# EDGAR Filing Document

**Accession Number:** 0001162387
**File Stem:** 0001163321-26-000013
**Filing Date:** 2026-3
**Character Count:** 91242
**Document Hash:** a3ed0cecebf293aab7491a6698da2c8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001163321-26-000013.hdr.sgml**: 20260324

**ACCESSION NUMBER**: 0001163321-26-000013

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 8

**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:** CAPITAL ONE MULTI ASSET EXECUTION TRUST
- **CENTRAL INDEX KEY:** 0001163321
- **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:** 333-75276
- **FILM NUMBER:** 26786295

**BUSINESS ADDRESS:**
- **STREET 1:** BANKERS TRUST DELAWARE
- **STREET 2:** E A DELLE DONNE CORP CTR 1011 CENTRE RD
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19805-1266
- **BUSINESS PHONE:** 3026363382

**MAIL ADDRESS:**
- **STREET 1:** BANKERS TRUST DELAWARE
- **STREET 2:** E A DELLE DONNE CORP CTR 1011 CENTRE RD
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19805-1266

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL ONE MULTIPLE ISSUANCE TRUST
- **DATE OF NAME CHANGE:** 20011207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL ONE UNIVERSAL NOTE TRUST
- **DATE OF NAME CHANGE:** 20011206
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAPITAL ONE MASTER TRUST
- **CENTRAL INDEX KEY:** 0000922869
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 541719855
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-25762
- **FILM NUMBER:** 26786297

**BUSINESS ADDRESS:**
- **STREET 1:** 11013 W BROAD ST RD
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23060
- **BUSINESS PHONE:** 8049671000

**MAIL ADDRESS:**
- **STREET 1:** 11013 WEST BROAD ST RD
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23060

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIGNET MASTER TRUST
- **DATE OF NAME CHANGE:** 19940509
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAPITAL ONE FUNDING, LLC
- **CENTRAL INDEX KEY:** 0001162387
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-75276-01
- **FILM NUMBER:** 26786296

**BUSINESS ADDRESS:**
- **STREET 1:** 140 EAST SHORE DRIVE
- **STREET 2:** ROOM 1071-B
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23059
- **BUSINESS PHONE:** 8042906959

**MAIL ADDRESS:**
- **STREET 1:** 140 EAST SHORE DRIVE
- **STREET 2:** ROOM 1071-B
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23059

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL ONE FUNDING LLC
- **DATE OF NAME CHANGE:** 20011116

**<u>________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________</u>**

**<u>________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________</u>**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

____________________________________

**FORM 10-K**

____________________________________

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| |
|:---|
| 🗷**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** |
| **For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**  |

---

---

| | |
|:---|:---|
| **Commission File Number of Issuing Entity: 333-75276** | **Commission File Number of Issuing Entity: 000-25762** |
| **Central Index Key Number of Issuing Entity: 0001163321** | **Central Index Key Number of Issuing Entity: 0000922869** |

---

____________________________________

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| | |
|:---|:---|
| **CAPITAL ONE MULTI-ASSET EXECUTION TRUST\*** | **CAPITAL ONE MASTER TRUST** |
| **(Exact Name of Issuing Entity as Specified in Its Charter)** | **(Exact Name of Issuing Entity as Specified in Its Charter)** |
| **(Issuer of the Notes)** | **(Issuer of the Collateral Certificate)** |

---

____________________________________

**Commission File Number of Depositor: 333-75276-01**

**Central Index Key Number of Depositor: 0001162387**

____________________________________

**CAPITAL ONE FUNDING, LLC**

**(Exact Name of Depositor as Specified in Its Charter)** 

____________________________________

**Central Index Key Number of Sponsor: 0000047288**

____________________________________

**CAPITAL ONE, NATIONAL ASSOCIATION**

**(Exact Name of Sponsor as Specified in Its Charter)** 

____________________________________

---

| | |
|:---|:---|
| **Delaware** | **New York** |
| **(State or Other Jurisdiction of Incorporation or Organization of the Issuing Entity)** | **(State or Other Jurisdiction of Incorporation or Organization of the Issuing Entity)** |
| **c/o Capital One Funding, LLC**<br>**1600 Capital One Drive**<br>**Room 27907-A**<br>**McLean, VA 22102** | **c/o Capital One Funding, LLC<br>1600 Capital One Drive<br>Room 27907-A<br>McLean, VA 22102** |
| **(Address of Principal Executive Offices of Issuing Entity)** | **(Address of Principal Executive Offices of Issuing Entity)** |
| **(804) 284-2500** | **(804) 284-2500** |
| **(Registrant**'**s telephone number, including area code)** | **(Registrant**'**s telephone number, including area code)** |
| **Not Applicable** | **Not Applicable** |
| **(I.R.S. Employer Identification No.)** | **(I.R.S. Employer Identification No.)** |

---

____________________________________

**Securities registered pursuant to Section 12(b) of the Act:** 

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| N/A | N/A | N/A |

---

**Securities registered pursuant to Section 12(g) of the Act: None**

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____________________________________

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 ◻[Rule 405 of Regulation S-T is not applicable.]

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. (Check one):

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ◻ | Accelerated filer | ◻ |
| Non-accelerated filer | 🗷 | Smaller reporting company | ◻ |
| | | 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. ◻[Not Applicable]

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 🗷

Registrant has no voting or non-voting common equity outstanding held by non-affiliates.

Documents Incorporated by Reference. **See Item 15(b)**.

