Exhibit 99.1
The following information regarding the trust portfolio is as of April 30, 2024.
For purposes of the tables below, “Number of Accounts” refers to all accounts in the trust portfolio, including any accounts that are inactive accounts and zero-balance accounts, which in some cases may be closed accounts that have not yet been removed from the originator’s computer system and from the trust portfolio. The originator may from time to time remove inactive accounts from its computer system and from the trust portfolio for purposes of administrative efficiency. Because the future composition of the trust portfolio will change over time, these tables are not indicative of the composition of the trust portfolio at any subsequent time.
Composition by Retailer Type
Trust Portfolio
| | | | | |
Retailer Type | Percentage of Total
Principal Receivables |
| Soft Goods | 35.15% |
| Co-Brand | 36.83% |
| Jewelry | 20.84% |
| Furniture | 5.88% |
| Department Store | 1.26% |
| Other | 0.03% |
Total(1) | 100.00% |
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(1) Percentages may not add up to the total due to rounding.
The table immediately below sets forth the retailer groups that have credit card programs that account for more than 7.5% of principal receivables balances in the trust portfolio as of April 30, 2024. Except for the retailer groups listed below, no other retailer group’s credit card program accounts for more than 7.5% of the principal receivables in the trust portfolio as of April 30, 2024.
Composition by Retailer Group of
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)
| | | | | | | | | | | | | | |
Retailer Group(1) | Number of Accounts | Percentage of Total Number of Accounts | Principal Receivables | Percentage of Total Principal Receivables |
| Signet Retail Group | 2,635 | 8.19% | $ 1,123,181 | 20.72% |
Victoria’s Secret Retail Group(2) | 8,554 | 26.58% | $ 805,514 | 14.86% |
| Retailer Groups less than 7.5% | 20,998 | 65.24% | $ 3,492,170 | 64.42% |
Total(3) | 32,187 | 100.00% | $ 5,420,865 | 100.00% |
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(1) Includes each individual retailer in the trust commonly owned by the retailer group.
(2) Victoria’s Secret Retail Group includes Victoria’s Secret Private Label and Victoria’s Secret Mastercard Co-Brand credit card programs.
(3) Amounts and percentages may not add up to the total due to rounding.
Composition by Individual Retailer of
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)
| | | | | | | | | | | | | | |
Retailer | Number of Accounts | Percentage of Total Number of Accounts | Principal Receivables | Percentage of Total Principal Receivables |
Victoria's Secret Private Label (1) | 7,976 | 24.78% | $ 680,370 | 12.55% |
| Kay Jewelers Private Label | 1,955 | 6.07% | $ 775,053 | 14.30% |
| Caesar's Entertainment VISA Co-Brand | 739 | 2.30% | $ 754,294 | 13.91% |
Bread RewardsTM American Express® Proprietary(2) | 1,022 | 3.18% | $ 441,699 | 8.15% |
| Jared Private Label | 639 | 1.98% | $ 341,703 | 6.30% |
| Loft Mastercard Co-Brand | 1,069 | 3.32% | $ 271,118 | 5.00% |
| Torrid Private Label | 1,407 | 4.37% | $ 229,437 | 4.23% |
| Lane Bryant Private Label | 1,884 | 5.85% | $ 194,567 | 3.59% |
| Sony VISA Co-Brand | 251 | 0.78% | $ 194,161 | 3.58% |
| Express Private Label | 1,775 | 5.52% | $ 162,620 | 3.00% |
Other Retailers(3) | 13,470 | 41.85% | $ 1,375,844 | 25.38% |
Total(4) | 32,187 | 100.00% | $ 5,420,865 | 100.00% |
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(1) Victoria’s Secret Mastercard Co-Brand program is included in Other Retailers.
(2) Includes both Bread RewardsTM American Express® Proprietary accounts converted from Comenity® Mastercard® Proprietary accounts and
non-converted Comenity® Mastercard® Proprietary accounts.
(3) Retailers individually representing a lesser percentage of principal receivables balances in the trust portfolio as of April 30, 2024.
(4) Amounts and percentages may not add up to the total due to rounding.
Composition by Account Balance
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)
| | | | | | | | | | | | | | |
Account Balance Range | Number of Accounts | Percentage of Total Number of Accounts | Principal Receivables | Percentage of Total Principal Receivables |
| Credit Balance | 253 | 0.79% | $ (8,328) | (0.15)% |
| No Balance | 26,203 | 81.41% | $ - | - |
| $0.01 - $500.00 | 3,319 | 10.31% | $ 584,415 | 10.78% |
| $500.01 - $1,000.00 | 909 | 2.82% | $ 661,218 | 12.20% |
| $1,000.01 - $2,000.00 | 790 | 2.45% | $ 1,122,015 | 20.70% |
| $2,000.01 - $3,000.00 | 314 | 0.98% | $ 768,427 | 14.18% |
| $3,000.01 - $4,000.00 | 149 | 0.46% | $ 514,205 | 9.49% |
| $4,000.01 - $5,000.00 | 82 | 0.26% | $ 367,277 | 6.78% |
| $5,000.01 - $6,000.00 | 49 | 0.15% | $ 268,878 | 4.96% |
| $6,000.01 - $7,000.00 | 32 | 0.10% | $ 207,383 | 3.83% |
| $7,000.01 - $8,000.00 | 22 | 0.07% | $ 163,995 | 3.03% |
| $8,000.01 - $9,000.00 | 16 | 0.05% | $ 132,349 | 2.44% |
| $9,000.01 - $10,000.00 | 12 | 0.04% | $ 109,950 | 2.03% |
| $10,000.01 or more | 38 | 0.12% | $ 529,080 | 9.76% |
Total(1) | 32,187 | 100.00% | $ 5,420,865 | 100.00% |
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(1) Amounts and percentages may not add up to the total due to rounding.
