UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

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

For fiscal year ended December 31, ~~2024~~2025

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

For the transition period from             to

Commission File Number of Issuing Entity: 333-265964

Central Index Key of Issuing Entity: 0001396730

FIRST NATIONAL MASTER NOTE TRUST

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

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

FIRST NATIONAL FUNDING LLC

(Exact name of Depositor as specified in its charter)

Central Index Key of Sponsor: 0000036644

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

	Nebraska	Not Applicable
(State or other jurisdiction of incorporation or organization of		(IRS Employer Identification No. of Issuing
Issuing Entity)		Entity)

	1620 Dodge Street, Stop Code 3201, Omaha, Nebraska	68197
	1601 Dodge Street, Stop Code 3201, Omaha, Nebraska	68197-3201
(Address of principal executive offices of Issuing Entity)		(Zip Code)

(402) 341-0500

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

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

None

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

None

Title of Each Class

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES  ¨          NO  x

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  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 filing requirements for the past 90 days. YES  x        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  x       NO  ¨

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

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

Large accelerated filer  ¨		Accelerated filer ¨

Non-accelerated filer  x		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.  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ¨     NO  x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

Registrant does not have any voting or non-voting common equity held by non-affiliates as of the date of this report, has not been involved in bankruptcy proceedings during the past five years and is not a corporate registrant.

DOCUMENTS INCORPORATED BY REFERENCE

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

PART I

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

(A)	Item 1:	Business
(B)	Item 1A:	Risk Factors
(C)	Item 1C:	Cybersecurity
(D)	Item 2:	Properties
(E)	Item 3:	Legal Proceedings

Item 1B. Unresolved Staff Comments.

Not Applicable.

Item 4. Mine Safety Disclosures

Not Applicable.

PART II

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

(F)	Item 5:	Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
(G)	Item 6:	Selected Financial Data
(H)	Item 7:	Management's Discussion and Analysis of Financial Condition and Results of Operation
(I)	Item 7A:	Quantitative and Qualitative Disclosures About Market Risk
(J)	Item 8:	Financial Statements and Supplementary Data
(K)	Item 9:	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
(L)	Item 9A:	Controls and Procedures

Item 9B. Other Information.

None.

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

Not applicable.

PART III

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

(M)	Item 10:	Directors, Executive Officers and Corporate Governance
(N)	Item 11:	Executive Compensation
(O)	Item 12:	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

(P)	Item 13:	Certain Relationships and Related Transactions, and Director Independence
(Q)	Item 14:	Principal Accountant Fees and Services

PART IV

Item 15. Exhibits and Financial Statement Schedules.

Listed below are the documents filed as part of this report:

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

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

Exhibits. See Item 15(b) below.

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

See Item 15(a) above.

Item 16. Form 10–K Summary

None.

SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).

Not applicable.

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

Not applicable.

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

Not applicable.

Item 1117 of Regulation AB. Legal Proceedings.

In re: Payment Card Fee and Merchant Discount Antitrust Litigation

Beginning in June 2005, several retail merchants filed lawsuits in federal courts, claiming to represent a class of similarly situated merchants, and alleging that ~~MasterCard~~Mastercard and VISA USA, together with their members, conspired to charge retailers excessive interchange in violation of federal antitrust laws. In October 2005, these suits were consolidated in In re: Payment Card Fee and Merchant Discount Antitrust Litigation ~~(“MDL 1720”) and venued in the United States District Court for the Eastern District of New York~~. The plaintiffs seek ~~unspecified~~ treble damages, injunctive relief, attorneys’ fees and costs.

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

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

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

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

Litigation relating specifically to the injunctive relief claims raised by the Rule 23(b)(2) Putative Injunctive Relief Class in MDL 1720 is ongoing. The 23(b)(2) class filed its motion for class certification on December 18, 2020. On September 27, 2021, the Court granted Plaintiffs’ motion for class certification and certified a Rule 23(b)(2) mandatory, non-opt -out Equitable Relief Class. On March 24, 2024, certain of the parties entered into the Class Settlement Agreement of the Rule 23(b)(2) Class Plaintiffs and the Defendants (“Rule 23(b)(2) Class Settlement Agreement”). The terms of the Rule 23(b)(2) Class Settlement Agreement ~~include~~included: (a) reduced credit interchange rates for U.S. merchants; (b) a five -year cap prohibiting increases of the reduced credit interchange rates; (c) funding for a Merchant Education Program intended to educate small businesses about payment acceptance options and how best to manage costs; and (d) enhanced merchant flexibility at the point -of -sale, including the opportunity to steer to preferred payment methods and more optionality around surcharging. On March 26, 2024, Rule 23(b)(2) Class Plaintiffs filed a Motion for Preliminary Approval of Settlement, and the Court subsequently scheduled a hearing on the Rule 23(b)(2) Class Plaintiffs’ Motion for Preliminary Approval of Settlement for June 13, 2024. On June 25, 2024, the Court issued an Order denying the Rule 23(b)(2) Class Plaintiffs’ Motion for Preliminary Approval of Settlement, finding that it was unlikely to hold that the factors enumerated in Rule 23(e)(2) would weigh in favor of final settlement approval.

