Discover Card Execution Note Trust
01/15/2026 | Press release | Distributed by Public on 01/15/2026 13:36
Asset-Backed Issuer Distribution Report (Form 10-D)
Monthly Servicer Certificate
Discover Card Execution Note Trust
DiscoverSeries Class A(2021-2) Notes
DiscoverSeries Class A(2023-1) Notes
DiscoverSeries Class A(2023-2) Notes
Distribution Date: January 15, 2026
Related Due Period: December 01, 2025 to December 31, 2025
Related Interest Accrual Period: December 15, 2025 to January 14, 2026
Under the Defeasance Agreement, dated as of December 18, 2025 (the "Defeasance Agreement"), by and among Discover Card Execution Note Trust ("DCENT"), as Issuer, U.S. Bank Trust Company, National Association ("USBTC"), in its capacity as Indenture Trustee and as Paying Agent, and U.S. Bank National Association ("USB"), in its capacity as Securities Intermediary relating to the Indenture and Indenture Supplement, the Master Servicer is required to prepare, and the Indenture Trustee and the Paying Agent are required to make available, certain information each month regarding current distributions to Noteholders. The information for the Distribution Date listed above is set forth below.
Capitalized terms used herein have the meanings set forth in the Defeasance Agreement (including by reference to the Indenture), unless otherwise defined herein.
1. Payments to DiscoverSeries Investors with respect to this Distribution Date
| Total | Interest | Principal | |||||||||
| Class A(2021-2) Notes | $515,000.00 | $515,000.00 | $0.00 | ||||||||
| Class A(2023-1) Notes | $4,489,583.33 | $4,489,583.33 | $0.00 | ||||||||
| Class A(2023-2) Notes | $4,108,333.33 | $4,108,333.33 | $0.00 | ||||||||
2. Information Concerning Principal Payments
| Amount Distributed this Due Period | Total Principal Distributions through this Due Period | ||||||||||
| DISCOVERSERIES BY TRANCHE | |||||||||||
| (a) Class A(2021-2) Notes | $0.00 | $0.00 | |||||||||
| (b) Class A(2023-1) Notes | $0.00 | $0.00 | |||||||||
| (b) Class A(2023-2) Notes | $0.00 | $0.00 | |||||||||
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3. Information Concerning Class A(2021-2) Defeasance Interest Funding Account
|
(a)
|
Amount credited to the Class A(2021-2) Defeasance Interest Funding Account at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025)
|
$4,727,700.00 | |||||||||
|
(b)
|
Amount of Class A(2021-2) Note Interest withdrawn from the Class A(2021-2) Defeasance Interest Funding Account with respect to the current Distribution Date
|
$515,000.00 | |||||||||
|
|
|||||||||||
| (c) |
Amount, if any, withdrawn from the Class A(2021-2) Defeasance Interest Funding Account and paid to the Beneficiary with respect to the current Distribution Date
|
$0.00 | |||||||||
|
|
|||||||||||
| (d) |
Amount credited to the Class A(2021-2) Defeasance Interest Funding Account at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date
|
$4,212,700.00 | |||||||||
4. Information Concerning Class A(2021-2) Defeasance Principal Funding Accounts
| (a) |
Aggregate amount credited to the Class A(2021-2) Defeasance Principal Funding Accounts at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025)
|
$900,000,000.00 | |||||||||
| (b) |
Amount of interest and earnings on any Permitted Investment credited to the Class A(2021-2) Supplemental Defeasance Principal Funding Account, if any, since the close of business on the immediately preceding Distribution Date
|
$420,433.20 | |||||||||
| (c) |
Aggregate amount withdrawn from the Class A(2021-2) Defeasance Principal Funding Accounts in respect of unpaid amounts of principal with respect to the Class A(2021-2) Notes, if any, and distributed to Class A(2021-2) Noteholders with respect to the current Distribution Date
|
$0.00 | |||||||||
| (d) |
Aggregate amount, if any, withdrawn from the Class A(2021-2) Defeasance Principal Funding Accounts and paid to the Beneficiary with respect to the current Distribution Date
|
$0.00 | |||||||||
|
|
|||||||||||
| (e) |
Aggregate amount credited to the Class A(2021-2) Defeasance Principal Funding Accounts at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date
|
$900,420,433.20 | |||||||||
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5. Information Concerning Class A(2023-1) Defeasance Interest Funding Account
| (a) |
Amount credited to the Class A(2023-1) Defeasance Interest Funding Account at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025)
