# EDGAR Filing Document

**Accession Number:** 0001396730
**File Stem:** 0001104659-26-033717
**Filing Date:** 2026-3
**Character Count:** 66532
**Document Hash:** 07e7709e96f09e6d64ee0f7ee031b25b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-033717.hdr.sgml**: 20260324

**ACCESSION NUMBER**: 0001104659-26-033717

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260324

**DATE AS OF CHANGE**: 20260324

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First National Master Note Trust
- **CENTRAL INDEX KEY:** 0001396730
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** AR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-140273-01
- **FILM NUMBER:** 26784839

**BUSINESS ADDRESS:**
- **STREET 1:** 1601 DODGE STREET STOP C3201
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68197-3201
- **BUSINESS PHONE:** 402-341-0500

**MAIL ADDRESS:**
- **STREET 1:** 1601 DODGE STREET STOP C3201
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68197-3201
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST NATIONAL FUNDING LLC
- **CENTRAL INDEX KEY:** 0001171040
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** AR

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50139
- **FILM NUMBER:** 26784840

**BUSINESS ADDRESS:**
- **STREET 1:** 1601 DODGE STREET STOOP 3201
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68102-3201
- **BUSINESS PHONE:** (402) 341-0500

**MAIL ADDRESS:**
- **STREET 1:** 1601 DODGE STREET STOOP 3201
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68102-3201

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 fiscal year ended December 31, 2025

OR

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

For the transition period from to

Commission File Number of Issuing Entity: 333-265964

Central Index Key of Issuing Entity: 0001396730

FIRST NATIONAL MASTER NOTE TRUST

(Exact name of Issuing Entity as specified in its charter)

Commission File Number of Depositor: 333-231191-01<br> Central Index Key of Depositor: 0001171040

FIRST NATIONAL FUNDING LLC

(Exact name of Depositor as specified in its charter)

Central Index Key of Sponsor: 0000036644

FIRST NATIONAL BANK OF OMAHA<br> (Exact name of Sponsor as specified in its charter)

<u>Nebraska </u> <u>Not Applicable</u> <br> (State or other jurisdiction of incorporation or organization of (IRS Employer Identification No. of Issuing <br> Issuing Entity) Entity)

<u>1601 Dodge Street, Stop Code 3201, Omaha, Nebraska</u> <u>68197-3201</u> <br> (Address of principal executive offices of Issuing Entity) (Zip Code)

<u>(402) 341-0500</u>

(Issuing Entity's telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

None

Securities Registered Pursuant to Section 12(g) of the Act:

None

Title of Each Class

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 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ⌧

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer ◻ | Accelerated filer ◻ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer ⌧ | Smaller reporting company ◻ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange 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

No documents have been incorporated by reference into this Form 10-K.

**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:**

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

**(G)** **Item 6:** **Selected Financial Data** 

**(H)** **Item 7:** **Management's Discussion and Analysis of Financial Condition and Results of Operation** 

**(I)** **Item 7A:** **Quantitative and Qualitative Disclosures About Market Risk** 

**(J)** **Item 8:** **Financial Statements and Supplementary Data** 

**(K)** **Item 9:** **Changes in and Disagreements With Accountants on Accounting and Financial Disclosure** 

**(L)** **Item 9A:** **Controls and Procedures** 

**Item 9B. Other Information**.

None.

**Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections.**

Not applicable.

**PART III**

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

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

**(N)** **Item 11:** **Executive Compensation** 

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

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

**(Q)** **Item 14:** **Principal Accountant Fees and Services** 

**PART IV**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Listed below are the
 documents filed as part of this report:

1) Financial Statements. None. In accordance with General Instruction J to Form 10-K, the Financial Statements required by Item 8 of Form 10-K have been omitted.

2) Financial Schedules. None. In accordance with General Instruction J to Form 10-K, any Financial Schedules required by Item 8 of Form 10-K have been omitted.

3) Exhibits. See Item 15(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The exhibits listed on
 the Exhibit Index are filed as part of, or incorporated by reference into, this report
 on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) See Item 15(a) above.

**Item 16. Form 10–K Summary**

None.

**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 (Financial Information Regarding Significant Enhancement Providers)**.

Not applicable.

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

Not applicable.