~~Between~~On ~~July 12~~March ~~and July 18~~26, 2024, ~~several~~Rule 23(b)(2) Class Plaintiffs filed a Motion for Preliminary Approval of Settlement, and the ~~suits~~Court ~~consolidated~~subsequently scheduled a hearing on the Rule 23(b)(2) Class Plaintiffs’ Motion for ~~pretrial~~Preliminary ~~proceedings~~Approval inof ~~MDL~~Settlement ~~1720~~for ~~and~~June ~~venued~~13, in2024. ~~the~~On ~~United~~June ~~States~~25, ~~District~~2024, the Court issued an Order denying the Rule 23(b)(2) Class Plaintiffs’ Motion for Preliminary Approval, finding that it was unlikely to hold that the ~~Eastern~~factors ~~District~~enumerated in Rule 23(e)(2) would weigh in favor of ~~New~~final ~~York~~settlement ~~were~~approval. ~~remanded~~On toNovember ~~their~~10, ~~transferor~~2025, ~~courts~~the ~~for~~Rule ~~further~~23(b)(2) ~~proceedings~~Class upPlaintiffs toand Defendants entered into the Superseding and ~~through~~Amended ~~trial~~Class Settlement Agreement of the Rule 23(b)(2) Class Plaintiffs and the Defendants (the “2025 Proposed Settlement”). ~~More~~The ~~specifically:~~Rule 23(b)(2) Class Plaintiffs filed a motion for preliminary approval of the 2025 Proposed Settlement on November 10, 2025. The Court has not yet scheduled a hearing on the 23(b)(2) Class Plaintiffs’ motion for preliminary approval.

·The ~~Grubhub~~2025 ~~Holdings~~Proposed ~~Inc.~~Settlement v.includes, among other things, (i) a release for Visa, ~~Inc.~~Mastercard, ~~No.~~and 19the ~~07273~~bank defendants from class members for claims for declaratory, ~~was~~injunctive, ~~remanded~~or toequitable relief arising out of conduct alleged by the ~~United~~Rule ~~States~~23(b)(2) ~~District~~class ~~Court~~plaintiffs ~~for~~in the ~~Northern~~litigation ~~District~~that have accrued or accrue in the future during the term of ~~Illinois~~the Settlement Agreement; (ii) provisions requiring reductions and caps on ~~July~~U.S. 12credit interchange rates; (iii) provisions requiring modifications to rules in the U.S. that, ~~2024~~among other things, will allow merchants to accept one or more categories of Visa or Mastercard credit cards (e.g., ~~The~~standard, ~~transferor~~premium, ~~court~~commercial), ~~continues~~and to ~~review~~impose ~~pleadings~~a ~~submitted~~surcharge byon credit transactions at the ~~parties~~“Brand Level” inor ~~MDL~~the ~~1720~~“Product Level” up to a certain amount; (iv) provisions requiring a $21 million fund for a third party to educate merchants about these changes to Visa’s and ~~has~~Mastercard’s ~~not~~rules ~~yet~~and ~~scheduled~~to facilitate merchants’ forming collective buying groups, (v) provisions requiring a ~~trial~~$4.5 million fund for independent auditor expenses in connection with monitoring the interchange rate reductions and caps noted above, and (vi) provisions requiring up to $206 million for attorneys’ fees and expenses.

