# EDGAR Filing Document

**Accession Number:** 0001724786
**File Stem:** 0001104659-25-120855
**Filing Date:** 2025-12
**Character Count:** 49743
**Document Hash:** c9cd12ce1f110fb35923e3b6d18aeaee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-120855.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001104659-25-120855

**CONFORMED SUBMISSION TYPE**: 10-D

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**ABS ASSET CLASS**: Credit card

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-224689
- **FILM NUMBER:** 251569980

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-224689-01
- **FILM NUMBER:** 251569981

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

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

---

| |
|:---|
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| **FORM 10-D** |
| **ASSET-BACKED ISSUER** |
| **DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF** |
| **THE SECURITIES EXCHANGE ACT OF 1934** |

---

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| | |
|:---|:---|
| For the monthly distribution period from | **November 1, 2025 to November 30, 2025** |

---

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| | |
|:---|:---|
| Commission File Number of issuing entity: | **333-257355-01, 333-280854-01** |
| Central Index Key Number of issuing entity: | **0001724789** |

---

---

| |
|:---|
| **Synchrony Card Issuance Trust** |
| *(Exact Name of issuing entity as specified in its charter)* |

---

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| | |
|:---|:---|
| Commission File Number of depositor: | **333-257355, 333-280854** |
| Central Index Key Number of depositor: | **0001724786** |

---

---

| |
|:---|
| **Synchrony Card Funding, LLC** |
| *(Exact Name of Registrant as Specified in its Charter)* |

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| |
|:---|
| **Synchrony Bank** |
| *(Exact Name of Sponsor as Specified in its Charter)* |
| *Central Index Key Number of Sponsor:* 0001602566 |

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**Delaware**

*(State or Other Jurisdiction of Incorporation or organization of the issuing entity)*

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| |
|:---|
| **82-3295851 (Synchrony Card Funding, LLC) 32-649512 (Synchrony Card Issuance Trust)** |
| *(I.R.S. Employer Identification No.)* |

---

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| | |
|:---|:---|
| **c/o Synchrony Bank**<br>**777 Long Ridge Rd**<br>**Stamford, CT** | **06902** |
| *(Address of Principal Executive Office of the issuing entity)* | *(Zip Code)* |

---

---

| |
|:---|
| **(877) 441-5094** |
| *(Telephone Number, Including Area Code)* |

---

  <br> *(Former Name or Former Address, if Changed Since Last Report)*

*Registered reporting pursuant to (check one)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Section 12(b) | Section 12(g) | Section 15(d) | Name of Exchange<br> (If Section 12(b)) |
| Title of Class |  |  |  |  |
| SynchronySeries Class A Notes | ◻ | ◻ | ⌧ | ___________ |

---

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 requirements for the past 90 days. Yes: ⌧ No: ◻

**PART I - Distribution Information.**

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

The response to Item 1 is set forth herein and in Exhibit 99.1.

**Trust Performance**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **November 2025** | **October 2025** | **September 2025** | **3-Month Avg** |
| **Gross Trust Yield** | 29.39% | 29.93% | 27.67% | 29.00% |
| **Gross Charge-Off Rate** | 5.43% | 5.51% | 5.30% | 5.41% |
| **Net Charge Off Rate** | 4.29% | 4.35% | 4.21% | 4.28% |
| **SynchronySeries Excess Spread Percentage** | 17.78% | 18.64% | 16.59% | 17.67% |
| **Payment Rate** | 22.76% | 23.13% | 23.05% | 22.98% |
| **Delinquency Data** |  |  |  |  |
| **1-29 Days Delinquent** | 1.87% | 1.81% | 1.94% | 1.87% |
| **30-59 Days Delinquent** | 0.82% | 0.86% | 0.84% | 0.84% |
| **60-89 Days Delinquent** | 0.68% | 0.68% | 0.63% | 0.66% |
| **90-119 Days Delinquent** | 0.60% | 0.57% | 0.56% | 0.58% |
| **120-149 Days Delinquent** | 0.51% | 0.50% | 0.47% | 0.49% |
| **150-179 Days Delinquent** | 0.44% | 0.42% | 0.42% | 0.43% |
| **180 or Greater Days Delinquent** | 0.00% | 0.00% | 0.00% | 0.00% |
| **BOP Principal Receivables ($B)** | $9.8 | $9.8 | $10.0 | $9.9 |

---

Charge-offs are executed on charge-off cycle dates which occur on various days during each distribution period. The number of different charge-off cycle dates in each distribution period varies based on such factors as the calendar and the timing of billing cycles. As a result, the amount of charged-off receivables can vary between distribution periods with no corresponding change in the performance of the trust portfolio. The following table sets forth the number of different charge-off cycle dates for each distribution period ending in the months indicated. Each distribution period begins on the first calendar day and ends on the last calendar day of the calendar month indicated below.

---

| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
| **January** | 29 | 28 |
| **February** | 27 | 28 |
| **March** | 28 | 28 |
| **April** | 28 | 29 |
| **May** | 28 | 25 |
| **June** | 28 | 30 |
| **July** | 29 | 28 |
| **August** | 25 | 28 |
| **September** | 30 | 28 |
| **October** | 28 | 28 |
| **November** | 26 | 28 |
| **December** | 30 | 29 |

---

A. Composition of Trust Portfolio

The following tables summarize the trust portfolio by various criteria as of October 31, 2025 for each of the program partners included in the trust portfolio.

Please note that numbers and percentages presented in the tables in this section may not sum to the totals presented due to rounding.

For purposes of the tables in this section:

· Total Receivables Outstanding is the sum of principal receivables and finance charge receivables (which includes fee receivables) included in the trust portfolio in the period indicated.

· Number of Accounts is the number of accounts included in the trust portfolio as of the date or in the period indicated.