________________________________

\* In accordance with relevant regulations of the Securities and Exchange Commission, the depositor files annual and other reports with the Commission on behalf of Capital One Multi-asset Execution Trust and Capital One Master Trust under the Central Index Key (CIK) number (0001163321) for Capital One Multi-asset Execution Trust.

------

**PART I**

**The following Items have been omitted in accordance with General Instruction J to Form 10–K:**

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| | |
|:---|:---|
| Item 1. | Business. |
| Item 1A. | Risk Factors. |
| Item 1C. | Cybersecurity. |
| Item 2. | Properties. |
| Item 3. | Legal Proceedings. |

---

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

Not applicable.

**Item 4. Mine Safety Disclosures.**

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).**

The primary asset of the issuing entity is the collateral certificate, Series 2002-CC, representing an undivided interest in Capital One Master Trust, whose assets include the receivables arising in a portfolio of credit card accounts. Capital One Master Trust, therefore, may be considered a significant obligor in relation to Capital One Multi-asset Execution Trust. Pursuant to Instruction 2.b. to Item 1112(b) of Regulation AB, the information required by Instruction J to Form 10-K in respect of Capital One Master Trust has been disclosed in this report on Form 10-K in lieu of the information otherwise contemplated by Item 1112(b).

The pool assets held by Capital One Master Trust do not include any significant obligors.

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

Based on the standards set forth in Item 1114(b)(2) of Regulation AB, no information is required in response to this Item.

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

Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this Item.

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

Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Below we provide a description of certain legal proceedings and claims.

***Interchange Litigation***

In 2005, a putative class of retail merchants filed antitrust lawsuits against Mastercard International ("Mastercard") and Visa U.S.A., Inc. ("Visa") and several issuing banks, including Capital One Financial Corporation (the "Corporation") and its subsidiaries, including Capital One, National Association (the "Bank"), seeking both injunctive relief and monetary damages for an alleged conspiracy by defendants to fix the level of interchange fees. The Visa and Mastercard payment networks and issuing banks entered into settlement and judgment sharing agreements allocating the liabilities of any judgment or settlement arising from all interchange-related cases.

The lawsuits were consolidated before the United States District Court for the Eastern District of New York for certain purposes and were settled in 2012. The class settlement, however, was invalidated by the United States Court of Appeals for the Second Circuit in June 2016, and the suit was bifurcated into separate class actions seeking injunctive and monetary relief, respectively. In addition, numerous merchant groups opted out of the 2012 settlement.

The monetary relief class action settled for $5.5 billion and was approved by the District Court in December 2019. The Second Circuit affirmed the settlement in March 2023 and it is final. Some of the merchants that opted out of the monetary relief class have brought cases, and some of those cases have settled and some remain pending. Visa created a litigation escrow account

------

following its initial public offering of stock in 2008 that funds the portion of these settlements attributable to Visa-allocated transactions. Any settlement amounts based on Mastercard-allocated transactions that have not already been paid are reflected in the Corporation and its subsidiaries' reserves. Visa and Mastercard reached a settlement with the injunctive relief class and filed a motion for preliminary approval, which was denied by the District Court in June 2024.

Visa and Mastercard reached a new settlement with the injunctive relief class and filed a motion for preliminary approval with the District Court in November 2025. The District Court has scheduled a hearing on April 20, 2026 to consider whether to grant preliminary approval of the proposed settlement.

***Capital One, National Association***

The Corporation and the Bank are commonly subject to various pending and threatened legal actions relating to the conduct of their normal business activities. In the opinion of management, the ultimate aggregate liability, if any, arising out of all such other pending or threatened legal actions is not expected to be material to noteholders.

***The Bank of New York Mellon***

In the ordinary course of business, The Bank of New York Mellon is named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization ("RMBS") transactions, The Bank of New York Mellon 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, The Bank of New York Mellon denies liability and intends to defend the litigations vigorously.

The Bank of New York Mellon has provided us with the information under the caption "The Bank of New York Mellon" immediately above in response to the requirements of Regulation AB. Neither the Corporation nor its subsidiaries (including the Bank) is a party to any such litigation. Other than the information regarding trustee litigation immediately above and the information concerning The Bank of New York Mellon specified in this Form 10-K under the caption "Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria" and in Exhibits 33.2 and 34.2 to this Form 10-K, The Bank of New York Mellon has not participated in the preparation of, and is not responsible for, any other information contained in this Form 10-K.

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**PART II**

**The following Items have been omitted in accordance with General Instruction J to Form 10–K:**

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| | |
|:---|:---|
| Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
| Item 6. | [Reserved.] |
| Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations. |
| Item 7A. | Quantitative and Qualitative Disclosures about Market Risk. |
| Item 8. | Financial Statements and Supplementary Data. |
| Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. |
| Item 9A. | Controls and Procedures. |
| **Item 9B:** | **Other Information.** |
| None. | None. |
| **Item 9C:** | **Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.** |
| Not applicable. | Not applicable. |

---

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**PART III**

**The following Items have been omitted in accordance with General Instruction J to Form 10–K:**

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| | |
|:---|:---|
| Item 10. | Directors, Executive Officers and Corporate Governance. |
| Item 11. | Executive Compensation. |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
| Item 14. | Principal Accountant Fees and Services. |

---

**Substitute information provided in accordance with General Instruction J to Form 10–K:**

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

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 Bank, for itself and on behalf of its affiliate Capital One Services, LLC ("COSL"), and The Bank of New York Mellon (each, a "Servicing Participant") has been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by each of Capital One Master Trust and Capital One Multi-asset Execution Trust. Each Servicing Participant has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a "Report on Assessment") as of, and for the twelve-month period ended, December 31, 2025, which Reports on Assessment are included as exhibits to this Form 10-K. In addition, each Servicing Participant 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.

