CHASE ISSUANCE TRUST 8-K

What Happened
CHASE ISSUANCE TRUST filed an 8‑K (Item 8.01) on April 27, 2026 providing updated portfolio information and performance metrics as of March 31, 2026. The filing reports the trust’s receivables, delinquency and loss experience, revenue (cash-basis) for the period, principal payment rates, account composition and FICO score distribution for the trust portfolio.

Key Details

• Pool balance and accounts: 6,648,090 accounts with total receivables of $11,882,685,348 as of March 31, 2026. Average receivable per account: $1,787; average credit limit: $16,324.
• Delinquencies: Total delinquent receivables = $106,544,000 (0.90% of the pool) as of March 31, 2026 (up from 0.84% at Dec. 31, 2025).
• Losses (three months ended March 31, 2026): Gross charge‑offs $62,785,000; Recoveries $11,640,000; Net losses $51,145,000 (annualized net‑loss rate 1.70%). For full year 2025, net losses were 1.68% of average pool balance.
• Revenue and payments: Finance charges, fees and interchange were $729,332,000 for the quarter (yield 24.51% annualized). Cardholder monthly principal payment monthly average for the period: 50.94%.
• Credit quality sample: In a statistically significant sample, 79.18% of sampled receivables were tied to FICO scores 720+, while 1.84% were <600.

Why It Matters
These metrics show the credit performance, cash generation and borrower behavior in the trust’s credit card receivables—key drivers of the cash flows that support payments to noteholders. Delinquency and net‑loss rates are near recent year‑end levels (a slight increase in delinquency to 0.90%), while revenue yield and principal payment rates indicate continued fee/interest income and substantial monthly principal paydowns. Investors and analysts following Chase‑sponsored card securitizations should use these figures to assess short‑term credit risk, recovery trends and expected cash flow available for note servicing.