CARMAX AUTO FUNDING LLC 8-K

What Happened
CarMax Auto Funding LLC (the Depositor), together with CarMax Business Services, LLC, announced an underwriting agreement dated February 18, 2026, under which underwriters agreed to purchase $750,000,000 aggregate principal amount of asset-backed notes to be issued by CarMax Select Receivables Trust 2026‑A. The sale is registered on Form SF-3; the registrar filed a final prospectus dated February 18, 2026. The notes are expected to be issued on or about February 25, 2026.

Key Details

• Underwriting Agreement entered February 18, 2026, with Barclays Capital Inc. as representative of the underwriters.
• Total principal amount: $750,000,000 in notes, comprised of:
  • Class A-1: $143,000,000
  • Class A-2a: $272,790,000
  • Class A-2b: $45,000,000
  • Class A-3: $107,280,000
  • Class B: $46,540,000
  • Class C: $65,770,000
  • Class D: $53,460,000
  • Class E (not publicly offered): $16,160,000
    (Offered Notes publicly offered total $733,840,000; plus Class E equals $750,000,000.)
• Final prospectus dated February 18, 2026, describes the collateral pool (motor vehicle retail installment sale contracts) and deal structure; registration under Securities Act via Form SF-3 (Commission File No. 333-288943).
• Multiple transaction documents (trust agreements, receivables purchase and contribution agreements, sale & servicing agreement, indenture, administration and asset-review agreements, securities account control agreement) will be entered or amended on the issuance date. Legal opinions and the CEO certification required by Form SF-3 were filed with the 8-K.

Why It Matters
This filing documents a securitization financing: CarMax is packaging retail auto loan receivables into asset-backed securities to raise $750 million. For investors, this affects the supply of CarMax-related ABS and the company’s funding profile—important if you follow CarMax’s financing operations, ABS investments, or credit exposure to CarMax retail installment contracts. The filing does not report earnings or executive changes; it primarily describes a financing transaction and the associated legal and offering documents.