp;&nbsp;**Performed Directly<br> by the Company** | &nbsp;&nbsp;**Performed by <br> Vendor(s) for which<br> the Company is the <br> Responsible Party** | &nbsp;&nbsp;Not Applicable to <br> Platform |
| &nbsp;&nbsp;1122(d)(4)(ix) | &nbsp;&nbsp;Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  |  | &nbsp;&nbsp; X |
| &nbsp;&nbsp;1122(d)(4)(x) | &nbsp;&nbsp;Regarding any funds held in trust for an obligor (such as escrow accounts): (A) Such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) Interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) Such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. |  |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;1122(d)(4)(xi) | &nbsp;&nbsp;Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;1122(d)(4)(xii) | &nbsp;&nbsp;Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;1122(d)(4)(xiii) | &nbsp;&nbsp;Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;1122(d)(4)(xiv) | &nbsp;&nbsp;Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;1122(d)(4)(xv) | &nbsp;&nbsp;Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of this Regulation AB, is maintained as set forth in the transaction agreements. |  |  | &nbsp;&nbsp; X |

---

## Exhibit 34.1

**Exhibit 34.1** 

**Report of Independent Registered Public Accounting Firm**

The Board of Directors

Synchrony Bank:

We have examined management of Synchrony Bank (the Company)'s assertion, included in the accompanying *Management's Assessment of Compliance*, that the Company complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the Synchrony Credit Card Master Note Trust and Synchrony Card Issuance Trust asset-backed securities transactions for which the Company acted as servicer involving private label and co-branded credit card receivables (such asset-backed securities transactions, the Platform), except for servicing criteria 1122(d)(1)(iii), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii) and 1122(d)(4)(xiii), which the Company has determined are not applicable to the activities it performs with respect to the Platform (the Applicable Servicing Criteria), as of and for the twelve months ended December 31, 2025. As described in the accompanying *Management's Assessment of Compliance*, servicing criteria 1122(d)(1)(i), 1122(d)(1)(iv), 1122(d)(2)(iv), 1122(d)(3)(i), 1122(d)(3)(ii), 1122(d)(3)(iii), 1122(d)(4)(i), 1122(d)(4)(ii), 1122(d)(4)(iii), 1122(d)(4)(iv), 1122(d)(4)(v), 1122(d)(4)(xiv) and 1122(d)(4)(xv) are only applicable for the following deals in the Platform (Synchrony Card Issuance Trust, SynchronySeries Class A(2022-1) Notes, Synchrony Card Issuance Trust, SynchronySeries Class A(2022-2) Notes, Synchrony Card Issuance Trust, SynchronySeries Class A(2023-1) Notes, Synchrony Card Issuance Trust, SynchronySeries Class A(2023-2) Notes, Synchrony Card Issuance Trust, SynchronySeries Class A(2024-1) Notes, Synchrony Card Issuance Trust, SynchronySeries Class A(2024-2) Notes, Synchrony Card Issuance Trust, SynchronySeries Class A(2025-1) Notes, Synchrony Card Issuance Trust, SynchronySeries Class A(2025-2) Notes, and Synchrony Card Issuance Trust, SynchronySeries Class A(2025-3) Notes). With respect to servicing criterion 1122(d)(4)(xv), the Company has determined that there were no activities performed during the twelve months ended December 31, 2025 with respect to the Platform because there were no occurrences of events that would require the Company to perform such activities. Appendix B to *Management's Assessment of Compliance* identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. Management is responsible for the Company's compliance with the Applicable Servicing Criteria for the Platform. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the Applicable Servicing Criteria for the Platform based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants to obtain reasonable assurance and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the Applicable Servicing Criteria for the Platform and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the Applicable Servicing Criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the Applicable Servicing Criteria for the Platform.

![](tm261233d1_ex34-1img002.jpg)

![](tm261233d1_ex34-1img003.jpg)

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.

As described in the accompanying *Management's Assessment of Compliance*, for servicing criteria 1122(d)(1)(v), 1122(d)(2)(i), 1122(d)(4)(iv) and 1122(d)(4)(viii), the Company has engaged various vendors to perform the activities required by these servicing criteria. The Company has determined that none of these vendors is considered a "servicer" as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the servicing criteria applicable to each vendor as permitted by the SEC's *Compliance and Disclosure Interpretation (C&DI) 200.06, Vendors Engaged by Servicers* (C&DI 200.06). As permitted by C&DI 200.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors' activities comply in all material respects with the servicing criteria applicable to each vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendors and related servicing criteria as described in its assertion, and we performed no procedures with respect to the Company's eligibility to apply C&DI 200.06.

In our opinion, management's assertion that the Company complied with the aforementioned Applicable Servicing Criteria for the Platform, including servicing criteria 1122(d)(1)(v), 1122(d)(2)(i), 1122(d)(4)(iv) and 1122(d)(4)(viii) for which compliance is determined based on C&DI 200.06 as described above, as of and for the twelve months ended December 31, 2025 is fairly stated, in all material respects.

Our opinion on management's assertion does not extend to any other information that accompanies or contains our report.