***Vendors***

A Servicing Participant may engage one or more vendors to perform specific and limited, or scripted activities that address all or a portion of one or more servicing criteria applicable to such Servicing Participant. Generally in these cases, the Servicing Participant has instituted policies and procedures to monitor whether such vendors' activities comply in all material respects with such servicing criteria, and may elect to take responsibility for assessing compliance with the servicing criteria applicable to such vendors' activities in such Servicing Participant's Report on Assessment. Where the Servicing Participant has not instituted such policies and procedures, or where the Servicing Participant does not otherwise elect to take responsibility for assessing its vendors' activities, the vendor is itself treated as a Servicing Participant and is required to provide its own Report on Assessment and related Attestation Report.

No Report on Assessment or related Attestation Report has identified (i) any material instance of noncompliance with the servicing criteria identified in such Report on Assessment as applicable to the related Servicing Participant or (ii) any material deficiency in such Servicing Participant's policies and procedures to monitor vendor compliance.

***Platform-Level Reports***

Regulations of the Securities and Exchange Commission ("SEC") require that each Servicing Participant complete a Report on Assessment at a "platform" level, meaning that the transactions covered by the Report on Assessment should include all asset-backed securities transactions involving such Servicing Participant that are backed by the same asset type. Further guidance from the SEC staff identifies additional parameters that a Servicing Participant may apply to define and further limit its platform. For example, a Servicing Participant may define its platform to include only transactions that were completed on or after January 1, 2006 and that were registered with the SEC pursuant to the Securities Act of 1933. Each Servicing Participant is responsible for defining its own platform, and each platform will naturally differ based on various factors, including the Servicing Participant's business model, the transactions in which it is involved and the range of activities performed in those transactions.

Based on our understanding of their platforms and the guidance that is available at this time, we believe that the parameters by which the Servicing Participants have defined their platforms should be permissible. However, because the guidance available at this time is subject to clarification or change, we cannot assure you that the SEC and its staff will necessarily agree.

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

Each of the Bank and COSL has been identified by the registrant as a servicer meeting the criteria of Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB with respect to the pool assets held by each of Capital One Master Trust and Capital One Multi-asset Execution Trust. Each of these servicers has provided a statement of compliance (a "Compliance Statement"), which has been signed by an authorized officer of such related servicer. Each Compliance Statement is attached as an exhibit to this Form 10-K.

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**PART IV**

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

(a)(1) Not Applicable.

(a)(2) Not Applicable.

(a)(3) The exhibits required by Item 601 of regulation S-K are listed in the Exhibit Index.

(b) Exhibits.