**Composition by Program Partner of the Trust Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Program Partner** | **Total Receivables<br> Outstanding** | **Percentage of<br> Total Receivables<br> Outstanding** | **Number<br> of Accounts** | **Percentage<br> of Number<br> of Accounts** |
| Sam's Club Dual Card | $2849891582 | 27.8% | 1856025 | 20.8% |
| TJX Dual Card | 2228465535 | 21.7% | 2716152 | 30.5% |
| Amazon Private Label Credit Card | 1441619095 | 14.1% | 1363220 | 15.3% |
| Lowe's Private Label Credit Card | 1231335817 | 12.0% | 1195501 | 13.4% |
| PayPal Dual Card | 963982517 | 9.4% | 549411 | 6.2% |
| Synchrony MasterCard | 591688157 | 5.8% | 280835 | 3.2% |
| American Eagle Dual Card | 414859095 | 4.0% | 465205 | 5.2% |
| JCPenney Dual Card | 324915570 | 3.2% | 316595 | 3.6% |
| Dick's Sporting Goods Dual Card | 212014499 | 2.1% | 175191 | 2.0% |
| **Total** | $**10258771868** | **100.0%** | **8918135** | **100.0%** |

---

**Composition by Account Balance Range of the Trust Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account Balance Range** | **Total Receivables<br> Outstanding** | **Percentage of<br> Total Receivables<br> Outstanding** | **Number<br> of Accounts** | **Percentage<br> of Number<br> of Accounts** |
| Credit Balance | $(16827958) | -0.2% | 152484 | 1.7% |
| No Balance |  | 0.0% | 2307161 | 25.9% |
| $0.01-$500.00 | 526563016 | 5.1% | 2814765 | 31.6% |
| $500.01-$1,000.00 | 720296061 | 7.0% | 990242 | 11.1% |
| $1,000.01-$2,000.00 | 1463551161 | 14.3% | 1011449 | 11.3% |
| $2,000.01-$3,000.00 | 1381702181 | 13.5% | 562203 | 6.3% |
| $3,000.01-$4,000.00 | 1179068250 | 11.5% | 340008 | 3.8% |
| $4,000.01-$5,000.00 | 999575563 | 9.7% | 223491 | 2.5% |
| $5,000.01-$6,000.00 | 835179952 | 8.1% | 152646 | 1.7% |
| $6,000.01-$7,000.00 | 684021301 | 6.7% | 105625 | 1.2% |
| $7,000.01-$8,000.00 | 596299544 | 5.8% | 79680 | 0.9% |
| $8,000.01-$9,000.00 | 459579948 | 4.5% | 54252 | 0.6% |
| $9,000.01-$10,000.00 | 427467613 | 4.2% | 44995 | 0.5% |
| $10,000.01-$15,000.00 | 815524301 | 7.9% | 68927 | 0.8% |
| $15,000.01-$20,000.00 | 135349654 | 1.3% | 8106 | 0.1% |
| $20,000.01 or more | 51421281 | 0.5% | 2101 | 0.0% |
| &nbsp;&nbsp;&nbsp;**Total** | $**10258771868** | **100.0%** | **8918135** | **100.0%** |

---

**Composition by Credit Limit Range of the Trust Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Credit Limit Range** | **Total Receivables<br> Outstanding** | **Percentage<br> of Total Receivables<br> Outstanding** | **Number of<br> Accounts** | **Percentage<br> of Number<br> of Accounts** |
| $0.01-$500.00 | $48311084 | 0.5% | 374486 | 4.2% |
| $500.01-$1,000.00 | 166629082 | 1.6% | 388514 | 4.4% |
| $1,000.01-$2,000.00 | 560846722 | 5.5% | 928085 | 10.4% |
| $2,000.01-$3,000.00 | 775383741 | 7.6% | 1153718 | 12.9% |
| $3,000.01-$4,000.00 | 784869186 | 7.7% | 915047 | 10.3% |
| $4,000.01-$5,000.00 | 772397270 | 7.5% | 716245 | 8.0% |
| $5,000.01-$6,000.00 | 761319689 | 7.4% | 610484 | 6.9% |
| $6,000.01-$7,000.00 | 728236293 | 7.1% | 512436 | 5.8% |
| $7,000.01-$8,000.00 | 795858314 | 7.8% | 549910 | 6.2% |
| $8,000.01-$9,000.00 | 529738914 | 5.2% | 395645 | 4.4% |
| $9,000.01-$10,000.00 | 1260738885 | 12.3% | 811531 | 9.1% |
| $10,000.01 or more | 3074442688 | 30.0% | 1562034 | 17.5% |
| **Total** | $**10258771868** | **100.0%** | **8918135** | **100.0%** |

---

**Composition by Account Age Range of the Trust Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account Age Range** | **Total Receivables<br> Outstanding** | **Percentage of<br> Total Receivables<br> Outstanding** | **Number<br> of Accounts** | **Percentage<br> of Number<br> of Accounts** |
| Up to 6 Months | $- | 0.0% |  | 0.0% |
| 6 Months to 12 Months | 41796934 | 0.4% | 63386 | 0.7% |
| Over 12 Months to 24 Months | 195064477 | 1.9% | 250252 | 2.8% |
| Over 24 Months to 36 Months | 448000350 | 4.4% | 448092 | 5.0% |
| Over 36 Months to 48 Months | 685352321 | 6.7% | 743873 | 8.3% |
| Over 48 Months to 60 Months | 809383412 | 7.9% | 880799 | 9.9% |
| Over 60 Months to 72 Months | 761894950 | 7.4% | 777441 | 8.7% |
| Over 72 Months to 84 Months | 1068934762 | 10.4% | 926165 | 10.4% |
| Over 84 Months to 96 Months | 844254526 | 8.2% | 692667 | 7.8% |
| Over 96 Months to 108 Months | 965870674 | 9.4% | 839437 | 9.4% |
| Over 108 Months to 120 Months | 1242268658 | 12.1% | 820870 | 9.2% |
| Over 120 Months | 3195950803 | 31.2% | 2475153 | 27.8% |
| &nbsp;&nbsp;&nbsp;**Total** | $**10258771868** | **100.0%** | **8918135** | **100.0%** |

---

Except for the applicable states listed below, no state accounted for more than 5% of the number of accounts or 5% of the total receivables balances, as applicable, as of October 31, 2025 for each of the program partners included in the trust portfolio. Since the largest number of cardholders (based on billing addresses) whose accounts are designated for the trust portfolio were in the five states listed below, adverse economic conditions affecting cardholders residing in those areas could affect timely payment by the related cardholders of amounts due on the accounts and, accordingly, the rate of delinquencies and losses for the trust portfolio.