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

·Other ~~Target~~Covered Corporation v. Visa Inc., No. 13 03477, and 7 Eleven, Inc. v. Visa, Inc., No. 13 04442, were each remanded to the United States District Court for the Southern District of New York on July 17, 2024. The transferor court has ordered that a bellwether trial of six plaintiffs—three from the Target action and three from the 7 Eleven action—will commence on October 20, 2025.Litigation

~~Pursuant~~Other toantitrust ~~accounting~~lawsuits ~~guidance~~have onbeen ~~guarantees,~~filed against ~~FNBO,~~VISA asand ~~part~~Mastercard offrom ~~the~~time ~~contingent~~to ~~litigation accrual~~time, ~~has~~including ~~recorded~~cases onfiled ~~its~~by ~~books~~merchants ~~the~~who ~~fair~~elected ~~value~~to ofbe ~~its~~excluded ~~potential~~from/opt ~~obligations~~out ~~under~~of the ~~additional~~initial 2012 ~~contracts~~settlement itagreement ~~entered~~referenced ~~into~~above inand/or ~~2010,~~the asAmended ~~amended~~Settlement Agreement. Between July 12 and ~~referred~~July to18, ~~above.~~2024, ~~This~~several ~~liability~~of isthese ~~subject~~suits, which towere ~~significant~~consolidated ~~estimation~~for ~~risk~~pretrial ~~and~~proceedings ~~may materially~~in ~~change.~~MDL ~~Furthermore,~~1720 ~~management~~and ~~cannot~~venued ~~predict~~in ~~with~~the ~~any~~United ~~degree~~States ofDistrict ~~certainty~~Court ~~how~~for the ~~final~~Eastern ~~outcome~~ District of ~~MDL~~New ~~1720~~York, ~~and~~were ~~the~~remanded ~~above civil~~to ~~actions~~their ~~may~~transferor ~~impact~~courts ~~the~~for ~~broader~~further ~~credit~~proceedings ~~card~~up ~~industry,~~to and inthrough ~~this~~trial. ~~regard,~~More ~~FNBO.~~specifically:

Other Litigation Concerning the Credit Card Industry

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

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

~~Other~~The ~~antitrust~~Bank lawsuits have been filed against VISA and MasterCard from time to time, including cases filed by merchants who elected to be excluded from/opt out of the initial 2012 settlement agreement referenced above and/or the Amended Settlement Agreement. FNBO has not been a named party to these (or any other) material suits; however, ~~FNBO~~ the Bank is a member of the ~~MasterCard~~Mastercard and VISA USA ~~networks~~associations and these suits have been covered in the sharing agreements referred to above. While ~~a number of~~ these suits ~~are~~remain ongoing, Mastercard and VISA have settled or reached agreements in ~~each~~principle to settle with several of ~~these~~the ~~covered~~plaintiffs ~~matters~~in ~~that~~each ~~have~~action. ~~been~~When ~~settled~~a tosettlement ~~date~~is reached with VISA, the VISA portion of the ~~settlement~~ settlement payments have been made from the escrow created by VISA’s stock offerings,. ~~and~~When a settlement is reached with Mastercard, the ~~MasterCard~~Mastercard portion has been paid in accordance with the ~~MasterCard~~Mastercard sharing agreements referenced above. InSettlement ~~addition, ongoing settlement~~ discussions and mediation activities continue ~~with~~ ain ~~number~~these ~~of opt-out Plaintiffs and opt-out Plaintiff groups~~actions.

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

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

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

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

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

U.S. Bank denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs’ claims vigorously.”

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

The information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.

Each of FNBO and U.S. Bank Trust Company, National Association (the “Trustee”) (each, a “Servicing Participant”), has been identified by the registrant as a party participating in the servicing function during the reporting period with respect to more than 5% of the pool assets held by the Trust. Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a “Report on Assessment”) during the Trust’s fiscal year ending December 31, ~~2024~~2025, which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an “Attestation Report”) by a registered independent public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K. Neither the Reports on Assessment nor the Attestation Reports have identified any material instances of noncompliance with the servicing criteria applicable to the Servicing Participants.

Item 1123 of Regulation AB. Servicer Compliance Statement.