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**Exhibit Index** 

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | <u>[Amended and Restated Limited Liability Company Agreement of Capital One Funding, LLC dated as of July 31, 2002 (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Form S-3 Registration Statement (File Nos. 333-75276, 333-75276-01 and 333-75276-02) filed with the Securities and Exchange Commission on September 13, 2002).](https://www.sec.gov/Archives/edgar/data/922869/000095016802002659/dex31.txt)</u> |
| 3.2 | <u>[First Amendment dated as of March 1, 2008 to the Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 4, 2008).](https://www.sec.gov/Archives/edgar/data/922869/000119312508046384/dex31.htm)</u> |
| 3.3 | <u>[Second Amendment dated as of October 1, 2022 to the Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 3.1.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex311.htm)</u> |
| 3.4 | <u>[Amended and Restated Articles of Organization of Capital One Funding, LLC, dated April 18, 2025 (incorporated by reference to Exhibit 3.4 to Amendment No. 1 to Form SF-3 Registration Statement (File No. 333-285591) filed with the Securities and Exchange Commission on April 18, 2025).](https://www.sec.gov/Archives/edgar/data/1162387/000119312525085707/d891781dex34.htm)</u> |
| 4.1 | <u>[Amended and Restated Receivables Purchase Agreement dated as of July 1, 2007 between Capital One Funding, LLC and Capital One, National Association (as successor to Capital One Bank (USA), National Association) (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 6, 2007).](https://www.sec.gov/Archives/edgar/data/922869/000119312507151052/dex41.htm)</u> |
| 4.2 | <u>[First Amendment dated as of March 1, 2008 to the Amended and Restated Receivables Purchase Agreement (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 4, 2008).](https://www.sec.gov/Archives/edgar/data/922869/000119312508046384/dex41.htm)</u> |
| 4.3 | <u>[Second Amendment dated as of March 17, 2016 to the Amended and Restated Receivables Purchase Agreement (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).](https://www.sec.gov/Archives/edgar/data/922869/000119312516508367/d125824dex41.htm)</u> |
| 4.4 | <u>[Third Amendment dated as of October 1, 2022 to the Amended and Restated Receivables Purchase Agreement (incorporated by reference to Exhibit 4.1.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex412.htm)</u> |
| 4.5 | <u>[Indenture for the Notes dated as of October 9, 2002, as amended and restated as of January 13, 2006 and March 17, 2016 (incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).](https://www.sec.gov/Archives/edgar/data/922869/000119312516508367/d125824dex44.htm)</u> |
| 4.6 | <u>[First Amendment dated as of October 1, 2022 to the Indenture for the Notes (incorporated by reference to Exhibit 4.1.5 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex415.htm)</u> |
| 4.7 | <u>[Asset Pool 1 Supplement for the Notes dated October 9, 2002 (incorporated by reference to Exhibit 4.5 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 12, 2002).](https://www.sec.gov/Archives/edgar/data/922869/000102140802013521/dex45.txt)</u> |
| 4.8 | <u>[First Amendment dated as of March 1, 2008 to the Asset Pool 1 Supplement (incorporated by reference to Exhibit 4.8 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 4, 2008).](https://www.sec.gov/Archives/edgar/data/922869/000119312508046384/dex48.htm)</u> |
| 4.9 | <u>[Second Amendment dated as of October 1, 2022 to the Asset Pool I Supplement (incorporated by reference to Exhibit 4.1.6 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex416.htm)</u> |
| 4.10 | <u>[Card Series Indenture Supplement for the Notes dated as of October 9, 2002, as amended and restated as of March 17, 2016 (incorporated by reference to Exhibit 4.5 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).](https://www.sec.gov/Archives/edgar/data/922869/000119312516508367/d125824dex45.htm)</u> |
| 4.11 | <u>[Amended and Restated Series 2002-CC Supplement to the Amended and Restated Pooling and Servicing Agreement dated as of October 9, 2002, as amended and restated on March 17, 2016 (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).](https://www.sec.gov/Archives/edgar/data/922869/000119312516508367/d125824dex43.htm)</u> |
| 4.12 | <u>[First Amendment dated as of October 1, 2022 to the Amended and Restated 2002-CC Supplement to the Amended and Restated Pooling and Servicing Agreement (incorporated by reference to Exhibit 4.1.4 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022)](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex414.htm)</u> |
| 4.13 | <u>[Amended and Restated Pooling and Servicing Agreement, dated as of September 30, 1993, and as amended and restated as of August 1, 2002, January 13, 2006, July 1, 2007 and March 17, 2016 (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).](https://www.sec.gov/Archives/edgar/data/922869/000119312516508367/d125824dex42.htm)</u> |
| 4.14 | <u>[First Amendment dated as of January 27, 2017 to Amended and Restated Pooling and Servicing Agreement (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 27, 2017).](https://www.sec.gov/Archives/edgar/data/922869/000119312517021557/d327195dex41.htm)</u> |
| 4.15 | <u>[Second Amendment dated as of October 1, 2022 to the Amended and Restated Pooling and Servicing Agreement (incorporated by reference to Exhibit 4.1.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex413.htm)</u> |
| 4.16 | <u>[Third Amendment dated as of March 17, 2023 to the Amended and Restated Pooling and Servicing Agreement (incorporated by reference to Exhibit 4.16 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24, 2023).](https://www.sec.gov/Archives/edgar/data/922869/000116332123000009/cometexhibit416.htm)</u> |
| 4.17 | <u>[Asset Representations Review Agreement, dated as of March 17, 2016 (incorporated by reference to Exhibit 4.6 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).](https://www.sec.gov/Archives/edgar/data/922869/000119312516508367/d125824dex46.htm)</u> |
| 4.18 | <u>[First Amendment dated as of October 1, 2022 to the Asset Representations Review Agreement (incorporated by reference to Exhibit 4.1.10 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex4110.htm)</u> |
| 4.19 | <u>[Dispute Resolution Agreement, dated as of March 17, 2016 (incorporated by reference to Exhibit 4.7 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).](https://www.sec.gov/Archives/edgar/data/922869/000119312516508367/d125824dex47.htm)</u> |

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4.20 <u>[First Amendment dated as of October 1, 2022 to the Dispute Resolution Agreement (incorporated by reference to Exhibit 4.1.9 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex419.htm)</u>

4.21 <u>[Defaulted Receivables Supplemental Servicing Agreement dated as of July 15, 2010 (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 15, 2010).](https://www.sec.gov/Archives/edgar/data/922869/000119312510159317/dex991.htm)</u>

4.22 <u>[First Amendment dated as of October 1, 2022 to the Defaulted Receivables Supplemental Servicing Agreement (incorporated by reference to Exhibit 4.1.8 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex418.htm)</u>

4.23 Transfer and Assumption Agreement, dated as of November 22, 1994 by and among Signet Bank/Virginia, Capital One Bank (USA), National Association, as Assuming Entity, The Bank of New York Mellon, as Trustee and the other parties thereto (incorporated by reference to Exhibit 4.5 to the Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 13, 1995).

4.24 <u>[Second Amended and Restated Trust Agreement dated as of January 13, 2006 (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 20, 2006).](https://www.sec.gov/Archives/edgar/data/922869/000119312506009254/dex43.htm)</u>

4.25 <u>[Transfer and Administration Agreement dated as of October 9, 2002 (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission by Capital One Funding, LLC on November 12, 2002).](https://www.sec.gov/Archives/edgar/data/922869/000102140802013521/dex42.txt)</u>

4.26 <u>[First Amendment dated as of March 1, 2008 to the Transfer and Administration Agreement (incorporated by reference to Exhibit 4.10 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 4, 2008).](https://www.sec.gov/Archives/edgar/data/922869/000119312508046384/dex410.htm)</u>

4.27 <u>[Second Amendment dated as of October 1, 2022 to the Transfer and Administration Agreement (incorporated by reference to Exhibit 4.1.7 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex417.htm)</u>