**Composition by Billing Address of the Trust Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Billing Address** | **Total Receivables<br> Outstanding** | **Percentage of<br> Total Receivables<br> Outstanding** | **Number<br> of Accounts** | **Percentage<br> of Number<br> of Accounts** |
| Texas | $927941690 | 9.0% | 718813 | 8.1% |
| California | 926872962 | 9.0% | 826475 | 9.3% |
| Florida | 817816242 | 8.0% | 729465 | 8.2% |
| New York | 599364779 | 5.8% | 570192 | 6.4% |
| Pennsylvania | 517038174 | 5.0% | 477351 | 5.4% |
| Other | 6469738021 | 63.1% | 5595839 | 62.7% |
| &nbsp;&nbsp;&nbsp;**Total** | $**10258771868** | **100.0%** | **8918135** | **100.0%** |

---

**Composition by Delinquency Status of the Trust Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Delinquency Status** | **Total Receivables<br> Outstanding** | **Percentage of<br> Total Receivables<br> Outstanding** | **Number<br> of Accounts** | **Percentage<br> of Number<br> of Accounts** |
| Current, Credit and Zero Balance | $9762851532 | 95.2% | 8721052 | 97.8% |
| 1 – 29 Days | 185314551 | 1.8% | 92462 | 1.0% |
| 30 – 59 Days | 88145143 | 0.9% | 34207 | 0.4% |
| 60 – 89 Days | 69265976 | 0.7% | 23745 | 0.3% |
| 90 – 119 Days | 58905500 | 0.6% | 18892 | 0.2% |
| 120 – 149 Days | 50840476 | 0.5% | 15372 | 0.2% |
| 150 or More Days | 43448690 | 0.4% | 12405 | 0.1% |
| &nbsp;&nbsp;&nbsp;**Total** | $**10258771868** | **100.0%** | **8918135** | **100.0%** |

---

**Composition by VantageScore Credit Score**

In determining whether to grant credit to a potential account holder, the bank scores each application based on the applicant's credit bureau report using industry (such as a VantageScore credit score or other credit scores) and proprietary credit and fraud models and bankruptcy scorecards. VantageScore credit scores or equivalent are obtained at origination of the account and are refreshed, at a minimum quarterly, to assist in predicting customer behavior. The bank may use alternative data sources to assess applicants for whom a credit score is not available.

A VantageScore credit score is a measurement derived from a proprietary credit scoring method owned by VantageScore Solutions, LLC to determine the likelihood that credit users will pay their credit obligations in accordance with the terms of their accounts. Although VantageScore Solutions, LLC discloses only limited information about the variables it uses to assess credit risk, those variables likely include, but are not limited to, debt level, credit history, payment patterns (including delinquency experience) and level of utilization of available credit. VantageScore credit scores range from 300 to 850, and a borrower with a higher score is statistically expected to be less likely to default in payment than a borrower with a lower score. VantageScore credit scores for any one individual may be determined by up to three independent credit bureaus and may vary by credit bureau.

VantageScore credit scores are based on independent, third-party information, the accuracy of which we cannot verify. VantageScore credit scores were not developed specifically for use in connection with credit card accounts, but for consumer credit products in general.

VantageScore credit scores of an individual may change over time, depending on the conduct of the individual, including the individual's usage of his or her available credit, and changes in credit score technology used by VantageScore Solutions, LLC. Because the composition of the accounts designated for the trust may change over time, this table is not necessarily indicative of credit scores at origination of the accounts or the composition of the accounts in the trust at any specific time thereafter.

The following table reflects receivables as of October 31, 2025, based on the composition of accounts by VantageScore credit score as most recently refreshed:

**Composition by VantageScore Credit Score Range of the Trust Portfolio** 

---

| | | |
|:---|:---|:---|
| **VantageScore Credit Score Range** | **Total<br> Receivables<br> Outstanding** | **Percentage<br> of Total Receivables<br> Outstanding** |
| No score and/or less than or equal to 599\* | $678927569 | 6.6% |
| 600 to 659 | 1865524741 | 18.2% |
| 660 to 719 | 2822508770 | 27.5% |
| 720 and above | 4891810789 | 47.7% |
| **Total** | $**10258771868** | **100.0%** |

---

\*Balances related to accounts without a Vantage score are estimated to be less than 1% of the total receivables outstanding.

B. Receivables Performance

The following Cardholder Monthly Payment Rates table sets forth the highest and lowest cardholder monthly payment rates on the credit card accounts in the trust portfolio during any monthly period for the ten months ended October 31, 2025 in each case calculated as a percentage of the principal receivables outstanding as of the first day of each monthly period during the period indicated. Because the future composition and performance of the trust portfolio will change over time, the table below is not indicative of the composition or performance of the trust portfolio at any subsequent time.

**Cardholder Monthly Payment Rates**

---

| | |
|:---|:---|
|  | **Ten Months Ended October 31, 2025** |
| Lowest Month | 21.70% |
| Highest Month | 24.42% |
| Monthly Average | 23.36% |

---

The Payment Status table in this section shows the average for all billing cycles in the period indicated of the payments made on the receivables that fall within each of the following categories: (1) less than minimum payment, (2) minimum payment, (3) greater than minimum payment, but less than full payment and (4) full payment or greater than full payment. For any billing cycle, the percentage of payments in each category is calculated by dividing the number of accounts with payments in that category by the total amount of all accounts that were required to make payments on the receivables.