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

*In re: Payment Card Fee and Merchant Discount Antitrust Litigation*

Beginning in June 2005, several retail merchants filed lawsuits in federal courts, claiming to represent a class of similarly situated merchants, and alleging that Mastercard and VISA USA, together with their members, conspired to charge retailers excessive interchange in violation of federal antitrust laws. In October 2005, these suits were consolidated in re: Payment Card Fee and Merchant Discount Antitrust Litigation. The plaintiffs seek treble damages, injunctive relief, attorneys' fees and costs.

On April 24, 2006, plaintiffs filed a first consolidated and amended complaint, naming First National Bank of Omaha and affiliates (the "Bank"), and others as defendants. The plaintiffs realleged the claims in their original complaints and further claimed that defendants violated federal and California antitrust laws by combining to impose certain fees and to adopt rules and practices of VISA USA and Mastercard that the plaintiffs contend constitute unlawful restraints of trade. In July 2007, the Bank entered into judgment and loss sharing agreements (the sharing agreements) with VISA USA and certain financial institutions to apportion financial responsibilities arising from any potential adverse judgment or settlement. In 2010, the Bank entered into additional contracts among the defendants relating to the apportionment of financial responsibilities which may arise from any potential adverse judgment or settlement. In 2015, the Bank and other defendants signed amendments to the above-referenced agreements to clarify and further define the scope of coverage for potential adverse judgments or settlements.

On October 19, 2012, the parties entered into a settlement agreement to resolve these claims. The court granted preliminary approval of the settlement agreement on November 9, 2012. The court entered the formal Class Settlement Order and Final Judgment on January 14, 2014 (the Order). A series of appeals were filed in response to the Order and on June 30, 2016, the U.S. Court of Appeals for the Second Circuit reversed the Order, vacated the lower court's certification of the merchant class and remanded the case to the lower court for further proceedings not inconsistent with the Second Circuit's order. On November 23, 2016, Class Plaintiffs filed a Petition for Writ of Certiorari with the U.S. Supreme Court seeking a review of the Second Circuit's decision. On March 27, 2017, the U.S. Supreme Court issued an Order denying Class Plaintiffs' Petition for Writ of Certiorari.

In furtherance of the Second Circuit's reversal and remand order, the district court in MDL 1720 appointed separate interim co-lead counsel for a Rule 23(b)(2) Putative Injunctive Relief Class and a Rule 23(b)(3) Putative Damages Class, and the parties resumed litigation activities. On September 17, 2018, certain of the parties entered into the Superseding and Amended Definitive Class Settlement Agreement of the Rule 23(b)(3) Class Plaintiffs and the Defendants (Amended Settlement Agreement). The terms of the Amended Settlement Agreement include: (a) a comprehensive release from the Rule 23(b)(3) Damages Class members (Damages Class) for liability arising out of the claims asserted in the litigation; (b) certain settlement payments to the Damages Class; and (c) distribution to the Damages Class merchants of a portion of interchange across all credit rate categories for a prior period of eight consecutive months. On September 10, 2018, the Rule 23(b)(3) Class Plaintiffs filed a Motion for Preliminary Approval of the Amended Settlement Agreement. The Court granted Preliminary Approval of the Amended Settlement Agreement on January 24, 2019. The hearing for final approval of the Amended Settlement Agreement was held on November 7, 2019. The Court issued its order granting final approval of the Amended Settlement Agreement on December 13, 2019 ("Final Approval Order"). As part of the Final Approval Order, the District Court made clear its intent to appoint a Special Master to resolve franchisor/franchisee disputes regarding who may claim settlement funds. A limited number of appeals have been filed with the U.S. Court of Appeals for the Second Circuit in response to the Final Approval Order. The parties have concluded briefing and the Second Circuit held oral arguments on March 16, 2022.

On July 8, 2022, the Second Circuit remanded the case to the District Court to consider whether, in the event the District Court's disposition of the franchisor/franchisee disputes is deemed not a final judgment, there is no just reason for delay in ruling on all other issues on appeal. On July 18, 2022, the District Court issued its ruling and confirmed that there is no just reason for delay in the appeal of all other issues and certified its prior Final Approval Order as a partial final judgment. On March 15, 2023, the Second Circuit affirmed the District Court's prior Final Approval Order as a partial final judgment, leaving open only the possibility of subsequent challenges to the Special Master's allocation of damages as referenced above or the release of future claims.