4.28 <u>[Omnibus Securitization Agreements Assignment and Assumption Agreement, dated as of October 1, 2022 (incorporated by reference to Exhibit 4.1.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex411.htm)</u>

4.29.1 <u>[Class B(2005-3) Terms Document dated as of August 4, 2005 (included in Exhibit 4.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on August 11, 2005, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312505165303/dex41.htm)</u>

4.29.2 <u>[Omnibus Addendum dated as of February 10, 2006, to the various Terms Documents to the Indenture (included in Exhibit 4.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on February 13, 2006, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312506029080/dex41.htm)</u>

4.29.3 <u>[Omnibus Amendment dated as of November 12, 2014, to the various Terms Documents to the Indenture (included in Exhibit 4.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 12, 2014, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312514408785/d819419dex41.htm)</u>

4.29.4 <u>[Class A(2019-3) Terms Document dated as of September 5, 2019 (included in Exhibit 4.2.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on September 5, 2019, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312519238689/d797166dex421.htm)</u>

4.29.5 <u>[Class A(2021-2) Terms Document dated as of July 22, 2021 (included in Exhibit 4.2.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on July 22, 2021, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312521221682/d208759dex421.htm)</u>

4.29.6 <u>[Class A(2022-1) Terms Document dated as of March 30, 2022 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on March 30, 2022, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312522089517/d339928dex411.htm)</u>

4.29.7 <u>[Class A(2022-2) Terms Document dated as of June 14, 2022 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on June 15, 2022, which is incorporated herein by reference.)](https://www.sec.gov/Archives/edgar/data/922869/000119312522174778/d368838dex411.htm)</u>

4.29.8 <u>[Class A(2022-3) Terms Document dated as of November 3, 2022 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 3, 2022, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312522276967/d327552dex411.htm)</u>

4.29.9 <u>[Supplemental Indenture with respect to Additional Class A(2022-3) Notes dated as of November 29, 2022 (included in Exhibit 4.1.2 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 29, 2022, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312522294182/d411888dex412.htm)</u>

4.29.10 <u>[Class A(2023-1) Terms Document dated as of May 24, 2023 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on May 24, 2023, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312523152901/d651944dex411.htm)</u>

4.29.11 <u>[Class A(2024-1) Terms Document dated as of September 24, 2024 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on September 24, 2024, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312524224713/d896653dex411.htm)</u>

4.29.12 <u>[Class A(2025-1) Terms Document dated as of September 16, 2025 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on September 16, 2025, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312525201319/d947334dex411.htm)</u>

4.29.13 <u>[Class A(2025-2) Terms Document dated as of September 16, 2025 (included in Exhibit 4.2.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on September 16, 2025, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312525201319/d947334dex421.htm)</u>

4.29.14 <u>[Class A(2025-3) Terms Document dated as of October 31, 2025 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on October 31, 2025, which is incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/922869/000119312525252630/d55584dex411.htm)</u>

10.1 <u>[Subservicing Agreement between Capital One, National Association (as successor to Capital One Bank (USA), National Association) and Capital One Services, LLC (as successor to Capital One Services, Inc. by conversion) (incorporated by reference to Exhibit 10.2 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission by Capital One Multi-asset Execution Trust on March 30, 2007).](https://www.sec.gov/Archives/edgar/data/1163321/000110465907024357/a07-5674_1ex10d2.htm)</u>

10.2 <u>[First Amendment dated as of October 1, 2022 to the Subservicing Agreement (incorporated by reference to Exhibit 4.1.11 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).](https://www.sec.gov/Archives/edgar/data/922869/000119312522256335/d328974dex4111.htm)</u>

31.1 <u>[Certification of Capital One Funding, LLC pursuant to Rule 13a-14(d)/15d-14(d) under the Securities Exchange Act of 1934.](cometexhibit31125.htm)</u>

33.1 <u>[Report on Assessment of Compliance with Servicing Criteria for Capital One, National Association, for itself and on behalf of its affiliate Capital One Services, LLC.](cometexhibit33125.htm)</u>

33.2 <u>[Report on Assessment of Compliance with Servicing Criteria for The Bank of New York Mellon.](cometexhibit33225.htm)</u>

34.1 <u>[Attestation Report of Ernst & Young LLP on Assessment of Compliance with Servicing Criteria relating to Capital One, National Association and its affiliate Capital One Services, LLC.](cometexhibit34125.htm)</u>

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34.2 <u>[Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to The Bank of New York Mellon.](cometexhibit34225.htm)</u>

35.1 <u>[Servicer Compliance Statement of Capital One, National Association, as Servicer under the Amended and Restated Pooling and Servicing Agreement, et al.](cometexhibit35125.htm)</u>

35.2 <u>[Servicer Compliance Statement of Capital One Services, LLC, as Servicer under the Subservicing Agreement.](cometexhibit35225.htm)</u>

(c) Not Applicable.

**Item 16.&nbsp;&nbsp;&nbsp;&nbsp; Form 10-K Summary.**

Not Applicable.

------

**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.

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| | |
|:---|:---|
| **Capital One Funding, LLC, as Depositor to Capital One Multi-asset Execution Trust and Capital One Master Trust** | **Capital One Funding, LLC, as Depositor to Capital One Multi-asset Execution Trust and Capital One Master Trust** |
| By: | /s/ Franco E. Harris |
| Name: | \*Franco E. Harris |
| Title: | President |
| Date: | March 24, 2026 |
|  | \* Franco E. Harris is the senior officer in charge of securitization of Capital One Funding, LLC |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO RULE 13a-14(d)/15d-14(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

I, Franco E. Harris, certify that:

&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 Capital One Multi-asset Execution Trust (the "Exchange Act periodic reports");

&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;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;4.Based on my knowledge and 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 agreement in all material respects; and

&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 parties: The Bank of New York Mellon.