**Payment Status**

---

| | |
|:---|:---|
|  | **Percentage of Accounts** |
|  | **Ten Months Ended October 31, 2025** |
| Less than Minimum Payment | 5.88% |
| Minimum Payment | 16.39% |
| Greater than Minimum Payment, Less than Full Payment | 34.70% |
| Full Payment or Greater than Full Payment | 43.03% |

---

The following tables set forth the aggregate delinquency and loss experience for cardholder payments on the credit card accounts in the trust portfolio for each of the dates or periods shown. Please note that numbers and percentages presented in the tables in this section may not sum to the totals presented due to rounding. We cannot assure you that the future delinquency and loss experience for the trust portfolio will be similar to the historical experience set forth below. For purposes of the tables in this section, Average Principal Receivables Outstanding is the average of the balance of the Principal Receivables Outstanding as of the first day of each Monthly Period in the period indicated and Average Accounts Outstanding is the average of the number of accounts as of the first day of each Monthly Period in the period indicated.

**Loss Experience<br> (Dollars in Thousands)**

---

| | |
|:---|:---|
|  | **Ten Months Ended October 31, 2025** |
| Average Principal Receivables Outstanding | $9517380 |
| Gross Principal Charge-Offs | $463848 |
| Gross Principal Charge-Offs as a Percentage of Average Principal Receivables Outstanding (Annualized) | 5.85% |
| Less: Recoveries | $83443 |
| Net Principal Charge-Offs | $380405 |
| Net Principal Charge-Offs as a Percentage of Average Principal Receivables Outstanding (Annualized) | 4.80% |
| Gross Charge-Off Accounts | 187630 |
| Average Accounts Outstanding | 8501804 |
| Gross Charge-Off Accounts as a Percentage of Average Accounts Outstanding (Annualized) | 2.65% |

---

**Total Receivables Delinquency Experience<br> (Dollars in Thousands)**

---

| | | |
|:---|:---|:---|
|  | **As of October 31, 2025** | **As of October 31, 2025** |
|  | **Total Receivables** | **Percentage of <br> Total Receivables Outstanding** |
| Total Receivables Outstanding | $10258772 |  |
| Total Receivables Delinquent: |  |  |
| &nbsp;&nbsp;&nbsp;30-59 Days | 88145 | 0.86% |
| &nbsp;&nbsp;&nbsp;60-89 Days | 69266 | 0.68% |
| &nbsp;&nbsp;&nbsp;90-119 Days | 58906 | 0.57% |
| &nbsp;&nbsp;&nbsp;120-149 Days | 50840 | 0.50% |
| &nbsp;&nbsp;&nbsp;150-179 Days | 43410 | 0.42% |
| &nbsp;&nbsp;&nbsp;180 or More Days | 39 | 0.00% |
| **Total** | $**310606** | **3.03%** |

---

**Account Delinquency Experience**

---

| | | |
|:---|:---|:---|
|  | **As of October 31, 2025** | **As of October 31, 2025** |
|  | **Accounts** | **Percentage of Total <br> Accounts Outstanding** |
| Accounts Outstanding | 8918135 |  |
| Accounts Delinquent: |  |  |
| &nbsp;&nbsp;&nbsp;30-59 Days | 34207 | 0.38% |
| &nbsp;&nbsp;&nbsp;60-89 Days | 23745 | 0.27% |
| &nbsp;&nbsp;&nbsp;90-119 Days | 18892 | 0.21% |
| &nbsp;&nbsp;&nbsp;120-149 Days | 15372 | 0.17% |
| &nbsp;&nbsp;&nbsp;150-179 Days | 12394 | 0.14% |
| &nbsp;&nbsp;&nbsp;180 or More Days | 11 | 0.00% |
| **Total** | **104621** | **1.17%** |

---

**Balance Reductions**

The accounts in the trust portfolio may have balance reductions granted for a number of reasons, including merchandise refunds, returns, and fraudulent charges. For the twelve months ended October 31, 2025, the average monthly balance reduction rate for the approved portfolio of accounts attributable to such returns and fraud was 1.79%.

**Revenue Experience**

The net revenues collected from finance charges, fees, interchange and recoveries related to accounts in the trust portfolio for each of the periods shown are set forth in the following table. Fees include late fees, cash advance fees and miscellaneous fees. We cannot assure you that the future revenue experience for the receivables in the trust portfolio will remain similar to the historical experience set forth below. For purposes of the table in this section, Average Principal Receivables Outstanding is the average of the balance of the Principal Receivables Outstanding as of the first day of each Monthly Period in the period indicated.

**Revenue Experience<br> (Dollars in Thousands)**

---

| | |
|:---|:---|
|  | **Ten Months Ended<br> October 31, 2025** |
| Average Principal Receivables Outstanding | $9517380 |
| Collected Finance Charges, Fees, Interchange and Recoveries | $2229249 |
| Collected Finance Charges Fees, Interchange and Recoveries as a Percentage of Average Principal Receivables Outstanding (Annualized) | 28.11% |

---

C. Compliance with Underwriting Criteria

The information set forth under the headings "*Review of Pool Asset Disclosure*" and "*Compliance with Underwriting Criteria*" in the Prospectus, dated as of November 10, 2025 (and filed on November 12, 2025) (the "Prospectus"), has not materially changed. The following information supplements such previously filed information:

&nbsp;&nbsp;&nbsp;&nbsp;· The depositor regularly reviews the credit line decisions made by the Credit
Solutions group for credit line decisions relating to the bank's sales platforms that were exceptions to its underwriting guidelines
disclosed in the Prospectus. Based on these reviews, the Depositor has found that some of these credit line decisions were granted at
or under the designated maximum level permitted by the operating procedures and such accounts were found to deviate from the disclosed
underwriting guidelines for the sole reason that they lacked requisite manager pre-approval. Other credit line decisions were determined
to be exceptions because the credit lines were found to be above the maximum level permitted by the operating procedures for those accounts.
Based on the depositor's review, the number of credit line decisions for which exceptions were identified represents less than 0.10% of
accounts for which credit was granted during such time period.

D. Repurchase of Receivables

No assets securitized by Synchrony Card Funding, LLC (the "Securitizer") and held by Synchrony Card Issuance Trust were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period November 1, 2025 through November 30, 2025. The most recent Form ABS-15G filed by the Securitizer was filed on January 29, 2025. The CIK number of the Securitizer is 0001724786.