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

EXHIBIT INDEX

Exhibit 3.1		Articles of Organization of First National Funding LLC (incorporated by reference to registrants’ registration statement filed on April 18, 2002, file no. 333-86574-01)
Exhibit 3.2		Operating Agreement of First National Funding LLC, dated as of October 24, 2002 (incorporated by reference to registrants’ Form 8-K filed on November 4, 2002, file no. 333-86574-01)
Exhibit 4.1		Second Amended and Restated Master Indenture, dated as of September 23, 2016, between First National Master Note Trust and U.S. Bank National Association (incorporated by reference from registrants’ Form 8-K filed on September 28, 2016, file no. 333- ~~209738~~140273-01)
Exhibit 4.2		First Amendment to Second Amended and Restated Master Indenture, dated as of April 27, 2023, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants’ Form 8-K filed on April 27, 2023, file no. 333-~~1396730~~140273-01)
Exhibit 4.3		Second Amendment to Second Amended and Restated Master Indenture, dated as of September 22, 2023, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants’ Form 8-K filed on September 22, 2023, file no. 333-~~1396730~~140273-01)
Exhibit 4.4		Omnibus Instrument of Appointment and Acceptance of U.S. Bank National Association As Successor Indenture Trustee, dated as of June 18, 2013, among U.S. Bank National Association, The Bank of New York Mellon Trust Company, N.A. and First National Master Note Trust and acknowledged and accepted by First National Funding LLC and First National Bank of Omaha (incorporated by reference from registrants’ Form S-3 filed on July 24, 2013, file no. 333-190096)
Exhibit 4.5		Form of Indenture Supplement, including form of Notes (incorporated by reference from registrants’ Amendment No. 1 to Form SF-3 filed on August 5, 2022, file no. 333- 265964)
Exhibit 4.6		Series 2023-1 Indenture Supplement, dated as of April 27, 2023, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants’ Form 8-K filed on April 27, 2023, file no. 333-~~1396730~~140273-01)
Exhibit 4.7		Risk Retention Agreement, dated as of April 27, 2023, by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust (incorporated by reference from registrants’ Form 8-K filed on April 27, 2023, file no. 333-~~1396730~~140273-01)
Exhibit 4.8		Series 2023-2 Indenture Supplement, dated as of September 22, 2023, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants’ Form 8-K filed on September 22, 2023, file no. 333-~~1396730~~140273-01)
Exhibit 4.9		Risk Retention Agreement, dated as of September 22, 2023, by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust (incorporated by reference from registrants’ Form 8-K filed on September 22, 2023, file no. 333-~~1396730~~140273-01)
Exhibit 4.10		Series 2024-1 Indenture Supplement, dated as of May 29, 2024, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants’ Form 8-K filed on May 29, 2024, file no. 333-~~1396730~~140273-01)
Exhibit 4,11		Risk Retention Agreement, dated as of May 29, 2024, by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust (incorporated by reference from registrants’ Form 8-K filed on May 29, 2024, file no. 333-1396730)

Exhibit 4.12		Series 2025-1 Indenture Supplement, dated as of February 19, 2025, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants’ Form 8-K filed on February 19, 2025, file no. 333-1396730)
Exhibit 4,13		Risk Retention Agreement, dated as of February 19, 2025, by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust (incorporated by reference from registrants’ Form 8-K filed on February 19, 2025, file no. 333-1396730)
Exhibit 4.14		Second Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016, among First National Funding LLC, First National Bank of Omaha and First National Master Note Trust (incorporated by reference from registrants’ Form 8-K filed on September 28, 2016, file no. 333- 209738)
Exhibit 4.15		Second Amended and Restated Trust Agreement of First National Master Note Trust, dated as of September 23, 2016, between First National Funding LLC and Wilmington Trust Company (incorporated by reference from registrants’ Form 8-K filed on September 28, 2016, file no. 333-209738)
Exhibit 4.16		Second Amended and Restated Administration Agreement, dated as of September 23, 2016, between First National Master Note Trust and First National Bank of Omaha (incorporated by reference from registrants’ Form 8-K filed on September 28, 2016, file no. 333- 209738)
Exhibit 4.17		Second Amended and Restated Receivables Purchase Agreement, dated as of September 23, 2016, between First National Bank of Omaha and First National Funding LLC (incorporated by reference from registrants’ Form 8-K filed on September 28, 2016, file no. 333- 209738)
Exhibit 4.18		Asset Representations Review Agreement, dated as of September 23, 2016, among First National Bank of Omaha, First National Funding LLC, First National Master Note Trust and FTI Consulting, Inc. (incorporated by reference from registrants’ Form 8-K filed on September 28, 2016, file no. 333- 209738)
Exhibit 31.1		Certification pursuant to Rule 13a-14(d)/ 15d–14(d) of the Securities Exchange Act of 1934 (Section 302 Certification).
Exhibit 33.1		Report on Assessment of Compliance with Servicing Criteria (pursuant to Item 1122 of Regulation AB) concerning servicing activities of FNBO for the year ended December 31, 2024.
Exhibit 33.2		Report on Assessment of Compliance with Servicing Criteria (pursuant to Item 1122 of Regulation AB) concerning servicing activities of the Trustee for the year ended December 31, 2024.
Exhibit 34.1		Independent Registered Public Accounting Firm Attestation Report concerning servicing activities of FNBO for the year ended December 31, 2024.
Exhibit 34.2		Independent Registered Public Accounting Firm Attestation Report concerning servicing activities of the Trustee for the year ended December 31, 2024.
Exhibit 35.1		Servicer Compliance Statement (pursuant to Item 1123 of Regulation AB) of FNBO for the year ended December 31, 2024.