Litigation relating specifically to the injunctive relief claims raised by the Rule 23(b)(2) Putative Injunctive Relief Class in MDL 1720 is ongoing. The 23(b)(2) class filed its motion for class certification on December 18, 2020. On September 27, 2021, the Court granted Plaintiffs' motion for class certification and certified a Rule 23(b)(2) mandatory, non-opt-out Equitable Relief Class. On March 24, 2024, certain of the parties entered into the Class Settlement Agreement of the Rule 23(b)(2) Class Plaintiffs and the Defendants ("Rule 23(b)(2) Class Settlement Agreement"). The terms of the Rule 23(b)(2) Class Settlement Agreement included: (a) reduced credit interchange rates for U.S. merchants; (b) a five-year cap prohibiting increases of the reduced credit interchange rates; (c) funding for a Merchant Education Program intended to educate small businesses about payment acceptance options and how best to manage costs; and (d) enhanced merchant flexibility at the point-of-sale, including the opportunity to steer to preferred payment methods and more optionality around surcharging.

On March 26, 2024, Rule 23(b)(2) Class Plaintiffs filed a Motion for Preliminary Approval of Settlement, and the Court subsequently scheduled a hearing on the Rule 23(b)(2) Class Plaintiffs' Motion for Preliminary Approval of Settlement for June 13, 2024. On June 25, 2024, the Court issued an Order denying the Rule 23(b)(2) Class Plaintiffs' Motion for Preliminary Approval, finding that it was unlikely to hold that the factors enumerated in Rule 23(e)(2) would weigh in favor of final settlement approval. On November 10, 2025, the Rule 23(b)(2) Class Plaintiffs and Defendants entered into the Superseding and Amended Class Settlement Agreement of the Rule 23(b)(2) Class Plaintiffs and the Defendants (the "2025 Proposed Settlement"). The Rule 23(b)(2) Class Plaintiffs filed a motion for preliminary approval of the 2025 Proposed Settlement on November 10, 2025. The Court has not yet scheduled a hearing on the 23(b)(2) Class Plaintiffs' motion for preliminary approval.

The 2025 Proposed Settlement includes, among other things, (i) a release for Visa, Mastercard, and the bank defendants from class members for claims for declaratory, injunctive, or equitable relief arising out of conduct alleged by the Rule 23(b)(2) class plaintiffs in the litigation that have accrued or accrue in the future during the term of the Settlement Agreement; (ii) provisions requiring reductions and caps on U.S. credit interchange rates; (iii) provisions requiring modifications to rules in the U.S. that, among other things, will allow merchants to accept one or more categories of Visa or Mastercard credit cards (e.g., standard, premium, commercial), and to impose a surcharge on credit transactions at the "Brand Level" or the "Product Level" up to a certain amount; (iv) provisions requiring a $21 million fund for a third party to educate merchants about these changes to Visa's and Mastercard's rules and to facilitate merchants' forming collective buying groups, (v) provisions requiring a $4.5 million fund for independent auditor expenses in connection with monitoring the interchange rate reductions and caps noted above, and (vi) provisions requiring up to $206 million for attorneys' fees and expenses.

The financial statements include management's estimate of the Bank's proportionate obligation associated with the ultimate disposition of this litigation. This liability is subject to significant estimation risk and may materially change. Furthermore, management cannot predict with any degree of certainty how the final outcome of this litigation may impact the broader credit card industry, and in this regard, the Bank.

*Other Covered Litigation*

Other antitrust lawsuits have been filed against VISA and Mastercard from time to time, including cases filed by merchants who elected to be excluded from/opt out of the initial 2012 settlement agreement referenced above and/or the Amended Settlement Agreement. Between July 12 and July 18, 2024, several of these suits, which were consolidated for pretrial proceedings in MDL 1720 and venued in the United States District Court for the Eastern District of New York, were remanded to their transferor courts for further proceedings up to and through trial. More specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Target
 Corporation v. Visa Inc., No. 13-03477, and 7-Eleven, Inc. v. Visa, Inc., No. 13-04442, were
 each remanded to the United States District Court for the Southern District of New York on
 July 17, 2024. The transferor court has ordered that a trial of six plaintiffs—three
 from the Target action and three from the 7-Eleven action—will commence on April 20,
 2026. An agreement in principle has been reached in the Target and 7_Eleven cases referenced
 above.

· Grubhub Holdings Inc.
 v. Visa Inc., No. 19-07273, was remanded to the United States District Court for the Northern
 District of Illinois on July 12, 2024. The transferor court has ordered that trial will commence
 on September 22, 2026.