|
$26,938,750.00 | |||||||||
| (b) |
Amount of Class A(2023-1) Note Interest withdrawn from the Class A(2023-1) Defeasance Interest Funding Account with respect to the current Distribution Date
|
$4,489,583.33 | |||||||||
|
|
|||||||||||
| (c) |
Amount, if any, withdrawn from the Class A(2023-1) Defeasance Interest Funding Account and paid to the Beneficiary with respect to the current Distribution Date
|
$0.00 | |||||||||
|
|
|||||||||||
| (d) |
Amount credited to the Class A(2023-1) Defeasance Interest Funding Account at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date
|
$22,449,166.67 | |||||||||
6. Information Concerning Class A(2023-1) Defeasance Principal Funding Accounts
|
(a)
|
Aggregate amount credited to the Class A(2023-1) Defeasance Principal Funding Accounts at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025)
|
$1,875,000,000.00 | |||||||||
| (b) |
Amount of interest and earnings on any Permitted Investment credited to the Class A(2023-1) Supplemental Defeasance Principal Funding Accounts, if any, since the close of business on the immediately preceding Distribution Date
|
$875,902.50 | |||||||||
| (c) |
Aggregate amount withdrawn from the Class A(2023-1) Defeasance Principal Funding Accounts in respect of unpaid amounts of principal with respect to the Class A(2023-1) Notes, if any, and distributed to Class A(2023-1) Noteholders with respect to the current Distribution Date
|
$0.00 | |||||||||
|
|
|||||||||||
| (d) |
Aggregate amount, if any, withdrawn from the Class A(2023-1) Defeasance Principal Funding Accounts and paid to the Beneficiary with respect to the current Distribution Date
|
$0.00 | |||||||||
|
|
|||||||||||
| (e) |
Aggregate amount credited to the Class A(2023-1) Defeasance Principal Funding Accounts at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date
|
$1,875,875,902.50 | |||||||||
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7. Information Concerning Class A(2023-2) Defeasance Interest Funding Account
| (a) |
Amount credited to the Class A(2023-2) Defeasance Interest Funding Account at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025)
|
$25,143,000.00 | |||||||||
| (b) |
Amount of Class A(2023-2) Note Interest withdrawn from the Class A(2023-2) Defeasance Interest Funding Account with respect to the current Distribution Date
|
$4,108,333.33 | |||||||||
| (c) |
Amount, if any, withdrawn from the Class A(2023-2) Defeasance Interest Funding Account and paid to the Beneficiary with respect to the current Distribution Date
|
$0.00 | |||||||||
| (d) |
Amount credited to the Class A(2023-2) Defeasance Interest Funding Account at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date
|
$21,034,666.67 | |||||||||
8. Information Concerning Class A(2023-2) Defeasance Principal Funding Accounts
| (a) |
Aggregate amount credited to the Class A(2023-2) Defeasance Principal Funding Accounts at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025)
|
$1,500,000,000.00 | |||||||||
| (b) |
Amount of interest and earnings on any Permitted Investment credited to the Class A(2023-2) Supplemental Defeasance Principal Funding Accounts, if any, since the close of business on the immediately preceding Distribution Date
|
$700,722.00 | |||||||||
| (c) |
Aggregate amount withdrawn from the Class A(2023-2) Defeasance Principal Funding Accounts in respect of unpaid amounts of principal with respect to the Class A(2023-2) Notes, if any, and distributed to Class A(2023-2) Noteholders with respect to the current Distribution Date
|
$0.00 | |||||||||
| (d) |
Aggregate amount, if any, withdrawn from the Class A(2023-2) Defeasance Principal Funding Accounts and paid to the Beneficiary with respect to the current Distribution Date
|
$0.00 | |||||||||
|
|
|||||||||||
| (e) |
Aggregate amounts credited to the Class A(2023-2) Defeasance Principal Funding Accounts at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date
|
$1,500,700,722.00 | |||||||||
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CAPITAL ONE, NATIONAL ASSOCIATION,
as Master Servicer
as Master Servicer
By: /s/ Eric D. Bauder
Name: Eric D. Bauder
Title: Authorized Representative
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Discover Card Execution Note Trust published this content on January 15, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 15, 2026 at 19:36 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]