**ITEM 1A – Asset-Level Information.**

Inapplicable.

**ITEM 1B – Asset Representations Reviewer and Investor Communication.**

Nothing to report.

**PART II - Other Information**

**ITEM 2 – Legal Proceedings.**

Nothing to report.

**ITEM 3 – Sales of Securities and Use of Proceeds.**

Information regarding the sale of the SynchronySeries Class A(2025-3) Notes has been previously included in a Current Report on [Form 8-K](https://www.sec.gov/Archives/edgar/data/1724786/000110465925115005/tm2530159d8_8k.htm), filed by the Securitizer and Synchrony Card Issuance Trust on November 21, 2025, and is incorporated herein by reference.

**ITEM 4 – Defaults Upon Senior Securities.**

Nothing to report.

**ITEM 5 – Submission of Matters to a Vote of Security Holders.**

Nothing to report.

**ITEM 6 – Significant Obligors of Pool Assets.**

Nothing to report.

**ITEM 7 – Change in Sponsor Interest in the Securities.**

Nothing to report.

**ITEM 8 – Significant Enhancement Provider Information.**

Inapplicable.

**ITEM 9 – Other Information.**

Synchrony Bank confirms its continued compliance with its obligations described in clauses (a), (b) and (c) of Section 3 of each Risk Retention Agreement, among Synchrony Card Issuance Trust, the Securitizer and Synchrony Bank, related to the outstanding SynchronySeries Notes.

**ITEM 10 – Exhibits**

**(a)** **The exhibits listed below are filed as a part of this report**.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Document Description</u>** |
| [99.1](tm2533126d1_ex99-1.htm) | [SynchronySeries Monthly Statement](tm2533126d1_ex99-1.htm) |

---

**(b)** **See (a) above for the exhibits filed in response to Item 601 of Regulations S-K.** 

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Synchrony Card Funding, LLC, as depositor | Synchrony Card Funding, LLC, as depositor |
| Dated: December 15, 2025 | By: | /s/ Chris Coffey |
|  | Name: | Chris Coffey |
|  | Title: | Vice President |

---

## Exhibit 99.1

**Exhibit 99.1**

**Monthly Noteholder's Statement** 

**Synchrony Card Issuance Trust**

**SynchronySeries**

Pursuant to the Amended and Restated Master Indenture, dated as of May 1, 2018 (as amended and supplemented, the "Indenture") between Synchrony Card Issuance Trust (the "Issuer") and The Bank of New York Mellon, as indenture trustee (the "Indenture Trustee"), as supplemented by the SynchronySeries Indenture Supplement (as amended and supplemented, the "Indenture Supplement"), dated as of September 26, 2018, between the Issuer and the Indenture Trustee, the Issuer is required to prepare, or cause Synchrony Bank (the "Servicer"), to prepare certain information each month regarding current distributions to the SynchronySeries Noteholders and the performance of the Issuer during the previous month. The information is required to be prepared with respect to the Payment Date as set forth below, and with respect to the performance of the Issuer during the Monthly Period ended as set forth below. Capitalized terms used herein are defined in the Indenture and the Indenture Supplement. The Discount Percentage (as defined in the Transfer Agreement) remains at 0% for all the Receivables purchased by the Issuer until otherwise indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

---

| | |
|:---|:---|
| Monthly Period Beginning: | 11/01/2025 |
| Monthly Period Ending: | 11/30/2025 |
| Payment Date: | 12/15/2025 |
| Loss Cycles in Period: | 28 |

---

**I. Trust Receivables Information (Monthly Period)**

a. BOP Number of Accounts 8,918,135

b. EOP Number of Accounts 8,836,287

c. BOP Aggregate Principal Receivables 9,821,305,968.87

d. BOP Finance Charge Receivables (Excludes Discount
 Option Receivables) 437,465,898.76

e. BOP Discount Option Receivables 0.00

f. BOP Total Receivables 10,258,771,867.63

g. Increase in Principal Receivables from Additional
 Accounts 0.00

h. Increase in Finance Charge Receivables from Additional
 Accounts (Excludes Discount Option Receivables) 0.00

i. Increase in Discount Option Receivables 0.00

j. Decrease in Principal Receivables due to Account
 Removal 0.00

k. Decrease in Finance Charge Receivables due to
 Account Removal (Excludes Discount Option Receivables) 0.00

l. Decrease in Discount Option Receivables 0.00

m. EOP Aggregate Principal Receivables 9,989,412,345.66

n. EOP Finance Charge Receivables (Excludes Discount
 Option Receivables) 436,358,511.37

o. EOP Discount Option Receivables 0.00

p. EOP Total Receivables 10,425,770,857.03

q. BOP Excess Funding Account Balance 0.00

r. EOP Excess Funding Account Balance 0.00

s. EOP Minimum Pool Balance 7,432,432,433.00

t. EOP Minimum Free Equity Amount 499,470,617.28

u. EOP Free Equity Amount 2,556,979,912.66

II. Investor Information (Sum of all Series)\*

a. Note Principal
 Balance

&nbsp;&nbsp;&nbsp;&nbsp;i. Beginning of Interest Period 5,500,000,000.00

&nbsp;&nbsp;&nbsp;&nbsp;ii. Increase in note principal Balance due to New Issuance
 / Additional Draws 0.00

&nbsp;&nbsp;&nbsp;&nbsp;iii. Decrease in Note Principal Balance due to Principal
 Paid and notes Retired 0.00

&nbsp;&nbsp;&nbsp;&nbsp;iv. As of Payment Date 5,500,000,000.00

b. Subordinated
 Transferor Amount

&nbsp;&nbsp;&nbsp;&nbsp;i. Beginning of Interest Period 1,932,432,433.00

&nbsp;&nbsp;&nbsp;&nbsp;ii. As of Payment Date 1,932,432,433.00

Page 1 of 11

c. Principal
 Funding Account Balance

&nbsp;&nbsp;&nbsp;&nbsp;i. Beginning of Interest Period 0.00

&nbsp;&nbsp;&nbsp;&nbsp;ii. As of Payment Date 0.00

d. Collateral
 Amount

&nbsp;&nbsp;&nbsp;&nbsp;i. Beginning of Interest Period 7,432,432,433.00

&nbsp;&nbsp;&nbsp;&nbsp;ii. As of Payment Date 7,432,432,433.00

\* Throughout this Section II, Beginning of Interest Period Amounts include any issuances that occurred during the Monthly Period related to this report. As of Payment Date amounts include payments to occur on the Payment Date but exclude any issuances occurring after the last day of the Monthly Period related to the report.