U.S. Bank Trust Company, National Association, in its capacity as Indenture Trustee, has provided the following information for the purposes of complying with the requirements of Regulation AB:

"U.S. Bank National Association ("U.S. Bank") and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities ("RMBS") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.

U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts.

On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the "DSTs") that issued securities backed by student loans (the "Student Loans") filed a lawsuit in the Delaware Court of Chancery against U.S. Bank National Association ("U.S. Bank") in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (the "NCMSLT Action"). The complaint, as amended on June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S. Bank concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

U.S. Bank has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending.

U.S. Bank denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs' claims 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 FNBO and U.S. Bank Trust Company, National Association (the "Trustee") (each, a "Servicing Participant"), has been identified by the registrant as a party participating in the servicing function during the reporting period with respect to more than 5% of the pool assets held by the Trust. Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a "Report on Assessment") during the Trust's fiscal year ending December 31, 2025, which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an "Attestation Report") by a registered independent public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K. Neither the Reports on Assessment nor the Attestation Reports have identified any material instances of noncompliance with the servicing criteria applicable to the Servicing Participants.

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

FNBO has been identified by the registrant as a servicer during the reporting period with respect to the pool assets held by the Trust. FNBO has provided a Servicer Compliance Statement, signed by an authorized officer, and such Servicer Compliance Statement is attached as an exhibit to this Form 10-K.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [Exhibit 3.1](https://www.sec.gov/Archives/edgar/data/1171040/000095013702002289/c68964ex3-1.txt) | [Articles of Organization of First National Funding LLC (incorporated by reference to registrants' registration statement filed on April 18, 2002, file no. 333-86574-01)](https://www.sec.gov/Archives/edgar/data/1171040/000095013702002289/c68964ex3-1.txt) |
| [Exhibit 3.2](https://www.sec.gov/Archives/edgar/data/1171040/000095013702005898/c72700exv3w1.txt) | [Operating Agreement of First National Funding LLC, dated as of October 24, 2002 (incorporated by reference to registrants' Form 8-K filed on November 4, 2002, file no. 333-86574-01)](https://www.sec.gov/Archives/edgar/data/1171040/000095013702005898/c72700exv3w1.txt) |
| [Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex41.htm) | [Second Amended and Restated Master Indenture, dated as of September 23, 2016, between First National Master Note Trust and U.S. Bank National Association (incorporated by reference from registrants' Form 8-K filed on September 28, 2016, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex41.htm) |
| [Exhibit 4.2](https://www.sec.gov/Archives/edgar/data/1171040/000110465923051460/tm2312598d6_ex4-3.htm) | [First Amendment to Second Amended and Restated Master Indenture, dated as of April 27, 2023, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants' Form 8-K filed on April 27, 2023, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000110465923051460/tm2312598d6_ex4-3.htm) |
| [Exhibit 4.3](https://www.sec.gov/Archives/edgar/data/1171040/000110465923103062/tm2325631d6_ex4-3.htm) | [Second Amendment to Second Amended and Restated Master Indenture, dated as of September 22, 2023, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants' Form 8-K filed on September 22, 2023, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000110465923103062/tm2325631d6_ex4-3.htm) |
| [Exhibit 4.4](https://www.sec.gov/Archives/edgar/data/1171040/000119312513300440/d571096dex42.htm) | [Omnibus Instrument of Appointment and Acceptance of U.S. Bank National Association As Successor Indenture Trustee, dated as of June 18, 2013, among U.S. Bank National Association, The Bank of New York Mellon Trust Company, N.A. and First National Master Note Trust and acknowledged and accepted by First National Funding LLC and First National Bank of Omaha (incorporated by reference from registrants' Form S-3 filed on July 24, 2013, file no. 333-190096)](https://www.sec.gov/Archives/edgar/data/1171040/000119312513300440/d571096dex42.htm) |
| [Exhibit 4.5](https://www.sec.gov/Archives/edgar/data/1171040/000110465922086540/tm2218221d3_ex4-3.htm) | [Form of Indenture Supplement, including form of Notes (incorporated by reference from registrants' Amendment No. 1 to Form SF-3 filed on August 5, 2022, file no. 333- 265964)](https://www.sec.gov/Archives/edgar/data/1171040/000110465922086540/tm2218221d3_ex4-3.htm) |
| [Exhibit 4.6](https://www.sec.gov/Archives/edgar/data/1171040/000110465923051460/tm2312598d6_ex4-1.htm) | [Series 2023-1 Indenture Supplement, dated as of April 27, 2023, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants' Form 8-K filed on April 27, 2023, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000110465923051460/tm2312598d6_ex4-1.htm) |
| [Exhibit 4.7](https://www.sec.gov/Archives/edgar/data/1171040/000110465923051460/tm2312598d6_ex4-2.htm) | [Risk Retention Agreement, dated as of April 27, 2023, by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust (incorporated by reference from registrants' Form 8-K filed on April 27, 2023, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000110465923051460/tm2312598d6_ex4-2.htm) |
| [Exhibit 4.8](https://www.sec.gov/Archives/edgar/data/1171040/000110465923103062/tm2325631d6_ex4-1.htm) | [Series 2023-2 Indenture Supplement, dated as of September 22, 2023, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants' Form 8-K filed on September 22, 2023, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000110465923103062/tm2325631d6_ex4-1.htm) |
| [Exhibit 4.9](https://www.sec.gov/Archives/edgar/data/1171040/000110465923103062/tm2325631d6_ex4-2.htm) | [Risk Retention Agreement, dated as of September 22, 2023, by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust (incorporated by reference from registrants' Form 8-K filed on September 22, 2023, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000110465923103062/tm2325631d6_ex4-2.htm) |
| [Exhibit 4.10](https://www.sec.gov/Archives/edgar/data/1171040/000110465924065934/tm2415479d1_ex4-1.htm) | [Series 2024-1 Indenture Supplement, dated as of May 29, 2024, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants' Form 8-K filed on May 29, 2024, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000110465924065934/tm2415479d1_ex4-1.htm) |