Exhibit 4.11		Risk Retention Agreement, dated as of May 29, 2024, by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust (incorporated by reference from registrants’ Form 8-K filed on May 29, 2024, file no. 333-140273-01)

Exhibit 4.12		Series 2025-1 Indenture Supplement, dated as of February 19, 2025, between First National Master Note Trust and U.S. Bank Trust Company, National Association, as indenture trustee (incorporated by reference from registrants’ Form 8-K filed on February 19, 2025, file no. 333-140273-01)

Exhibit 4,13		Risk Retention Agreement, dated as of February 19, 2025, by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust (incorporated by reference from registrants’ Form 8-K filed on February 19, 2025, file no. 333-140273-01)

Exhibit 4.14		Second Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016, among First National Funding LLC, First National Bank of Omaha and First National Master Note Trust (incorporated by reference from registrants’ Form 8-K filed on September 28, 2016, file no. 333-140273-01)

Exhibit 4.15		Second Amended and Restated Trust Agreement of First National Master Note Trust, dated as of September 23, 2016, between First National Funding LLC and Wilmington Trust Company (incorporated by reference from registrants’ Form 8-K filed on September 28, 2016, file no. 333-140273-01)

Exhibit 4.16		Second Amended and Restated Administration Agreement, dated as of September 23, 2016, between First National Master Note Trust and First National Bank of Omaha (incorporated by reference from registrants’ Form 8-K filed on September 28, 2016, file no. 333-140273-01)

Exhibit 4.17		Second Amended and Restated Receivables Purchase Agreement, dated as of September 23, 2016, between First National Bank of Omaha and First National Funding LLC (incorporated by reference from registrants’ Form 8-K filed on September 28, 2016, file no. 333-140273-01)

Exhibit 4.18		Asset Representations Review Agreement, dated as of September 23, 2016, among First National Bank of Omaha, First National Funding LLC, First National Master Note Trust and FTI Consulting, Inc. (incorporated by reference from registrants’ Form 8-K filed on September 28, 2016, file no. 333-140273-01 )

Exhibit 31.1		Certification pursuant to Rule 13a-14(d)/ 15d–14(d) of the Securities Exchange Act of 1934 (Section 302 Certification).

Exhibit 33.1		Report on Assessment of Compliance with Servicing Criteria (pursuant to Item 1122 of Regulation AB) concerning servicing activities of FNBO for the year ended December 31, 2025.

Exhibit 33.2		Report on Assessment of Compliance with Servicing Criteria (pursuant to Item 1122 of Regulation AB) concerning servicing activities of the Trustee for the year ended December 31, 2025.

Exhibit 34.1		Independent Registered Public Accounting Firm Attestation Report concerning servicing activities of FNBO for the year ended December 31, 2025.

Exhibit 34.2		Independent Registered Public Accounting Firm Attestation Report concerning servicing activities of the Trustee for the year ended December 31, 2025.

Exhibit 35.1		Servicer Compliance Statement (pursuant to Item 1123 of Regulation AB) of FNBO for the year ended December 31, 2025.

SIGNATURES

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

Dated: March 21, 2025	FIRST NATIONAL MASTER NOTE TRUST
Dated: March 23, 2026	FIRST NATIONAL MASTER NOTE TRUST
	By:	First National Bank of Omaha, As Servicer of First National Master Note Trust
	By:	/s/ Anthony R. Cerasoli
		Anthony R. Cerasoli,
		Senior Vice President and Treasurer

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to Noteholders during the period covered by this Annual Report on Form 10-K and the registrant does not intend to furnish such materials to Noteholders subsequent to the filing of this report.

Filing Compare · First National Master Note Trust