Composition by Credit Limit
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)
| | | | | | | | | | | | | | |
Credit Limit Range | Number of Accounts | Percentage of Total Number of Accounts | Principal Receivables | Percentage of Total Principal Receivables |
| No Credit Limit | 310 | 0.96% | $ 2,824 | 0.05% |
| $0.01 - $500.00 | 5,564 | 17.29% | $ 147,628 | 2.72% |
| $500.01 - $1,000.00 | 9,472 | 29.43% | $ 334,072 | 6.16% |
| $1,000.01 - $2,000.00 | 6,172 | 19.17% | $ 723,572 | 13.35% |
| $2,000.01 - $3,000.00 | 2,295 | 7.13% | $ 781,083 | 14.41% |
| $3,000.01 - $4,000.00 | 1,451 | 4.51% | $ 521,568 | 9.62% |
| $4,000.01 - $5,000.00 | 1,940 | 6.03% | $ 446,882 | 8.24% |
| $5,000.01 - $6,000.00 | 985 | 3.06% | $ 341,103 | 6.29% |
| $6,000.01 - $7,000.00 | 688 | 2.14% | $ 292,117 | 5.39% |
| $7,000.01 - $8,000.00 | 760 | 2.36% | $ 275,624 | 5.08% |
| $8,000.01 - $9,000.00 | 654 | 2.03% | $ 279,730 | 5.16% |
| $9,000.01 - $10,000.00 | 614 | 1.91% | $ 227,442 | 4.20% |
| $10,000.01 or more | 1,283 | 3.99% | $ 1,047,222 | 19.32% |
Total(1) | 32,187 | 100.00% | $ 5,420,865 | 100.00% |
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(1) Amounts and percentages may not add up to the total due to rounding.
Composition by Account Age
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)
| | | | | | | | | | | | | | |
Account Age Range | Number of Accounts | Percentage of Total Number of Accounts | Principal Receivables | Percentage of Total Principal Receivables |
| Not More than 12 Months | 1,958 | 6.08% | $ 746,683 | 13.77% |
| Over 12 Months to 24 Months | 2,195 | 6.82% | $ 517,124 | 9.54% |
| Over 24 Months to 36 Months | 2,182 | 6.78% | $ 393,584 | 7.26% |
| Over 36 Months to 48 Months | 2,053 | 6.38% | $ 321,670 | 5.93% |
| Over 48 Months to 60 Months | 4,242 | 13.18% | $ 479,746 | 8.85% |
| Over 60 Months | 19,558 | 60.76% | $ 2,962,058 | 54.64% |
Total(1) | 32,187 | 100.00% | $ 5,420,865 | 100.00% |
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(1) Amounts and percentages may not add up to the total due to rounding.
Cardholders whose accounts are designated for the trust portfolio had billing addresses in all 50 states, the District of Columbia and other U.S. territories, except for approximately 0.04% of the principal receivables balance for the trust for which cardholders had billing addresses located outside of the United States, the District of Columbia or other U.S. territories. Except for the five states listed below, no state accounted for more than 5% of the number of accounts or 5% of the total principal receivables balances as of April 30, 2024.
Composition by Billing Address
Trust Portfolio
| | | | | | | | |
State | Percentage of Total Number of Accounts | Percentage of Total Principal Receivables |
| California | 10.36% | 11.88% |
| Texas | 8.49% | 9.28% |
| Florida | 9.07% | 7.66% |
| New York | 7.18% | 6.14% |
| Illinois | 4.54% | 5.31% |
The bank uses credit bureau scoring and a proprietary scoring model developed for the bank as tools in the underwriting process and for making credit decisions. The bank uses credit bureau scoring and a proprietary scoring model also for purposes of monitoring obligor credit quality. The bank’s proprietary scoring model is based on historical data and requires the bank to make various assumptions about future performance. As a result, the bank’s proprietary model is not intended, and should not be relied upon, to forecast actual future performance.
With respect to credit bureau scoring, the bank utilizes VantageScore® credit scores to assist in its assessment of credit quality. Credit scores are obtained at origination of the account and are refreshed monthly thereafter to assist in predicting obligor behavior. The bank categorizes these credit scores into the following three credit score categories: (i) 661 or higher, which are considered the strongest credits and therefore have the lowest credit risk; (ii) 601 to 660, considered to have moderate credit risk; and (iii) 600 or less, which are considered weaker credits and therefore have the highest credit risk. In certain limited circumstances there are obligor accounts for which a credit score is not available and the bank uses alternative sources to assess credit risk and predict behavior.
The below table reflects the distribution of the accounts designated to the trust portfolio by obligor VantageScore® as of April 30, 2024. Because the future composition of the trust portfolio will change over time, obligor credit quality as shown in the table below is not indicative of obligor credit quality for the trust portfolio at any subsequent time. In addition, the bank’s assessment of obligor credit quality may change over time depending on the conduct of the cardholder and changes in the proprietary scoring models used by the bank.
Composition by Obligor Credit Bureau Score
Trust Portfolio
(Dollars in Thousands)
| | | | | | | | |
Obligor Credit Bureau Score Range | Principal Receivables | Percentage of Total Principal Receivables |
| No Score | $ 435 | 0.01% |
| 600 or Less | $ 723,803 | 13.35% |
| 601 - 660 | $ 1,514,691 | 27.94% |
| 661 or Greater | $ 3,181,935 | 58.70% |
Total(1) | $ 5,420,865 | 100.00% |
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(1) Amounts and percentages may not add up to the total due to rounding.