---

---

| | |
|:---|:---|
| [Exhibit 4.11](https://www.sec.gov/Archives/edgar/data/1171040/000110465924065934/tm2415479d1_ex4-2.htm) | [Risk Retention Agreement, dated as of May 29, 2024, by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust (incorporated by reference from registrants' Form 8-K filed on May 29, 2024, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000110465924065934/tm2415479d1_ex4-2.htm) |
| [Exhibit 4.12](https://www.sec.gov/Archives/edgar/data/1171040/000110465925015056/tm254760d6_ex4-1.htm) | [Series 2025-1 Indenture Supplement, dated as of February 19, 2025, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants' Form 8-K filed on February 19, 2025, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000110465925015056/tm254760d6_ex4-1.htm) |
| [Exhibit 4,13](https://www.sec.gov/Archives/edgar/data/1171040/000110465925015056/tm254760d6_ex4-2.htm) | [Risk Retention Agreement, dated as of February 19, 2025, by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust (incorporated by reference from registrants' Form 8-K filed on February 19, 2025, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000110465925015056/tm254760d6_ex4-2.htm) |
| [Exhibit 4.14](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex44.htm) | [Second Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016, among First National Funding LLC, First National Bank of Omaha and First National Master Note Trust (incorporated by reference from registrants' Form 8-K filed on September 28, 2016, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex44.htm) |
| [Exhibit 4.15](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex45.htm) | [Second Amended and Restated Trust Agreement of First National Master Note Trust, dated as of September 23, 2016, between First National Funding LLC and Wilmington Trust Company (incorporated by reference from registrants' Form 8-K filed on September 28, 2016, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex45.htm) |
| [Exhibit 4.16](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex46.htm) | [Second Amended and Restated Administration Agreement, dated as of September 23, 2016, between First National Master Note Trust and First National Bank of Omaha (incorporated by reference from registrants' Form 8-K filed on September 28, 2016, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex46.htm) |
| [Exhibit 4.17](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex47.htm) | [Second Amended and Restated Receivables Purchase Agreement, dated as of September 23, 2016, between First National Bank of Omaha and First National Funding LLC (incorporated by reference from registrants' Form 8-K filed on September 28, 2016, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex47.htm) |
| [Exhibit 4.18](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex48.htm) | [Asset Representations Review Agreement, dated as of September 23, 2016, among First National Bank of Omaha, First National Funding LLC, First National Master Note Trust and FTI Consulting, Inc. (incorporated by reference from registrants' Form 8-K filed on September 28, 2016, file no. 333-140273-01)](https://www.sec.gov/Archives/edgar/data/1171040/000119312516723836/d245061dex48.htm) |
| [Exhibit 31.1](tm261182d1_ex31-1.htm) | [Certification pursuant to Rule 13a-14(d)/ 15d–14(d) of the Securities Exchange Act of 1934 (Section 302 Certification).](tm261182d1_ex31-1.htm) |
| [Exhibit 33.1](tm261182d1_ex33-1.htm) | [Report on Assessment of Compliance with Servicing Criteria (pursuant to Item 1122 of Regulation AB) concerning servicing activities of FNBO for the year ended December 31, 2025.](tm261182d1_ex33-1.htm) |
| [Exhibit 33.2](tm261182d1_ex33-2.htm) | [Report on Assessment of Compliance with Servicing Criteria (pursuant to Item 1122 of Regulation AB) concerning servicing activities of the Trustee for the year ended December 31, 2025.](tm261182d1_ex33-2.htm) |
| [Exhibit 34.1](tm261182d1_ex34-1.htm) | [Independent Registered Public Accounting Firm Attestation Report concerning servicing activities of FNBO for the year ended December 31, 2025.](tm261182d1_ex34-1.htm) |
| [Exhibit 34.2](tm261182d1_ex34-2.htm) | [Independent Registered Public Accounting Firm Attestation Report concerning servicing activities of the Trustee for the year ended December 31, 2025.](tm261182d1_ex34-2.htm) |
| [Exhibit 35.1](tm261182d1_ex35-1.htm) | [Servicer Compliance Statement (pursuant to Item 1123 of Regulation AB) of FNBO for the year ended December 31, 2025.](tm261182d1_ex35-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Issuing Entity has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: March 23, 2026 | FIRST NATIONAL MASTER NOTE TRUST | FIRST NATIONAL MASTER NOTE TRUST |
|  | By: | First National Bank of Omaha,<br> As Servicer of First National Master Note Trust |
|  | By: | /s/ Anthony R. Cerasoli |
|  |  | Anthony R. Cerasoli, |
|  |  | Senior Vice President and Treasurer |