Date: March 24, 2026

---

| | |
|:---|:---|
| By: | /s/ Franco E. Harris |
| Name: | \*Franco E. Harris |
| Title: | President |
|  | Capital One Funding, LLC |
|  | \*Franco E. Harris is the senior officer in charge of securitization of Capital One Funding, LLC |

---

## Exhibit 33.1

**Exhibit 33.1**

**CAPITAL ONE, NATIONAL ASSOCIATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Capital One, National Association (the "Asserting Party") is responsible for assessing compliance with the servicing criteria applicable to it and its affiliate, Capital One Services, LLC, under paragraph (d) of Item 1122 of Regulation AB, as of and for the year ended December 31, 2025 (the "Reporting Period"), as set forth in Appendix B hereto. The transactions covered by this report include asset-backed securities transactions involving credit card receivables conducted by Capital One Master Trust and Capital One Multi-asset Execution Trust where the related asset-backed securities were outstanding during the Reporting Period for which the Asserting Party or Capital One Services, LLC acted as servicer (the "Platform"), as listed in Appendix A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Except as set forth in paragraph 3 below, the Asserting Party used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance by each of the Asserting Party and Capital One Services, LLC with the applicable servicing criteria as of December 31, 2025 and for the Reporting Period with respect to the Platform taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The criteria listed in the column titled "Inapplicable Servicing Criteria" on Appendix B hereto are inapplicable to the Asserting Party and Capital One Services, LLC based on the activities that each performs with respect to the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Asserting Party and Capital One Services, LLC have 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; and

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

March 24, 2026

**CAPITAL ONE, NATIONAL ASSOCIATION**

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| | |
|:---|:---|
| By: | /s/ MARK DANIEL MOUADEB |
| Name: | Mark Daniel Mouadeb |
| Title: | President, Card |

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APPENDIX A

**Capital One Multi-asset Execution Trust**

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| |
|:---|
| **<u>Class A</u>** |
| Class A (2019-3) |
| Class A (2021-2) |
| Class A (2022-1) |
| Class A (2022-2) |
| Class A (2022-3) |
| Class A (2023-1) |
| Class A (2024-1) |
| Class A (2025-1) |
| Class A (2025-2) |
| Class A (2025-3) |
| **<u>Class B</u>** |
| Class B (2009-C) |
| Class B (2005-3) |
| **<u>Class C</u>** |
| Class C (2009-A) |
| **<u>Class D</u>** |
| Class D (2002-1) |

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APPENDIX B

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| | | | | |
|:---|:---|:---|:---|:---|
| **SERVICING CRITERIA** | **SERVICING CRITERIA** | **APPLICABLE SERVICING CRITERIA** | **APPLICABLE SERVICING CRITERIA** | **INAPPLICABLE**<br>**SERVICING CRITERIA** |
|  |  | Performed Directly by Asserting Party | Performed by Vendor(s) for which Asserting Party Takes Responsibility<sup>1</sup> |  |
|  | **General Servicing Considerations** |  |  |  |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | **X** |  |  |
| 1122(d)(1)(ii) | 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. | **X** |  |  |
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  |  | **X** |
| 1122(d)(1)(iv) | 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. |  |  | **X** |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | **X**<sup>2</sup> |  |  |
|  | **Cash Collection and Administration** |  |  |  |
| 1122(d)(2)(i) | 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. | **X**<sup>3</sup> |  |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. |  |  | **X** |
| 1122(d)(2)(iii) | 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. |  |  | **X** |
| 1122(d)(2)(iv) | 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. | **X**<sup>4</sup> |  |  |
| 1122(d)(2)(v) | 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 §240.13k-1(b)(1) of this chapter. |  |  | **X** |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  |  | **X** |
| 1122(d)(2)(vii) | 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. | **X** |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **SERVICING CRITERIA** | **SERVICING CRITERIA** | **APPLICABLE SERVICING CRITERIA** | **APPLICABLE SERVICING CRITERIA** | **INAPPLICABLE**<br>**SERVICING CRITERIA** |
|  |  | Performed Directly by Asserting Party | Performed by Vendor(s) for which Asserting Party Takes Responsibility<sup>1</sup> |  |
|  | **Investor Remittances and Reporting** |  |  |  |
| 1122(d)(3)(i) | 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. | **X** |  |  |
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | **X**<sup>5</sup> |  |  |
| 1122(d)(3)(iii) | 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. |  |  | **X** |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |  |  | **X** |
|  | **Pool Asset Administration** |  |  |  |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. |  |  | **X** |
| 1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements | **X**<sup>6</sup> |  |  |
| 1122(d)(4)(iii) | 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. | **X**<sup>7</sup> |  |  |
| 1122(d)(4)(iv) | 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. | **X**<sup>8</sup> |  |  |
| 1122(d)(4)(v) | The servicer's records regarding the pool assets agree with the servicer's records with respect to an obligor's unpaid principal balance. | **X** |  |  |
| 1122(d)(4)(vi) | 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. | **X** |  |  |
| 1122(d)(4)(vii) | 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. | **X** |  |  |
| 1122(d)(4)(viii) | 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). | **X** |  |  |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. | **X** |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **SERVICING CRITERIA** | **SERVICING CRITERIA** | **APPLICABLE SERVICING CRITERIA** | **APPLICABLE SERVICING CRITERIA** | **INAPPLICABLE**<br>**SERVICING CRITERIA** |
|  |  | Performed Directly by Asserting Party | Performed by Vendor(s) for which Asserting Party Takes Responsibility<sup>1</sup> |  |
| 1122(d)(4)(x) | 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. |  |  | **X** |
| 1122(d)(4)(xi) | 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. |  |  | **X** |
| 1122(d)(4)(xii) | 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. |  |  | **X** |
| 1122(d)(4)(xiii) | 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. |  |  | **X** |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | **X** |  |  |
| 1122(d)(4)(xv) | 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. | **X**<sup>9</sup> |  |  |

