EDGAR 10-K Filing

Company CIK: 1988880
Filing Year: 2025
Filename: 1988880_10-K_2025_0001988880-25-000006.json

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ITEM 1. BUSINESS

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ITEM 1A. RISK FACTORS

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments
None.

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ITEM 2. PROPERTIES

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ITEM 3. LEGAL PROCEEDINGS

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures
Not applicable.
Part II
The following Items have been omitted pursuant to General Instruction J of Form 10-K:
•Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
•Item 6. [Reserved]
•Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
•Item 7A. Quantitative and Qualitative Disclosures About Market Risk
•Item 8. Financial Statements and Supplementary Data
•Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
•Item 9A. Controls and Procedures

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY

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ITEM 6. SELECTED FINANCIAL DATA

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

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ITEM 9A. CONTROLS AND PROCEDURES

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information
None.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10. Directors, Executive Officers, and Corporate Governance
The following are the managers and executive officers of DTE Electric Securitization Funding II LLC as of December 31, 2024:
Name Age Present Position
Held Since
David S. Ruud 58
President and Manager of DTE Electric Securitization Funding II LLC
11/2023 to Present
Executive Vice President and Chief Financial Officer of DTE Energy Company and DTE Electric Company
5/2020 to Present(1)
Mark C. Rolling
Treasurer and Manager of DTE Electric Securitization Funding II LLC
8/2024 to Present
Senior Vice President - Finance and Treasurer of DTE Energy Company and DTE Electric Company
8/2024 to Present(1)
Timothy J. Lepczyk 42
Secretary and Manager of DTE Electric Securitization Funding II LLC
11/2023 to Present
Assistant Treasurer of DTE Energy Company and DTE Electric Company 8/2021 to Present(1)
Michelle A. Dreyer
Independent Manager of DTE Electric Securitization Funding II LLC 11/2023 to Present
Managing Director, Global Restructuring and Independent Director of CSC Global
3/2022 to Present(2)
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(1)These executive officers have held various other positions at DTE Energy for five or more years.
(2)Has held various other positions within the CSC Independent Director department for more than five years.
DTE Electric Securitization Funding II LLC is a wholly-owned subsidiary of DTE Electric Company, which in turn is a wholly-owned subsidiary of DTE Energy Company.
Code of Ethics
As a wholly-owned indirect subsidiary of DTE Energy Company, DTE Electric Securitization Funding II LLC, together with its managers and executive officers, is subject to DTE Energy Company’s Officer Code of Business Conduct and Ethics and its general standard of conduct, the DTE Energy Way. These policies, together with any waivers or amendments to these policies, can be found on the DTE Energy Company website, www.dteenergy.com/ethics. There were no waivers or amendments during 2024.

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ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation
Other than the annual independent manager fee of $3,650 paid to Corporation Service Company, DTE Electric Securitization Funding II, LLC does not pay any compensation to its managers or executive officers.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
None.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationships and Related Transactions, and Director Independence
Manager Michelle A. Dreyer is an independent manager and an employee of Corporation Service Company.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accountant Fees and Services
Omitted pursuant to General Instruction J of Form 10-K.
Part IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits and Financial Statement Schedules
(a)(1) and (a)(2) Financial Statements and Financial Statement Schedules are omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report.
(a)(3) and (b) Refer to exhibit listing below.
(c) None.
Exhibit Number Description
(i) Exhibits filed herewith:
31.1
Certification pursuant to Rule 13a-14(d)/15(d)-14(d)
33.1
Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for DTE Electric Company, Servicer
33.2
Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for U.S. Bank Trust Company, National Association, Indenture Trustee
34.1
Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of PricewaterhouseCoopers LLP on behalf of DTE Electric Company, Servicer
34.2
Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of Ernst & Young LLP on behalf of U.S. Bank Trust Company, National Association, Indenture Trustee
35.1
Servicer Compliance Statement
(ii) Exhibits furnished herewith:
None.
(iii) Exhibits incorporated by reference:
3.1
Certificate of Formation of DTE Electric Securitization Funding II LLC, dated as of July 24, 2023 (Exhibit 3.1 to the Form SF-1 filed August 11, 2023, and incorporated herein by reference)
3.2
Amended and Restated Limited Liability Company Agreement, dated as of October 17, 2023, of DTE Electric Securitization Funding II LLC (Exhibit 3.2 to the Form 8-K filed October 20, 2023, and incorporated herein by reference)
4.1
Indenture by and among DTE Electric Securitization Funding II LLC and U.S. Bank Trust Company, National Association as a securities intermediary and an account bank, dated as of November 1, 2023 (Exhibit 4.1 to the Form 8-K filed November 1, 2023, and incorporated herein by reference)
4.2
Series Supplement by and among DTE Electric Securitization Funding II LLC, U.S. Bank Trust Company, National Association as the Indenture Trustee and U.S. Bank National Association as a securities intermediary and an account bank, dated as of November 1, 2023 (Exhibit 4.2 to the Form 8-K filed November 1, 2023, and incorporated herein by reference)
10.1
Securitization Property Servicing Agreement between DTE Electric Securitization Funding II LLC and DTE Electric Company, as Servicer, dated as of November 1, 2023 (Exhibit 10.1 to the Form 8-K filed November 1, 2023, and incorporated herein by reference)
10.2
Securitization Property Purchase and Sale Agreement between DTE Electric Securitization Funding II LLC and DTE Electric Company, as Seller, dated as of November 1, 2023 (Exhibit 10.2 to the Form 8-K filed November 1, 2023, and incorporated herein by reference)
10.3
Administration Agreement between DTE Electric Securitization Funding II LLC and DTE Electric Company, as Administrator, dated as of November 1, 2023 (Exhibit 10.3 to the Form 8-K filed November 1, 2023, and incorporated herein by reference)
10.4
Intercreditor Agreement by and among DTE Electric Company, DTE Electric Securitization Funding I LLC, DTE Electric Securitization Funding II LLC, The Bank of New York Mellon and U.S. Bank Trust Company, National Association, dated as of November 1, 2023 (Exhibit 10.4 to the Form 8-K filed November 1, 2023, and incorporated herein by reference)