---

**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, proxy statement, form of proxy or other proxy soliciting material has been sent to Noteholders during the period covered by this Annual Report on Form 10-K and the registrant does not intend to furnish such materials to Noteholders subsequent to the filing of this report.

## Exhibit 31.1

EXHIBIT 31.1

**CERTIFICATION PURSUANT TO RULE 13a-14(d)/15d-14(d) OF THE SECURITIES<br> EXCHANGE ACT OF 1934**

I, Anthony R. Cerasoli, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 First National Master Note Trust (the "Exchange Act periodic reports");

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I am responsible for reviewing the activities performed by the servicers and based on my knowledge and the compliance reviews conducted in preparing the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 party: U.S. Bank Trust Company, National Association.

Dated: March 23, 2026 By: <u>Anthony R. Cerasoli </u> <br> Anthony R. Cerasoli, Senior Vice President and Treasurer, First National Bank of Omaha (senior officer in charge of the servicing function of the servicer)

[Signature page to Certification Pursuant to Rule 13a-14/15d-14(d) <br> of the Securities Exchange Act of 1934]

## Exhibit 33.1

EXHIBIT 33.1

**REPORT ON ASSESSMENT OF COMPLIANCE WITH SERVICING CRITERIA**

**PURSUANT TO ITEM 1122 OF REGULATION AB**

**FIRST NATIONAL BANK OF OMAHA**

Date: March 23, 2026

The undersigned, a duly authorized representative of First National Bank of Omaha (the "Servicer"), hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Servicer is responsible for assessing its compliance with the servicing criteria set forth in 17 C.F.R. § 229.1122(d) ("Item 1122(d) of Regulation AB"), except for servicing criteria specified in (1)(iii); (2)(iii) and (vi); 3(iii) and (iv); and 4(x), (xi), (xii) and (xiii) of Item 1122(d) of Regulation AB, which the Servicer has determined are inapplicable to the activities it performs with respect to the credit card asset backed securities transactions issued by First National Master Note Trust (the "Platform") being serviced (such applicable criteria, after giving effect to the exceptions identified above, the "Applicable Servicing Criteria"), as of and for the year ended December 31, 2025 relating to the servicing of the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Servicer used the servicing criteria in Item 1122(d) of Regulation AB to assess compliance with the Applicable Servicing Criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Servicer is in compliance with the Applicable Servicing Criteria relating to the Platform as of and for the year ended December 31, 2025 in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Deloitte & Touche LLP, an independent registered public accounting firm, has issued an attestation report for the Platform on the Servicer's assessment of compliance with the Applicable Servicing Criteria as of and for the year ended December 31, 2025.