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**__________**

(1) No vendor (each, a "Vendor") engaged by the Asserting Party performed activities during the Reporting Period that address the criteria in paragraph (d) of Item 1122 of Regulation AB with respect to more than 5% of the pool assets.

(2) 1122(d)(1)(v): The Asserting Party conveys certain aggregated information to The Bank of New York Mellon, as master trust trustee and indenture trustee (collectively, the "Trustee"), and is responsible for assessing the mathematical accuracy of such information.

(3)&nbsp;&nbsp;&nbsp;&nbsp;1122(d)(2)(i): The Asserting Party was responsible for sending payments on the pool assets to the Trustee for the transactions included in the Asserting Party's Platform. The Trustee was responsible for depositing such payments on the pool assets into the appropriate custodial bank accounts.

(4)&nbsp;&nbsp;&nbsp;&nbsp;1122(d)(2)(iv): The Asserting Party was responsible for establishing and maintaining custodial bank accounts. The Trustee was responsible for opening and maintaining such custodial bank accounts at the direction of the Asserting Party.

(5)&nbsp;&nbsp;&nbsp;&nbsp;1122(d)(3)(ii): The Asserting Party was responsible for the allocation of funds due to investors. The Trustee was responsible for remitting such funds to investors at the direction of the Asserting Party.

(6)&nbsp;&nbsp;&nbsp;&nbsp;1122(d)(4)(ii): The responsibilities of the Trustee included safeguarding the COMT Collateral Certificate owned by the Capital One Multi-asset Execution Trust and issued by the Capital One Master Trust which represents an undivided interest in the assets of the Capital One Master Trust.

(7)&nbsp;&nbsp;&nbsp;&nbsp;1122(d)(4)(iii): The Asserting Party has determined that there were no activities performed during the twelve months ended December 31, 2025 with respect to the Platform.

(8)&nbsp;&nbsp;&nbsp;&nbsp;1122(d)(4)(iv): The Asserting Party was responsible for the remittance of electronic payments on pool assets and for the servicing functions related to the allocation and posting of payments on pool assets.

(9)&nbsp;&nbsp;&nbsp;&nbsp;1122(d)(4)(xv): There were no external enhancements or other support as of and for the year ended December 31, 2025.

## Exhibit 33.2

**Exhibit 33.2**

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:

Platform: 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").

Period: The twelve months ended December 31, 2025 (the "Period").

Applicable Servicing Criteria: 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.

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

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

---

| | |
|:---|:---|
| The Bank of New York Mellon | 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

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable to Platform |
| REG AB REFERENCE | SERVICING CRITERIA | **Performed Directly by the Company** | **Performed by Vendor(s) for which the Company is the Responsible Party** | Not Applicable to Platform |
|  | **General servicing considerations** |  |  |  |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |  |
| 1122(d)(1)(ii) | 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. | X |  |  |
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  |  | X |
| 1122(d)(1)(iv) | 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. |  |  | X |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. |  |  | X |
|  | **Cash collection and administration** |  |  |  |
| 1122(d)(2)(i) | 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. | X |  |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |  |  |
| 1122(d)(2)(iii) | 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. |  |  | X |
| 1122(d)(2)(iv) | 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. | X |  |  |
| 1122(d)(2)(v) | 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. | X |  |  |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  | X |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable to Platform |
| REG AB REFERENCE | SERVICING CRITERIA | **Performed Directly by the Company** | **Performed by Vendor(s) for which the Company is the Responsible Party** | Not Applicable to Platform |
| 1122(d)(2)(vii) | 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. | X |  |  |
|  | **Investor remittances and reporting** |  |  |  |
| 1122(d)(3)(i) | 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. | X |  |  |
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X |  |  |
| 1122(d)(3)(iii) | 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. | X |  |  |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X |  |  |
|  | **Pool asset administration** |  |  |  |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X |  |  |
| 1122(d)(4)(ii) | Pool asset and related documents are safeguarded as required by the transaction agreements | X |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable to Platform |
| REG AB REFERENCE | SERVICING CRITERIA | **Performed Directly by the Company** | **Performed by Vendor(s) for which the Company is the Responsible Party** | Not Applicable to Platform |
| 1122(d)(4)(iii) | 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. | X<sup>1</sup> |  |  |
| 1122(d)(4)(iv) | 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. |  |  | X |
| 1122(d)(4)(v) | The servicer's records regarding the pool assets agree with the servicer's records with respect to an obligor's unpaid principal balance. |  |  | X |
| 1122(d)(4)(vi) | 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. |  |  | X |
| 1122(d)(4)(vii) | 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. |  |  | X |
| 1122(d)(4)(viii) | 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). |  |  | X |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  |  | 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable to Platform |
| REG AB REFERENCE | SERVICING CRITERIA | **Performed Directly by the Company** | **Performed by Vendor(s) for which the Company is the Responsible Party** | Not Applicable to Platform |
| 1122(d)(4)(x) | 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. |  |  | X |
| 1122(d)(4)(xi) | 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. |  |  | X |
| 1122(d)(4)(xii) | 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. |  |  | X |
| 1122(d)(4)(xiii) | 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. |  |  | X |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  |  | X |
| 1122(d)(4)(xv) | 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. |  |  | X |