III. Trust Performance Data (Monthly Period)

---

| | | | |
|:---|:---|:---|:---|
| a. | Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables) | Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | Current | 29.3894% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. | Three-Month Average | 28.9967% |
| b. | Payment Rate (Principal Collections / BOP Principal Receivables) | Payment Rate (Principal Collections / BOP Principal Receivables) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | Current | 22.7608% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. | Three-Month Average | 22.9806% |
| c. | Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables) | Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | Current | 5.4325% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. | Prior Monthly Period | 5.5083% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. | Two Months Prior Monthly Period | 5.3022% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. | Three Months Prior Monthly Period | 5.6345% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. | Three-Month Average | 5.4143% |
| d. | Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables) | Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | Current | 4.2894% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. | Prior Monthly Period | 4.3535% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. | Two Months Prior Monthly Period | 4.2095% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. | Three Months Prior Monthly Period | 4.5112% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. | Three-Month Average | 4.2841% |
| e. | Default Amount for Defaulted Accounts | Default Amount for Defaulted Accounts | 44461819.81 |
| f. | Recovery Amount | Recovery Amount | 9355371.19 |
| g. | Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries) | Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries) | 35106448.62 |
| h. | Number of Accounts Charged Off | Number of Accounts Charged Off | 18292 |
| i. | Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off) | Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off) | 1919.22 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| j. | Delinquency Data | Delinquency Data | Accounts | Pctg. of Tot. Accts. | Total Receivables | Pctg. of Tot. Recv. |
|  | i. | 1-29 Days Delinquent | 98948 | 1.1198% | 195426067.53 | 1.8745% |
|  | ii. | 30-59 Days Delinquent | 33532 | 0.3795% | 85203016.80 | 0.8172% |
|  | iii. | 60-89 Days Delinquent | 24553 | 0.2779% | 70896971.80 | 0.6800% |
|  | iv. | 90-119 Days Delinquent | 20175 | 0.2283% | 62764233.12 | 0.6020% |
|  | v. | 120-149 Days Delinquent | 16157 | 0.1828% | 53376696.56 | 0.5120% |
|  | vi. | 150-179 Days Delinquent | 13234 | 0.1498% | 45914962.45 | 0.4404% |
|  | vii. | 180 or Greater Days Delinquent | 0 | 0.0000% | 0.00 | 0.0000% |
|  |  | Total | 206599 | 2.3381% | 513581948.26 | 4.9261% |

---

Page 2 of 11

IV. Series Performance Data

---

| | | | |
|:---|:---|:---|:---|
|  | **November<br> Monthly Period** | **October<br> Monthly Period** | **September<br> Monthly Period** |
| (a) Portfolio Yield | 23.72% | 24.42% | 22.37% |
| (b) Base Rate | 5.93% | 5.78% | 5.78% |
| (a)- (b) = Excess Spread Percentage | 17.78% | 18.64% | 16.59% |
| Three Month Average Excess Spread Percentage | 17.67% | 17.62% | 16.71% |

---

---

| | | | |
|:---|:---|:---|:---|
| **V. Collections and Allocations** | **V. Collections and Allocations** | **Trust** | **Series** |
| a. | Finance Charge Collections (excluding f.) | 240535089.98 | 167604185.01 |
| b. | Servicing Fee Retained | 16368843.30 | 11486486.50 |
| c. | Principal Collections | 2235409130.61 | 1561429706.33 |
| d. | Default Amount | 44461819.81 | 31381742.55 |
| e. | Net Swap Receipts |  | 0.00 |
| f. | Investment Earnings Treated as Finance Charge Collections |  | 0.00 |

---

VI. Allocation Percentages

a. Allocation
 Percentage Denominators

&nbsp;&nbsp;&nbsp;&nbsp;i. Aggregate Principal Receivables Balance as of EOP Prior
 Monthly Period 9,821,305,968.87

&nbsp;&nbsp;&nbsp;&nbsp;ii. Number of Days at Balance 30

b. SynchronySeries
 Allocation Percentages

&nbsp;&nbsp;&nbsp;&nbsp;i. SynchronySeries Floating Allocation Percentage (daily
 average) 70.1729 %

&nbsp;&nbsp;&nbsp;&nbsp;ii. SynchronySeries Principal Allocation Percentage (daily
 average) 70.1729 %

VII. Shared Excess Available Finance Charge Collections

a. Finance Charge Shortfall for SynchronySeries 0.00

b. Finance Charge Shortfall for all Series 0.00

c. Shared Excess Available Finance Charges Collections Allocated to SynchronySeries 0.00

Page 3 of 11

VIII. Information Regarding the Current Distribution to Noteholders

The amount of distribution to Noteholders on the related Payment Date per $1,000 Initial Dollar Principal Amount

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Benchmark<br> Determination Date | Benchmark<br> Rate | Interest<br> Rate | Interest<br> Distribution | Principal<br> Distribution | Total<br> Distribution |
| Class A (2023-1) |  |  | 5.5400% | 4.62 | 0.00 | 4.62 |
| Class A (2023-2) |  |  | 5.7400% | 4.78 | 0.00 | 4.78 |
| Class A (2024-1) |  |  | 5.0400% | 4.20 | 0.00 | 4.20 |
| Class A (2024-2) |  |  | 4.9300% | 4.11 | 0.00 | 4.11 |
| Class A (2025-1) |  |  | 4.7800% | 3.98 | 0.00 | 3.98 |
| Class A (2025-2) |  |  | 4.4900% | 3.74 | 0.00 | 3.74 |
| Class A (2025-3) |  |  | 4.0600% | 3.16 | 0.00 | 3.16 |