---

| | |
|:---|:---|
| FIRST NATIONAL BANK OF OMAHA, as Servicer | FIRST NATIONAL BANK OF OMAHA, as Servicer |
| By: | /s/ Anthony R. Cerasoli |
|  | Anthony R. Cerasoli, |
|  | Senior Vice President and Treasurer |

---

[Signature page to Report on Assessment of Compliance<br> of First National Bank of Omaha]

## Exhibit 33.2

EXHIBIT 33.2

Management's Assertion

Report on Assessment of Compliance with Applicable Servicing Criteria

Management of U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively "U.S. Bank") is responsible for assessing compliance as of and for the year ended December 31, 2025, with the servicing criteria set forth in Item 1122 (d) of Regulation AB applicable to it as set forth on Exhibit A hereto. This report covers asset backed securities transactions within the **U.S. Bank Corporate Trust Asset-Backed Securities Platform**<sup>1</sup> (the "Platform").

U.S. Bank hereby provides the following report on its assessment of compliance with the servicing criteria set forth in Item 1122 of Regulation AB applicable to it and as described on Exhibit A hereto:

&nbsp;&nbsp;&nbsp;&nbsp;1. U.S. Bank is responsible for assessing its compliance with the servicing
 criteria applicable to it as noted on the accompanying Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;2. Except as set forth in paragraph 3 below, U.S. Bank used the criteria
 set forth in paragraph (d) of Item 1122 of Regulation AB to assess its compliance with
 the applicable servicing criteria;

&nbsp;&nbsp;&nbsp;&nbsp;3. The criteria listed in the column titled "Inapplicable Servicing
 Criteria" on Exhibit A hereto are inapplicable to U.S. Bank based on the servicing
 activities it performs directly with respect to the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;4. U.S. Bank has complied, in all material respects, with the applicable
 servicing criteria as of and for the year ended December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;5. Ernst & Young, LLP, a registered public accounting firm,
 has issued an attestation report on U.S. Bank's assessment of compliance with the applicable
 servicing criteria as of and for the year ended December 31, 2025.

<sup>1</sup> The U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform") consists of the activities involved in the performance of servicing functions for which the Company provides trustee, securities administration, registrar, paying agent and document custody services for (i) publicly issued asset-backed and mortgage-backed transactions the securities of which were offered on or after January 1, 2006 and (ii) certain asset-backed transactions for which the Issuer has voluntarily elected to make Regulation AB compliant filings under the Securities Exchange Act of 1934, as amended.

---

| | |
|:---|:---|
| U.S. BANK NATIONAL ASSOCIATION | U.S. BANK NATIONAL ASSOCIATION |
| /s/ Joe Nardi | /s/ Joe Nardi |
| Name: | Joe Nardi |
| Title: | Executive Vice President |
| U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION | U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION |
| /s/ Joe Nardi | /s/ Joe Nardi |
| Name: | Joe Nardi |
| Title: | Executive Vice President |

---

Dated: February 26, 2026

**EXHIBIT A to Management's Assertion**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable<br> Servicing<br> Criteria** | &nbsp;&nbsp;**Inapplicable<br> Servicing <br> Criteria** |
| &nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;**<u>General Servicing Considerations</u>** |
| &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<sup>2</sup>** |  |
| &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;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<sup>3</sup>** |  |
| &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** |
| &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 following 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<sup>4</sup>** |  |
| &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** |  |

---

<sup>2</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>3</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>4</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable<br> Servicing<br> Criteria** | &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;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** |
| &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** |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable<br> Servicing<br> Criteria** | &nbsp;&nbsp;**Inapplicable<br> Servicing <br> Criteria** |
| &nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;**<u>Pool Asset Administration</u>** |
| &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 assets 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** |  |
| &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** |
| &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** |
| &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;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable<br> Servicing<br> Criteria** | &nbsp;&nbsp;**Inapplicable<br> Servicing <br> Criteria** |
| &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 Regulation AB, is maintained as set forth in the transaction agreements. | &nbsp;&nbsp;**X** |  |

---

## Exhibit 34.1

EXHIBIT 34.1

---

| | |
|:---|:---|
| ![](tm261182d1_ex34-1img001.jpg) <br> March 23, 2026<br>**Independent Accountant's Report**<br>Board of Directors and Shareholders<br> First National Bank of Omaha Omaha, <br> Nebraska | ![](tm261182d1_ex34-1img002.jpg) |

