Capital One completes Discover acquisition; CONA becomes servicer for Discover Card trusts

Discover Card Execution Note Trust

Acquisition closed May 18, 2025; Discover Bank merged into Capital One, National Association (CONA).
CONA assumes all roles as sponsor, master servicer, servicer, and asset originator for DCMT and DCENT.
CONA is a wholly-owned subsidiary of Capital One Financial (COF), with $491.8B in assets as of March 31, 2025.
Numerous securitization agreements amended to reflect CONA as successor to Discover Bank.
No adverse impact on trust operations disclosed; CONA has serviced credit card receivables since 1994.

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