---

Page 4 of 11

IX. Outstanding Dollar Principal Amount of SynchronySeries Notes as of the Payment Date

---

| | | | | |
|:---|:---|:---|:---|:---|
| Tranche | Initial Dollar Principal<br> Amount | Outstanding Dollar<br> Principal Amount | Adjusted <br> Outstanding Dollar<br> Principal Amount | Principal distribution <br> on the <br> Payment Date |
| Class A (2023-1) | 1000000000.00 | 1000000000.00 | 1000000000.00 | 0.00 |
| Class A (2023-2) | 750000000.00 | 750000000.00 | 750000000.00 | 0.00 |
| Class A (2024-1) | 750000000.00 | 750000000.00 | 750000000.00 | 0.00 |
| Class A (2024-2) | 750000000.00 | 750000000.00 | 750000000.00 | 0.00 |
| Class A (2025-1) | 750000000.00 | 750000000.00 | 750000000.00 | 0.00 |
| Class A (2025-2) | 750000000.00 | 750000000.00 | 750000000.00 | 0.00 |
| Class A (2025-3) | 750000000.00 | 750000000.00 | 750000000.00 | 0.00 |
| Total Class A | 5500000000.00 | 5500000000.00 | 5500000000.00 | 0.00 |
| Total Class B | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class C | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class D | 0.00 | 0.00 | 0.00 | 0.00 |
| **Total** | **5500000000.00** | **5500000000.00** | **5500000000.00** | **0.00** |

---

Page 5 of 11

X. Nominal Liquidation Amount of SynchronySeries Notes

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Nominal<br> Liquidation Amount<br> as of Beginning of<br> Interest Period\* | Increases from<br> amounts<br> withdrawn from the <br> Note Retirement<br> Subaccounts <br> in respect of<br> Prefunding Excess<br> Amounts | Reimbursements<br> of prior Nominal<br> Liquidation<br> Amount Deficits<br> from Available<br> Finance Charge<br> Collections | Increase <br> due to additional <br> notes issued<br> during Monthly<br> Period | Reductions due <br> to reallocations <br> of Available<br> Principal<br> Collections and<br> Investor <br> Charge-Offs | Reductions due <br> to amounts<br> deposited to the<br> Principal Funding<br> Subaccounts | Reductions due<br> to amounts<br> deposited in<br> applicable Note<br> Retirement<br> Subaccount | Nominal<br> Liquidation Amount <br> as of end of<br> Interest Period\* |
| Class A (2023-1) | 1000000000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1000000000.00 |
| Class A (2023-2) | 750000000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 750000000.00 |
| Class A (2024-1) | 750000000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 750000000.00 |
| Class A (2024-2) | 750000000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 750000000.00 |
| Class A (2025-1) | 750000000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 750000000.00 |
| Class A (2025-2) | 750000000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 750000000.00 |
| Class A (2025-3) | 750000000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 750000000.00 |
| Total Class A | 5500000000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5500000000.00 |
| Total Class B | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class C | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class D | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Total** | **5500000000.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **5500000000.00** |

---

\* Beginning of Interest Period amounts include any issuances that occurred during the Monthly Period related to this report. As of end of Interest Period amounts include payments to occur on the Payment Date but exclude any issuances occurring after the last day of the Monthly Period related to this report.

Page 6 of 11

XI. SynchronySeries Required and Subordinated Amounts\*

**Beginning of Interest Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Required<br> Subordinated Amount | Total Subordinated<br> Amount | Nominal Liquidation<br> Amount of Class B<br> Notes | Nominal Liquidation<br> Amount of Class C<br> Notes | Nominal Liquidation<br> Amount of Class D<br> Notes | Subordinated<br> Transferor Amount |
| Class A (2023-1) | 351351351.45 |  |  |  |  |  |
| Class A (2023-2) | 263513513.59 |  |  |  |  |  |
| Class A (2024-1) | 263513513.59 |  |  |  |  |  |
| Class A (2024-2) | 263513513.59 |  |  |  |  |  |
| Class A (2025-1) | 263513513.59 |  |  |  |  |  |
| Class A (2025-3) | 263513513.59 |  |  |  |  |  |
| Class A (2025-2) | 263513513.59 |  |  |  |  |  |
| **Total Class A** | **1932432433.00** | **1932432433.00** | 0.00 | 0.00 | 0.00 | 1932432433.00 |
| **Total Class B** | **1375000000.00** | **1932432433.00** |  | 0.00 | 0.00 | 1932432433.00 |
| **Total Class C** | **895348838.00** | **1932432433.00** |  |  | 0.00 | 1932432433.00 |
| **Total Class D** | **289473685.00** | **1932432433.00** |  |  |  | 1932432433.00 |

---

**As of Payment Date** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Required<br> Subordinated Amount | Total Subordinated<br> Amount | Nominal Liquidation<br> Amount of Class B<br> Notes | Nominal Liquidation<br> Amount of Class C<br> Notes | Nominal Liquidation<br> Amount of Class D<br> Notes | Subordinated<br> Transferor Amount |
| Class A (2023-1) | 351351351.45 |  |  |  |  |  |
| Class A (2023-2) | 263513513.59 |  |  |  |  |  |
| Class A (2024-1) | 263513513.59 |  |  |  |  |  |
| Class A (2024-2) | 263513513.59 |  |  |  |  |  |
| Class A (2025-1) | 263513513.59 |  |  |  |  |  |
| Class A (2025-2) | 263513513.59 |  |  |  |  |  |
| Class A (2025-3) | 263513513.59 |  |  |  |  |  |
| **Total Class A** | **1932432433.00** | **1932432433.00** | 0.00 | 0.00 | 0.00 | 1932432433.00 |
| **Total Class B** | **1375000000.00** | **1932432433.00** |  | 0.00 | 0.00 | 1932432433.00 |
| **Total Class C** | **895348838.00** | **1932432433.00** |  |  | 0.00 | 1932432433.00 |
| **Total Class D** | **289473685.00** | **1932432433.00** |  |  |  | 1932432433.00 |

---

\* Throughout this Section XI, Beginning of Interest Period Amounts include any issuances that occured during the Monthly Period related to this report. As of Payment Date amounts include payments to occur on the Payment Date but exclude any issuances occurring after the last day of the Monthly Period related to this report.