/s/ KPMG LLP

Chicago, Illinois

March 26, 2026

## Exhibit 34.2

**Exhibit 34.2**

![](tm261233d1_ex34-2img001.jpg)

**Report of Independent Registered Public Accounting Firm**

The Board of Directors

The Bank of New York Mellon

BNY Mellon Trust of Delaware

The Bank of New York Mellon Trust Company, N.A.:

We have examined management of The Bank of New York Mellon's (formerly The Bank of New York), BNY Mellon Trust of Delaware's (formerly BNYM (Delaware)) and The Bank of New York Mellon Trust Company, N.A.'s (formerly The Bank of New York Trust Company, N.A.), (collectively, the Company)'s assertion, included in the accompanying Management's Assessment of Compliance with Applicable Servicing Criteria, that the Company complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 that are subject to Regulation AB (including transactions subject to Regulation AB by contractual obligation) for which the Company provides trustee, securities administration, paying agent, or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities (the Platform), except for servicing criteria 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(1)(v), 1122(d)(2)(iii), 1122(d)(4)(iv), 1122(d)(4)(v), 1122(d)(4)(vi), 1122(d)(4)(vii), 1122(d)(4)(viii), 1122(d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii), 1122(d)(4)(xiv) and 1122(d)(4)(xv), which the Company has determined are not applicable to the activities it performs with respect to the Platform (the Applicable Servicing Criteria), as of and for the twelve months ended December 31, 2025 (Management's Assertion). With respect to servicing criterion 1122(d)(4)(i), the Company has determined that for certain transactions in the Platform the Trustor (as such term is defined in the related transaction agreements) may direct the Trustee (as such term is defined in the related transaction agreements) to file, or cause to be filed, all filings identified by the Trustor to be necessary to maintain the effectiveness of any original filings identified by the Trustor to be necessary under the Uniform Commercial Code as in effect in any jurisdiction to perfect the Trustee's security interest in or lien on the Underlying Securities (as such term is defined in the related transaction agreements). Management's Assessment of Compliance with Applicable Servicing Criteria indicates that as of and for the twelve months ended December 31, 2025, the Company was not instructed by any Trustors to perform such activities. Absent the receipt of instruction from a Trustor to perform such activities, the Company's responsibility for servicing criterion 1122(d)(4)(i) for the Platform is solely with regard to the manner of holding trust assets and investment of trust assets in eligible investments and the Company does not have any duties as to the original UCC filing and any continuations to perfect the security interest unless instructed to do so by other parties in the transaction agreement. With respect to servicing criterion 1122(d)(4)(iii), the Company has determined that there were no activities performed during the twelve months ended December 31, 2025 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities. Management is responsible for the Company's compliance with the Applicable Servicing Criteria for the Platform. Our responsibility is to express an opinion on Management's Assertion about the Company's compliance with the Applicable Servicing Criteria for the Platform based on our examination.

![](tm261233d1_ex34-2img002.jpg)

![](tm261233d1_ex34-2img003.jpg)

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants to obtain reasonable assurance and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the Applicable Servicing Criteria for the Platform and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the Applicable Servicing Criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the Applicable Servicing Criteria for the Platform.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.

As described in management's Assessment of Compliance with Applicable Servicing Criteria, for servicing criterion 1122(d)(2)(vi), the Company has engaged a vendor to perform the activities required by this servicing criterion. The Company has determined that this vendor is not considered a "servicer" as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the servicing criterion applicable to this vendor as permitted by the SEC's *Compliance and Disclosure Interpretation (C&DI) 200.06, Vendors Engaged by Servicers* (C&DI 200.06). As permitted by C&DI 200.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendor's activities comply in all material respects with the servicing criterion applicable to the vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendor and related servicing criterion as described in its assertion, and we performed no procedures with respect to the Company's eligibility to apply C&DI 200.06.

In our opinion, Management's Assertion that the Company complied with the aforementioned Applicable Servicing Criteria for the Platform as of and for the twelve months ended December 31, 2025 is fairly stated, in all material respects.

Our opinion on Management's Assertion does not extend to any other information that accompanies or contains our report.

/s/ KPMG LLP

Chicago, Illinois<br> February 27, 2026

## Exhibit 35.1

**Exhibit 35.1**

**ANNUAL COMPLIANCE CERTIFICATE**

Synchrony Bank (the "Servicer") hereby certifies as of December 31, 2025 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned has reviewed, for the period beginning January 1, 2025 and ending December 31, 2025: (a) the activities of the Servicer
as they related to the Amended and Restated Servicing Agreement, dated as of May 1, 2018, between Synchrony Card Issuance Trust and the
Servicer (the " <u>Servicing Agreement</u> ") and (b) the Servicer's performance under the Servicing Agreement. Such review
of the activities of the Servicer and the performance by the Servicer of its obligations under the Servicing Agreement has been made by
persons under the direct supervision of the undersigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To the best knowledge of the undersigned, based on my review of the Servicer's performance under the Servicing Agreement, the
Servicer has fulfilled all of its obligations under the Servicing Agreement in all material respects for the period beginning January
1, 2025 and ending December 31, 2025.

This report is delivered pursuant to Item 1123 of Regulation AB.

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| | |
|:---|:---|
| SYNCHRONY BANK | SYNCHRONY BANK |
| By: | /s/ Eric Duenwald |
| Name: | Eric Duenwald |
| Title: | Treasurer |

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*SYNIT: Bank Compliance Certificate*