EDGAR 10-K Filing

Company CIK: 1991774
Filing Year: 2025
Filename: 1991774_10-K_2025_0001991774-25-000004.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.
None.
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.
Following are the managers and executive officers of Consumers 2023 Securitization Funding LLC as of March 11, 2025:
Name, Age, Position(s) Period
Jason M. Shore (age 48)
President, Chief Executive Officer, Chief Financial Officer, and Treasurer of Consumers 2023 Securitization Funding LLC 11/2023 - Present
Vice President and Treasurer of CMS Energy Corporation (“CMS Energy”) and Consumers Energy Company (“Consumers”) 12/2023 - Present
Executive Director of Treasury and Capital Markets of CMS Energy and Consumers 7/2023 - 12/2023
Executive Director of Treasury and Financial Strategy and Policy of CMS Energy and Consumers 6/2021 - 7/2023
Executive Director of Planning, Budget and Analysis of CMS Energy and Consumers 4/2018 - 6/2021
Rejji P. Hayes (age 50)
Executive Vice President and Manager of Consumers 2023 Securitization Funding LLC 11/2023 - Present
Executive Vice President and Chief Financial Officer of CMS Energy and Consumers 5/2017 - Present
Shaun M. Johnson (age 46)
Senior Vice President, General Counsel, and Manager of Consumers 2023 Securitization Funding LLC 11/2023 - Present
Senior Vice President and General Counsel of CMS Energy and Consumers 5/2019 - Present
Melissa M. Gleespen (age 57)
Vice President, Secretary, and Manager of Consumers 2023 Securitization Funding LLC 11/2023 - Present
Vice President, Corporate Secretary, and Chief Compliance Officer of CMS Energy and Consumers 1/2016 - Present
Scott B. McIntosh (age 49)
Vice President and Controller of Consumers 2023 Securitization Funding LLC 11/2023 - Present
Vice President, Controller, and Chief Accounting Officer of CMS Energy and Consumers 9/2021 - Present
Vice President and Controller of CMS Energy and Consumers 6/2021 - 9/2021
Vice President of CMS Energy and Consumers 9/2015 - 6/2021
Albert J. Fioravanti (age 60)
Independent Manager of Consumers 2023 Securitization Funding LLC 12/2023 - Present
Managing Director of Lord Securities Corporation 12/2018 - Present
Consumers 2023 Securitization Funding LLC is a wholly owned subsidiary of Consumers, which in turn is a wholly owned subsidiary of CMS Energy.
Code of Ethics
Consumers has adopted a code of ethics, entitled “CMS Energy 2025 Code of Conduct and Guide to Ethical Business Behavior” (Employee Code) that applies to all officers and employees of Consumers and its affiliates, including Consumers 2023 Securitization Funding LLC. The Employee Code is administered by the Chief Compliance Officer of Consumers, who reports directly to the Audit Committee of the Board of Directors of Consumers. The Employee Code and any waivers of, or amendments or exceptions to, a provision of the Employee Code will be disclosed on Consumers’ website at www.cmsenergy.com/corporate-governance/compliance-and-ethics.

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ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation.
Other than the annual independent manager fee of $3,500 paid to Lord Securities Corporation, Consumers 2023 Securitization Funding LLC does not pay any compensation to its managers or executive officers.
Information that is required in Item 11 regarding executive compensation of Consumers’ executive officers is incorporated by reference from CMS Energy’s and Consumers’ definitive proxy statement for their 2025 Annual Meetings of Shareholders to be held May 2, 2025.

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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.
None.

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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) Exhibit Index
Exhibits Description
3.1 - Certificate of Formation of Consumers 2023 Securitization Funding LLC (Exhibit 3.1 to Form SF-1 filed September 22, 2023, and incorporated herein by reference)
3.2 - Amended and Restated Limited Liability Company Agreement of Consumers 2023 Securitization Funding LLC dated and effective as of December 12, 2023 (Exhibit 3.2 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
4.1 - Indenture by and between Consumers 2023 Securitization Funding LLC, Issuer and The Bank of New York Mellon, Indenture Trustee and Securities Intermediary, dated as of December 12, 2023 (Exhibit 4.1 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
4.2 - Form of Senior Secured Securitization Bonds, Series 2023 (Exhibit 4.1 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
10.1 - Securitization Property Servicing Agreement by and between Consumers 2023 Securitization Funding LLC, Issuer and Consumers Energy Company, Servicer, dated as of December 12, 2023 (Exhibit 10.1 to Form 8-K-filed December 12, 2023, and incorporated herein by reference)
10.2 - Securitization Property Purchase and Sale Agreement by and between Consumers 2023 Securitization Funding LLC, Issuer and Consumers Energy Company, Seller, dated as of December 12, 2023 (Exhibit 10.2 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
10.3 - Administration Agreement by and between Consumers 2023 Securitization Funding LLC and Consumers Energy Company, as administrator, dated as of December 12, 2023 (Exhibit 10.3 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
10.4 - Series Supplement by and between Consumers 2023 Securitization Funding LLC and The Bank of New York Mellon, Indenture Trustee, dated as of December 12, 2023 (Exhibit 4.2 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
10.5 - Intercreditor Agreement among The Bank of New York Mellon, as trustee for the securitization bonds issued by Consumers 2014 Securitization Funding LLC, Consumers 2014 Securitization Funding LLC, The Bank of New York Mellon, as indenture trustee, Consumers 2023 Securitization Funding LLC, and Consumers Energy Company, dated as of December 12, 2023 (Exhibit 10.4 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
31.1 - Rule 13a-14(d)/15d-14(d) Certification
33.1 - Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for Consumers Energy Company, Servicer
33.2 - Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for The Bank of New York Mellon, Indenture Trustee
Exhibits Description
34.1 - Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of PricewaterhouseCoopers LLP on behalf of Consumers Energy Company, