0001104659-25-059552.txt : 20250616 0001104659-25-059552.hdr.sgml : 20250616 20250616060115 ACCESSION NUMBER: 0001104659-25-059552 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20250531 0001724786 0001602566 FILED AS OF DATE: 20250616 DATE AS OF CHANGE: 20250616 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: 251048459 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: 251048460 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 10-D 1 tm2517303d1_10d.htm FORM 10-D

 

 

 

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

 

For the monthly distribution period from May 1, 2025 to May 31, 2025  

 

Commission File Number of issuing entity: 333-224689-01, 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)

 

Commission File Number of depositor: 333-224689, 333-257355, 333-280854
Central Index Key Number of depositor: 0001724786

 

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

 

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

 

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

 

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

 

c/o Synchrony Bank    
777 Long Ridge Rd    
Stamford, CT   06902
(Address of Principal Executive Office of the issuing entity)   (Zip Code)

 

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

 

 
(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
(If Section 12(b))
Title of Class                
SynchronySeries Class A Notes   ¨   ¨   x   ___________

 

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: x 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

 
   May 2025   April 2025   March 2025   3-Month Avg 
Gross Trust Yield   27.38%   27.91%   28.00%   27.76%
Gross Charge-Off Rate   5.87%   6.37%   6.48%   6.24%
Net Charge Off Rate   4.85%   5.32%   5.42%   5.20%
SynchronySeries Excess Spread Percentage   15.34%   15.00%   14.80%   15.05%
Payment Rate   23.29%   23.30%   22.69%   23.09%
                     
Delinquency Data                    
1-29 Days Delinquent   1.78%   1.75%   1.64%   1.72%
30-59 Days Delinquent   0.75%   0.76%   0.80%   0.77%
60-89 Days Delinquent   0.63%   0.66%   0.62%   0.64%
90-119 Days Delinquent   0.60%   0.56%   0.57%   0.58%
120-149 Days Delinquent   0.49%   0.51%   0.54%   0.51%
150-179 Days Delinquent   0.47%   0.47%   0.50%   0.48%
180 or Greater Days Delinquent   0.00%   0.00%   0.00%   0.00%
                     
BOP Principal Receivables ($B)  $9.3   $9.3   $9.3   $9.3 

 

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 

 

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 May 1, 2025 through May 31, 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.

 

Nothing to report.

 

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.

 

Nothing to report.

 

ITEM 10 – Exhibits

 

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

 

Exhibit No. Document Description
   
99.1 SynchronySeries Monthly Statement

 

(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
   
Dated: June 16, 2025 By: /s/ Chris Coffey
  Name: Chris Coffey
  Title: Vice President

 

 

 

 EX-99.1 2 tm2517303d1_ex99-1.htm 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: 05/01/2025  
Monthly Period Ending: 05/31/2025  
Payment Date: 06/16/2025  
Loss Cycles in Period: 25  

 

I. Trust Receivables Information (Monthly Period)

 

a. BOP Number of Accounts  8,319,299
b. EOP Number of Accounts  8,245,230
      
c. BOP Aggregate Principal Receivables  9,256,398,366.42
d. BOP Finance Charge Receivables (Excludes Discount Option Receivables )  354,857,646.27
e. BOP Discount Option Receivables  0.00
f. BOP Total Receivables  9,611,256,012.69
      
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  9,254,046,069.14
n. EOP Finance Charge Receivables (Excludes Discount Option Receivables )  368,796,182.77
o. EOP Discount Option Receivables  0.00
p. EOP Total Receivables  9,622,842,251.91
      
q. BOP Excess Funding Account Balance  0.00
r. EOP Excess Funding Account Balance  0.00
s. EOP Minimum Pool Balance  6,238,513,514.00
      
t. EOP Minimum Free Equity Amount  462,702,303.46
u. EOP Free Equity Amount  3,240,532,555.14

 

II. Investor Information (Sum of all Series)*

 

a. Note Principal Balance  
    i. Beginning of Interest Period 4,675,000,000.00
    ii. Increase in note principal Balance due to New Issuance / Additional Draws 0.00
    iii. Decrease in Note Principal Balance due to Principal Paid and notes Retired 0.00
    iv. As of Payment Date 4,675,000,000.00
         
b. Subordinated Transferor Amount  
    i. Beginning of Interest Period 1,563,513,514.00
    ii. As of Payment Date 1,484,459,460.00

 

Page 1 of 11

 

 

         
c. Principal Funding Account Balance  
    i. Beginning of Interest Period 225,000,000.00
    ii. As of Payment Date 450,000,000.00
         
d. Collateral Amount  
    i. Beginning of Interest Period 6,013,513,514.00
    ii. As of Payment Date 5,709,459,460.00

 

*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)  
    i. Current 27.3837%
    ii. Three-Month Average 27.7648%
         
b. Payment Rate (Principal Collections / BOP Principal Receivables)  
    i. Current 23.2864%
    ii. Three-Month Average 23.0922%
         
c. Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)  
    i. Current 5.8746%
    ii. Prior Monthly Period 6.3670%
    iii. Two Months Prior Monthly Period 6.4758%
    iv. Three Months Prior Monthly Period 6.2546%
    v. Three-Month Average 6.2391%
         
d. Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)  
    i. Current 4.8455%
    ii. Prior Monthly Period 5.3214%
    iii. Two Months Prior Monthly Period 5.4238%
    iv. Three Months Prior Monthly Period 5.2622%
    v. Three-Month Average 5.1969%
         
e. Default Amount for Defaulted Accounts 45,315,050.02
     
f. Recovery Amount 7,938,207.87
     
g. Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries) 37,376,842.15
     
h. Number of Accounts Charged Off 18,555
     
i. Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off) 2,014.38

 

j. Delinquency Data   Accounts   Pctg. of Tot. Accts.   Total Receivables   Pctg. of Tot. Recv.
  i. 1-29 Days Delinquent   85,734   1.0398%   171,098,864.66   1.7780%
  ii. 30-59 Days Delinquent   28,403   0.3445%   72,631,614.27   0.7548%
  iii. 60-89 Days Delinquent   20,079   0.2435%   60,433,108.43   0.6280%
  iv. 90-119 Days Delinquent   17,918   0.2173%   57,462,528.02   0.5971%
  v. 120-149 Days Delinquent   14,147   0.1716%   46,783,802.61   0.4862%
  vi. 150-179 Days Delinquent   13,050   0.1583%   45,221,570.65   0.4699%
  vii. 180 or Greater Days Delinquent   0   0.0000%   0.00   0.0000%
    Total   179,331   2.1750%   453,631,488.64   4.7141%

 

Page 2 of 11

 

 

IV. Series Performance Data

 

  May     April     March
  Monthly Period     Monthly Period     Monthly Period
(a) Portfolio Yield 20.91%     20.33%     20.10%
(b) Base Rate 5.57%      5.33%      5.30%
(a)- (b) = Excess Spread Percentage 15.34%     15.00%     14.80%
Three Month Average Excess Spread Percentage 15.05%     14.97%     15.18%

 

V. Collections and Allocations  Trust  Series
       
a. Finance Charge Collections (excluding f.)  211,228,598.61  142,361,252.93
b. Servicing Fee Retained  15,427,330.73  10,397,522.76
c. Principal Collections  2,155,483,269.22  1,452,726,101.35
d. Default Amount  45,315,050.02  30,540,880.04
e. Net Swap Receipts     0.00
f. Investment Earnings Treated as Finance Charge Collections     801,770.21

 

VI. Allocation Percentages 

 

a. Allocation Percentage Denominators  
    i. Aggregate Principal Receivables Balance as of EOP Prior Monthly Period 9,256,398,366.42
    ii. Number of Days at Balance 31
       
b. SynchronySeries Allocation Percentages  
    i. SynchronySeries Floating Allocation Percentage (daily average) 67.3968 %
    ii. SynchronySeries Principal Allocation Percentage (daily average) 67.3968 %

 

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
Determination Date		  Benchmark
Rate		  Interest
Rate		  Interest
Distribution		  Principal
Distribution		  Total
Distribution
Class A (2022-2)        3.8600%  3.22  0.00  3.22
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

 

Page 4 of 11

 

 

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

 

Tranche  Initial Dollar Principal
Amount		  Outstanding Dollar
Principal Amount		  Adjusted
Outstanding Dollar
Principal Amount		  Principal distribution
on the
Payment Date
Class A (2022-2)  675,000,000.00  675,000,000.00  225,000,000.00  0.00
Class A (2023-1)  1,000,000,000.00  1,000,000,000.00  1,000,000,000.00  0.00
Class A (2023-2)  750,000,000.00  750,000,000.00  750,000,000.00  0.00
Class A (2024-1)  750,000,000.00  750,000,000.00  750,000,000.00  0.00
Class A (2024-2)  750,000,000.00  750,000,000.00  750,000,000.00  0.00
Class A (2025-1)  750,000,000.00  750,000,000.00  750,000,000.00  0.00
Total Class A  4,675,000,000.00  4,675,000,000.00  4,225,000,000.00  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  4,675,000,000.00  4,675,000,000.00  4,225,000,000.00  0.00

 

Page 5 of 11

 

 

X. Nominal Liquidation Amount of SynchronySeries Notes 

 

Tranche  Nominal
Liquidation Amount
as of Beginning of
Interest Period*		   Increases from
amounts
withdrawn from the
Note Retirement
Subaccounts
in respect of
Prefunding Excess
Amounts		   Reimbursements
of prior Nominal
Liquidation
Amount Deficits
from Available
Finance Charge
Collections		   Increase
due to additional
notes issued
during Monthly
Period		   Reductions due
to reallocations
of Available
Principal
Collections and
Investor
Charge-Offs		   Reductions due
to amounts
deposited to the
Principal Funding
Subaccounts		   Reductions due
to amounts
deposited in
applicable Note
Retirement
Subaccount		   Nominal
Liquidation Amount
as of end of
Interest Period*		 
Class A (2022-2)   450,000,000.00    0.00    0.00    0.00    0.00    (225,000,000.00)   0.00    225,000,000.00 
Class A (2023-1)   1,000,000,000.00    0.00    0.00    0.00    0.00    0.00    0.00    1,000,000,000.00 
Class A (2023-2)   750,000,000.00    0.00    0.00    0.00    0.00    0.00    0.00    750,000,000.00 
Class A (2024-1)   750,000,000.00    0.00    0.00    0.00    0.00    0.00    0.00    750,000,000.00 
Class A (2024-2)   750,000,000.00    0.00    0.00    0.00    0.00    0.00    0.00    750,000,000.00 
Class A (2025-1)   750,000,000.00    0.00    0.00    0.00    0.00    0.00    0.00    750,000,000.00 
Total Class A   4,450,000,000.00    0.00    0.00    0.00    0.00    (225,000,000.00)   0.00    4,225,000,000.00 
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   4,450,000,000.00    0.00    0.00    0.00    0.00    (225,000,000.00)   0.00    4,225,000,000.00 

 

*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
Subordinated Amount		  Total Subordinated
Amount		  Nominal Liquidation
Amount of Class B
Notes		  Nominal Liquidation
Amount of Class C
Notes		  Nominal Liquidation
Amount of Class D
Notes		  Subordinated
Transferor Amount
Class A (2022-2)  158,108,108.16               
Class A (2023-1)  351,351,351.46               
Class A (2023-2)  263,513,513.60               
Class A (2024-1)  263,513,513.60               
Class A (2024-2)  263,513,513.60               
Class A (2025-1)  263,513,513.60               
Total Class A  1,563,513,514.00  1,563,513,514.00  0.00  0.00  0.00  1,563,513,514.00
Total Class B  1,112,500,000.00  1,563,513,514.00     0.00  0.00  1,563,513,514.00
Total Class C  724,418,605.00  1,563,513,514.00        0.00  1,563,513,514.00
Total Class D  234,210,527.00  1,563,513,514.00           1,563,513,514.00

 

As of Payment Date

 

Tranche  Required
Subordinated Amount		  Total Subordinated
Amount		  Nominal Liquidation
Amount of Class B
Notes		  Nominal Liquidation
Amount of Class C
Notes		  Nominal Liquidation
Amount of Class D
Notes		  Subordinated
Transferor Amount
Class A (2022-2)  79,054,054.08               
Class A (2023-1)  351,351,351.48               
Class A (2023-2)  263,513,513.61               
Class A (2024-1)  263,513,513.61               
Class A (2024-2)  263,513,513.61               
Class A (2025-1)  263,513,513.61               
Total Class A  1,484,459,460.00  1,484,459,460.00  0.00  0.00  0.00  1,484,459,460.00
Total Class B  1,056,250,000.00  1,484,459,460.00     0.00  0.00  1,484,459,460.00
Total Class C  687,790,698.00  1,484,459,460.00        0.00  1,484,459,460.00
Total Class D  222,368,422.00  1,484,459,460.00           1,484,459,460.00

 

*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
Interest
Funding
Subaccount
Balance		  Targeted deposit
to the
Interest Funding
Subaccount
for the current
period		  Previous
shortfalls of
targeted
deposits to the
Interest Funding
Subaccount		  Actual
deposit to Interest
Funding
Subaccount		  Amount
withdrawn from the
Interest Funding
Subaccount
for payment to
Noteholders		     Other
Withdrawals		  Ending
Interest
Funding
Subaccount
Balance
Class A (2022-2)  0.00  2,171,250.00  0.00  2,171,250.00  (2,171,250.00 )  0.00  0.00
Class A (2023-1)  0.00  4,616,666.67  0.00  4,616,666.67  (4,616,666.67 )  0.00  0.00
Class A (2023-2)  0.00  3,587,500.00  0.00  3,587,500.00  (3,587,500.00 )  0.00  0.00
Class A (2024-1)  0.00  3,150,000.00  0.00  3,150,000.00  (3,150,000.00 )  0.00  0.00
Class A (2024-2)  0.00  3,081,250.00  0.00  3,081,250.00  (3,081,250.00 )  0.00  0.00
Class A (2025-1)  0.00  2,987,500.00  0.00  2,987,500.00  (2,987,500.00 )  0.00  0.00
Total  Class A  0.00  19,594,166.67  0.00  19,594,166.67  (19,594,166.67 )  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  19,594,166.67  0.00  19,594,166.67  (19,594,166.67 )  0.00  0.00

 

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XIII. Principal Funding Account Sub-Accounts

 

Tranche  Beginning
Principal Funding
Subaccount
Balance		  Targeted deposit
to the
Principal Funding
Subaccount
for the current
period		  Previous shortfall
of targeted
deposit to the
Principal Funding		  Actual deposit
to Principal Funding
Subaccount		  Amount
withdrawn from
Principal Funding
Subaccount
for payments to
Noteholders		     Other
Withdrawals		  Ending
Principal
Funding
Subaccount Balance
Class A (2022-2)   225,000,000.00   225,000,000.00   0.00   225,000,000.00   0.00     0.00   450,000,000.00
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
Total Class A   225,000,000.00   225,000,000.00   0.00   225,000,000.00   0.00     0.00   450,000,000.00
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   225,000,000.00   225,000,000.00   0.00   225,000,000.00   0.00     0.00   450,000,000.00

 

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XIV. Class D Reserve Sub-Accounts

 

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

 

XV. Accumulation Reserve Sub-Accounts

 

Tranche  Beginning
Accumulation
Reserve
Subaccount
Balance		   Targeted deposit to
the Accumulation
Reserve
Subaccount for the
current period		   Actual
deposit to
Accumulation
Reserve
Subaccount		   Accumulation
Reserve
Subaccount
earnings
for the current
period		   Amount withdrawn
with respect of
payment of
principal to
Noteholders		   Withdrawal
of Excess
Amounts		   Ending
Accumulation
Reserve
Subaccount
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

 

a. U.S. Risk Retention  
    i. Required Risk Retention Transferor Amount (as of EOP) 233,750,000.00
    ii. Risk Retention Transferor Amount (as of EOP) 4,579,046,069.14

 

b.E.U. Risk Retention

 

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 12th day of June 2025.

 

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

 

Page 11 of 11