EDGAR 10-K Filing

Company CIK: 1992267
Filing Year: 2025
Filename: 1992267_10-K_2025_0001992267-25-000005.json

---

ITEM 1. BUSINESS
ITEM 1.BUSINESS
Omitted pursuant to General Instruction J of Form 10-K.

---

ITEM 1A. RISK FACTORS
ITEM 1A. RISK FACTORS
Omitted pursuant to General Instruction J of Form 10-K.

---

ITEM 1B. UNRESOLVED STAFF COMMENTS
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.

---

ITEM 2. PROPERTIES
ITEM 2.PROPERTIES
Omitted pursuant to General Instruction J of Form 10-K.

---

ITEM 3. LEGAL PROCEEDINGS
ITEM 3.LEGAL PROCEEDINGS
Omitted pursuant to General Instruction J of Form 10-K.

---

ITEM 4. MINE SAFETY DISCLOSURE
ITEM 4.MINE SAFETY DISCLOSURES
Not Applicable.
PART II

---

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
ITEM 5.MARKET FOR TXNM’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Omitted pursuant to General Instruction J of Form 10-K.

---

ITEM 6. SELECTED FINANCIAL DATA
ITEM 6. [RESERVED]

---

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Omitted pursuant to General Instruction J of Form 10-K.

---

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Omitted pursuant to General Instruction J of Form 10-K.

---

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Omitted pursuant to General Instruction J of Form 10-K.

---

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.

---

ITEM 9A. CONTROLS AND PROCEDURES
ITEM 9A.CONTROLS AND PROCEDURES
Omitted pursuant to General Instruction J of Form 10-K.

---

ITEM 9B. OTHER INFORMATION
ITEM 9B.OTHER INFORMATION
None.

---

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 10.DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
Following are the managers and executive officers of PNM Energy Transition Bond Company I, LLC (the “Issuing Entity”) as of March 15, 2025:
Name Age Office Initial Effective Date
G. R. Bischoff 46 PNM Energy Transition Bond Company I, LLC - Manager and Secretary December 2023
TXNM Energy, Inc. - Vice President and Corporate Controller December 2023
E. A. Eden 58 PNM Energy Transition Bond Company I, LLC - Manager and President April 2024
PNM Energy Transition Bond Company I, LLC - Manager, President, and Treasurer August 2023
TXNM Energy, Inc. - Senior Vice President and Chief Financial Officer April 2024
TXNM Energy, Inc. - Senior Vice President, Chief Financial Officer and Treasurer May 2022
TXNM Energy, Inc. - Vice President and Treasurer February 2021
K. P. Burns 55 PNM Energy Transition Bond Company I, LLC - Independent Manager August 2023
The Issuing Entity is a wholly-owned subsidiary of Public Service Company of New Mexico, which in turn is a wholly-owned subsidiary of TXNM Energy, Inc. (“TXNM”). Certain executive officers and managers of the Issuing Entity also hold officer and/or director positions at TXNM’s other significant subsidiaries.
Code of Conduct
TXNM has adopted a written Code of Ethics, referred to as “Do the Right Thing - Principles of Business Conduct; Supplier Code of Conduct”. Since the Issuing Entity is an indirect wholly-owned subsidiary of TXNM, other than the independent manager, all of its managers and executive officers have a responsibility to comply with TXNM’s Code of Ethics. TXNM has posted its Code of Ethics in the “Governance” section of its website, https://www.txnmenergy.com. TXNM will post amendments to or waivers from its Code of Ethics on its website.

---

ITEM 11. EXECUTIVE COMPENSATION
ITEM 11.EXECUTIVE COMPENSATION
Other than the annual independent manager fee of $3,500 paid to Global Securitization Services, LLC, the Issuing Entity does not pay any compensation to its managers or executive officers.

---

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
None

---

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
None

---

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
ITEM 14.PRINCIPAL ACCOUNTING FEES AND SERVICES
Omitted pursuant to General Instruction J of Form 10-K.
PART IV

---

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
1. Omitted pursuant to General Instruction J of Form 10-K.
2. Omitted pursuant to General Instruction J of Form 10-K.
3. Exhibits:
The documents listed below are being filed herewith or have been previously filed on behalf of PNM Energy Transition Bond Company I, LLC and are incorporated by reference to the filings set forth below pursuant to Exchange Act Rule 12b-32 and Regulation S-K section 10, paragraph (d).
Exhibit No. Description of Exhibit Filed as Exhibit: Registrant
File No:
Articles of Incorporation and By-laws
3.1 Certificate of Formation of PNM Energy Transition Bond Company I, LLC
3.1 to the Registration Statement on Form SF-1 filed September 8, 2023 333-274433-01
3.2 Amended and Restated Limited Liability Company Agreement of PNM Energy Transition Bond Company I, LLC dated and effective as of November 7, 2023
3.2 to the Current Report on Form 8-K filed November 8, 2023 333-274433-01
Securities Instruments
4.1 Indenture dated and effective November 15, 2023, among PNM Energy Transition Bond Company I, LLC, U.S. Bank Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association,as Securities Intermediary (including a form of the Bonds)
4.1 to the Current Report on Form 8-K filed November 15, 2023 333-274433-01
4.2 Series Supplement dated and effective November 15, 2023, among PNM Energy Transition Bond Company I, LLC, U.S. Bank Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association,as Securities Intermediary
4.2 to the Current Report on Form 8-K filed November 15, 2023 333-274433-01
Material Contracts
10.1 Energy Transition Property Servicing Agreement dated and effective November 15, 2023, by and between Public Service Company of New Mexico and PNM Energy Transition Bond Company I, LLC
10.1 to the Current Report on Form 8-K filed November 15, 2023 333-274433-01
10.2 Energy Transition Property Purchase and Sale Agreement dated and effective November 15, 2023, by and between Public Service Company of New Mexico and PNM Energy Transition Bond Company I, LLC
10.2 to the Current Report on Form 8-K filed November 15, 2023 333-274433-01
10.3 Administrative Agreement dated and effective November 15, 2023, by and between Public Service Company of New Mexico and PNM Energy Transition Bond Company I, LLC
10.3 to the Current Report on Form 8-K filed November 15, 2023 333-274433-01
Rule 13a-14(a) / 15d-14(a) Officer Certification
31.1 Certification Pursuant to Rule 13a-14(d) / 15d-14(d)
Filed herewith 333-274433-01
Reports on assessment of compliance with servicing criteria for asset-backed issuers
33.1 Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for Public Service Company of New Mexico, as Servicer
Filed herewith 333-274433-01
33.2 Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for U.S. Bank Trust Company National Association, as Indenture Trustee
Filed herewith 333-274433-01
Attestation reports on assessment of compliance with servicing criteria for asset-backed securities
34.1 Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of KPMG, LLP on behalf of Public Service Company of New Mexico, as Servicer
Filed herewith 333-274433-01
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, as Indenture Trustee
Filed herewith 333-274433-01
Servicer Compliance Statement
35.1 Servicer Compliance Statement
Filed herewith 333-274433-01
XBRL Exhibits
104 Cover Page Inline XBRL File (included in Exhibits 101) Filed herewith 333-274433-01