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We have examined management of First National Bank of Omaha's assertion, included in the accompanying Management's Report on Assessment of Compliance with Servicing Criteria Pursuant to Item 1122 of Regulation AB, that First National Bank of Omaha (the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the First National Master Note Trust (the "Platform"), excluding criteria 1122(d)(1)(iii), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122(d)(3)(iii), 1122(d)(3)(iv), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), and 1122(d)(4)(xiii), which management has determined are not applicable to the activities performed by the Bank with respect to the Platform, (the "Servicing Criteria") as of and for the year ended December 31, 2025 (collectively, "Management's Assertion"). First National Bank of Omaha's management is responsible for its assertion. Our responsibility is to express an opinion on management's assertion 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. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the servicing criteria is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about management's assertion on compliance with the servicing criteria. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management's assertion, whether due to error or fraud, and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the servicing criteria, including tests on a sample basis of the servicing activities related to the Platform, determining whether the Company performed those selected activities in compliance with the servicing criteria during the specified period, and performing such other procedures as we considered necessary in the circumstances. Our procedures were limited to selected servicing activities performed by the Company during the period covered by this report and, accordingly, such samples may not have included servicing activities related to each asset-backed transaction included in the Platform. Further, an examination is not designed to detect noncompliance arising from errors that may have occurred prior to the period specified above that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

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

Our examination does not provide a legal determination on Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2025, for the Platform is fairly stated, in all material respects.

![](tm261182d1_ex34-1img003.jpg)

March 23, 2026

## Exhibit 34.2

EXHIBIT 34.2

**Report of Independent Registered Public Accounting Firm**

[ATTACHED]

![](tm261182d1_ex34-2img001.jpg)

**Report of Independent Registered Public Accounting Firm**

The Board of Directors

U.S. Bank National Association and U.S. Bank Trust Company, National Association

We have examined management's assertion, included in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, that U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively, the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform"), for which the Company provides trustee, securities administration, registrar, paying agent and document custody services, as of and for the year ended December 31, 2025, except for servicing criteria Items 1122(d)(1)(iii) and 1122(d)(4)(iv)-(xiv), which the Company has determined are not applicable to the activities it performs with respect to the servicing platform covered by this report. Management is responsible for the Company's compliance with those servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of less than all of the individual asset-backed transactions and securities that comprise the Platform, testing of less than all of the servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the 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. Although the Company is responsible for assessing compliance with Items 1122(d)(1)(ii), 1122(d)(1)(v), and 1122(d)(2)(iii) of Regulation AB, there were no servicing activities performed by the Company during the year ended December 31, 2025 that required these servicing criteria to be complied with. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

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

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2025, for the U.S. Bank Corporate Trust Asset-Backed Securities Platform is fairly stated, in all material respects.

![](tm261182d1_ex34-2img002.jpg)

Minneapolis, Minnesota

February 26, 2026

## Exhibit 35.1

EXHIBIT 35.1

**SERVICER COMPLIANCE STATEMENT<br> PURSUANT TO ITEM 1123 OF REGULATION AB**

**FIRST NATIONAL BANK OF OMAHA**

Date: March 23, 2026

The undersigned, a duly authorized officer of First National Bank of Omaha (the "Servicer"), pursuant to Item 1123 of Regulation AB and Section 3.05(a) of the Second Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016, among First National Funding LLC, as Transferor, First National Bank of Omaha, as Servicer, and First National Master Note Trust, as Issuer (the "Transfer and Servicing Agreement"), does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A review of the activities of the Servicer from January 1, 2025 through December 31, 2025 (the "Reporting Period") and of its performance under the Transfer and Servicing Agreement has been made under my supervision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To the best of my knowledge, based on my review, the Servicer has fulfilled all of its obligations under the Transfer and Servicing Agreement, in all material respects throughout the Reporting Period.

IN WITNESS WHEREOF, I have signed this Servicer Compliance Statement the day and year first written above.

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| | |
|:---|:---|
| FIRST NATIONAL BANK OF OMAHA, as Servicer | FIRST NATIONAL BANK OF OMAHA, as Servicer |
| By: | /s/ Anthony R. Cerasoli |
|  | Anthony R. Cerasoli |
|  | Senior Vice President and Treasurer |

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