Page 7 of 11

**XII. Interest Funding Account Sub-Accounts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Beginning<br> Interest<br> Funding<br> Subaccount<br> Balance | Targeted deposit <br> to the <br> Interest Funding <br> Subaccount<br> for the current<br> period | Previous<br> shortfalls of<br> targeted<br> deposits to the<br> Interest Funding<br> Subaccount | Actual<br> deposit to Interest<br> Funding<br> Subaccount | Amount<br> withdrawn from the <br> Interest Funding<br> Subaccount<br> for payment to<br> Noteholders | Other<br> Withdrawals | Ending <br> Interest<br> Funding<br> Subaccount<br> Balance |
| Class A (2023-1) | 0.00 | 4616666.67 | 0.00 | 4616666.67 | (4616666.67) | 0.00 | 0.00 |
| Class A (2023-2) | 0.00 | 3587500.00 | 0.00 | 3587500.00 | (3587500.00) | 0.00 | 0.00 |
| Class A (2024-1) | 0.00 | 3150000.00 | 0.00 | 3150000.00 | (3150000.00) | 0.00 | 0.00 |
| Class A (2024-2) | 0.00 | 3081250.00 | 0.00 | 3081250.00 | (3081250.00) | 0.00 | 0.00 |
| Class A (2025-1) | 0.00 | 2987500.00 | 0.00 | 2987500.00 | (2987500.00) | 0.00 | 0.00 |
| Class A (2025-2) | 0.00 | 2806250.00 | 0.00 | 2806250.00 | (2806250.00) | 0.00 | 0.00 |
| Class A (2025-3) | 0.00 | 2368334.00 | 0.00 | 2368334.00 | (2368334.00) | 0.00 | 0.00 |
| Total Class A | 0.00 | 22597500.67 | 0.00 | 22597500.67 | (22597500.67) | 0.00 | 0.00 |
| Total Class B | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class C | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class D | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Total** | **0.00** | **22597500.67** | **0.00** | **22597500.67** | **(22597500.67)** | **0.00** | **0.00** |

---

Page 8 of 11

**XIII. Principal Funding Account Sub-Accounts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Beginning<br> Principal Funding<br> Subaccount<br> Balance | Targeted deposit <br> to the<br> Principal Funding <br> Subaccount <br> for the current<br> period | Previous shortfall <br> of targeted<br> deposit to the<br> Principal Funding | Actual deposit<br> to Principal Funding<br> Subaccount | Amount<br> withdrawn from<br> Principal Funding<br> Subaccount <br> for payments to<br> Noteholders | Other<br> Withdrawals | Ending<br> Principal<br> Funding<br> Subaccount Balance |
| Class A (2023-1) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class A (2023-2) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class A (2024-1) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class A (2024-2) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class A (2025-1) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class A (2025-2) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class A (2025-3) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class B | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class C | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class D | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Total** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** |

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**XIV. Class D Reserve Sub-Accounts**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Beginning<br> Class D Reserve<br> Subaccount Balance | Targeted<br> deposit to the<br> Class D<br> Reserve<br> Subaccount for the <br> current period | Actual <br> deposit to<br> Class D Reserve<br> Subaccount | Class D<br> Reserve<br> Subaccount<br> earnings <br> for the current<br> period | Amount<br> withdrawn with<br> respect of payment<br> of interest or<br> principal to<br> Noteholders | Withdrawal <br> of Excess<br> Amounts | Ending <br> Class D Reserve<br> Subaccount |
| **Total Class D** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** |

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**XV. Accumulation Reserve Sub-Accounts**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Beginning<br> Accumulation<br> Reserve<br> Subaccount<br> Balance | Targeted deposit to<br> the Accumulation<br> Reserve<br> Subaccount for the <br> current period | Actual <br> deposit to<br> Accumulation<br> Reserve<br> Subaccount | Accumulation<br> Reserve<br> Subaccount<br> earnings <br> for the current<br> period | Amount withdrawn <br> with respect of<br> payment of<br> principal to<br> Noteholders | Withdrawal <br> of Excess<br> Amounts | Ending<br> Accumulation<br> Reserve<br> Subaccount<br> Balance |
| Total Class A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class B | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class C | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Class D | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Total** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** |

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**XVI. Series Early Amortization Events**

a. Average Excess Spread Percentage for three consecutive Monthly Periods is less than
 required Excess Spread Percentage No

b. The Outstanding Dollar Principal Amount is outstanding beyond the Scheduled Principal
 Payment Date No

c. Has an early amortization event occurred? No

**XVII. Risk Retention**

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| | | |
|:---|:---|:---|
| a. | U.S. Risk Retention |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Required Risk Retention Transferor Amount (as of EOP) | 275000000.0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Risk Retention Transferor Amount (as of EOP) | 4489412345.66 |
| b. | E.U. Risk Retention |  |

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At the date of this statement, Synchrony Bank, as "originator" (as such term is defined for the purposes of each of the EU Securitization Regulation and the UK Securitization Framework), retains and will retain, continually and on an ongoing basis for as long as any notes remain outstanding, a material net economic interest of not less than five percent of the nominal value of the securitized exposures, in a form that is intended to qualify as an originator's interest as provided in (i) option (b) of Article 6(3) of the EU Securitization Regulation, (ii) paragraph (1)(b) of SECN 5.2.8R and (iii) paragraph (b) of Article 6(3) of Chapter 2 of the PRASR, by holding all the membership interests in the depositor which in turn holds all or part of the transferor interest.

IN WITNESS WHEREOF, the undersigned has duly executed this Monthly Noteholder's Statement as of the 11th day of December 2025.

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| | |
|:---|:---|
| **Synchrony Bank,** as Servicer | **Synchrony Bank,** as Servicer |
| By: | /s/ Chris Coffey |
| Name: | Chris Coffey |
| Its: | Authorized Signatory |

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