---

## Exhibit 34.1

**Exhibit 34.1**

**Report of Independent Registered Public Accounting Firm**

Capital One, National Association

We have examined management's assertion, included in the accompanying report on Assessment of Compliance with SEC Regulation AB Servicing Criteria, that Capital One, National Association, and its affiliate Capital One Services, LLC (together, the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the asset-backed securities transactions involving credit card receivables conducted by Capital One Master Trust and Capital One Multi-asset Execution Trust for which the Company acted as servicer (the "Platform") as of and for the year ended December 31, 2025, except for servicing criteria 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(2)(ii), 1122(d)(2)(iii), 1122(d)(2)(v), 1122(d)(2)(vi), 1122(d)(3)(iii), 1122(d)(3)(iv), 1122(d)(4)(i), 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 servicing Platform covered by this report. See Appendix A of management's Report on Assessment of Compliance with Servicing Criteria for the asset backed securities transactions covered by this Platform. 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 servicing criteria 1122(d)(4)(iii) and 1122(d)(4)(xv) 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 Platform is fairly stated, in all material respects.

/s/ Ernst & Young LLP

March 24, 2026

## Exhibit 34.2

**Exhibit 34.2**

**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.

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

February 27, 2026

## Exhibit 35.1

**Exhibit 35.1**

**SERVICER COMPLIANCE STATEMENT**

**CAPITAL ONE MULTI-ASSET EXECUTION TRUST**

Capital One Multi-asset Execution Trust

c/o Capital One Funding, LLC

1600 Capital One Drive, Room 27907-A

McLean, Virginia 22102

In connection with the Annual Report on Form 10-K of Capital One Multi-asset Execution Trust, as the issuing entity in respect of the notes, for the fiscal year ended December 31, 2025 (the "Report"), the undersigned, a duly authorized officer of Capital One, National Association (the "Servicer"), does hereby certify and represent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A review of the activities and performance of the Servicer under (i) the Amended and Restated Pooling and Servicing Agreement dated as of September 30, 1993, as amended and restated as of August 1, 2002, January 13, 2006, July 1, 2007, and March 17, 2016, and as further amended by the First Amendment thereto, dated as of January 27, 2017, the Second Amendment thereto, dated as of October 1, 2022, and the Third Amendment thereto, dated as of March 17, 2023, among Capital One Funding, LLC, as transferor, Capital One, National Association, as servicer, and The Bank of New York Mellon, as trustee for the Capital One Master Trust, (ii) the Indenture for the Notes dated as of October 9, 2002, as amended and restated as of January 13, 2006, and March 17, 2016, and as further amended by the First Amendment thereto, dated as of October 1, 2022, between Capital One Multi-asset Execution Trust, as issuer (the "Issuer"), and The Bank of New York Mellon, as indenture trustee for the Issuer (the "Indenture Trustee"), and (iii) the Asset Pool Supplement for the Notes dated October 9, 2002, as amended by the First Amendment thereto, dated as of March 1, 2008, and the Second Amendment thereto, dated as of October 1, 2022, between the Issuer and the Indenture Trustee (collectively, the "Agreements") during the period that is the subject of the Report has been made under my supervision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Agreements in all material respects throughout the period that is the subject of the Report.

IN WITNESS WHEREOF, the undersigned has duly executed this Servicer Compliance Statement this 24th day of March, 2026.

**CAPITAL ONE, NATIONAL ASSOCIATION**

---

| | |
|:---|:---|
| By: | /s/ MARK DANIEL MOUADEB |
| Name: | Mark Daniel Mouadeb |
| Title: | President, Card |

---

## Exhibit 35.2

**Exhibit 35.2**

**SERVICER COMPLIANCE STATEMENT** 

**CAPITAL ONE MULTI-ASSET EXECUTION TRUST**

Capital One Multi-asset Execution Trust

c/o Capital One Funding, LLC

1600 Capital One Drive, Room 27907-A

McLean, Virginia 22102

In connection with the Annual Report on Form 10-K of Capital One Multi-asset Execution Trust for the fiscal year ended December 31, 2025 (the "Report"), the undersigned, a duly authorized officer of Capital One Services, LLC (the "Servicer"), does hereby certify and represent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A review of the activities and performance of the Servicer under the Subservicing Agreement dated as of January 1, 2006, as amended by the First Amendment thereto, dated as of October 1, 2022, by and between Capital One, National Association and the Servicer (the "Agreement") during the period that is the subject of the Report has been made under my supervision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Agreements in all material respects throughout the period that is the subject of the Report.

IN WITNESS WHEREOF, the undersigned has duly executed this Servicer Compliance Statement this 24th day of March, 2026.

**CAPITAL ONE SERVICES, LLC**

---

| | |
|:---|:---|
| By: | /s/ MARK DANIEL MOUADEB |
| Name: | Mark Daniel Mouadeb |
| Title: | President, U.S. Card |

---

<br>