CHASE ISSUANCE TRUST 8-K

What Happened

• Chase Issuance Trust filed an 8‑K (Feb 10, 2026) providing portfolio performance and composition data as of December 31, 2025. The Trust’s receivables pool balance was $12.85 billion across 6,674,863 accounts. Delinquencies totaled $108.19 million, equal to 0.84% of receivables.
• For the year ended December 31, 2025 the Trust reported gross charge-offs of $250.07 million, recoveries of $42.12 million and net losses of $207.95 million (net losses = 1.68% of the average pool balance). Finance charges, fees and interchange collected for 2025 were $3.02 billion (yield 24.37% on the average pool).

Key Details

• Pool balance: $12.85 billion (6,674,863 accounts) as of Dec 31, 2025.
• Delinquency: $108.19 million of receivables delinquent (0.84% of pool).
• Losses & recoveries (2025): Gross losses $250.07M; Recoveries $42.12M; Net losses $207.95M (1.68% of avg pool).
• Revenue & payments: Finance charges/fees/interchange $3.02B in 2025; average monthly principal payment rate ~50.21% (2025 average). Additional portfolio stats: average receivable ~$1,925; average credit limit ~$16,346; 44.7% of accounts had no balance.

Why It Matters

• This 8‑K gives investors updated credit performance and cash‑flow drivers for the securitized credit card receivables (delinquency, charge‑offs, recoveries, and revenue). Key metrics — pool size, delinquency rate, net loss rate and revenue yield — are used to assess credit risk and expected cash available to noteholders.
• The filing also shows portfolio composition (age, average balance/limit, state concentration and FICO mix—about 80% of sampled receivables had FICO ≥720), which helps investors gauge borrower credit quality and geographic concentration risk. The company cautions future performance may differ with changes in economic conditions.