CITIBANK CREDIT CARD ISSUANCE TRUST 8-K

What Happened

• The trust filed an 8‑K on May 7, 2026 reporting performance of the Citibank Credit Card Master Trust I portfolio for the three months ended March 26, 2026 and historical annual periods. Key Q1 2026 figures: average principal receivables outstanding ≈ $19.6 billion; gross charge‑offs ≈ $143.5 million; recoveries ≈ $32.5 million; net losses ≈ $111.0 million (2.30% of average principal). Finance charges and fees paid for Q1 were ≈ $1.152 billion, with an average revenue yield of 23.84%.
• Portfolio composition and seasoning: 7,530,990 accounts totaling $20.026 billion of receivables (principal + finance charges) as of March 26, 2026. Principal receivables were $19.102 billion and finance‑charge receivables $923.963 million. 100% of accounts were opened before March 2024; the filing states no accounts originated within the last five years were designated to the trust as of the report date.

Key Details

• Q1 2026 (three months ended March 26, 2026): Net losses $111,047 (thousand) = ~$111.0M; Gross charge‑offs $143,509 (thousand) = ~$143.5M; Recoveries $32,462 (thousand) = ~$32.5M. Net loss rate = 2.30%.
• Delinquencies and payments: Delinquent receivables (up to 180 days) totaled $509.7M (2.55% of receivables) as of March 29, 2026 (down from 2.75% on Dec. 28, 2025). Average cardholder monthly payment rate for the period = 39.18% (highest month 40.78%, lowest 37.09%).
• Portfolio quality and concentration: 92.84% of receivables tied to obligors with FICO > 660; ~27.86% of receivables from Citibank/American Airlines AAdvantage co‑brand cards; small business cards = 2.25% of receivables.
• Account counts & averages: 7,530,990 accounts; average principal balance ≈ $2,536; average credit limit ≈ $17,557; average principal as % of credit limit ≈ 14.44%.

Why It Matters

• These metrics show how the trust’s credit‑card receivables are performing and drive cash flows to holders of trust securities: net loss and delinquency rates affect principal recovery and excess spread, while revenue yield and payment rates affect interest/fee income available to the trust.
• For investors, the filing highlights a large, well‑seasoned portfolio with high reported revenue yields (23.84% Q1) and strong payment activity (≈39% monthly average), but also nontrivial loss rates (2.30% Q1). Concentration in AAdvantage cards (~28%) and geographic exposure to top states (CA, NY, TX, FL, IL) are potential concentration considerations.
• The trustee’s report is factual and historical; Citibank warns results can change due to economic conditions, regulatory changes, loan modifications and other risks disclosed in the filing.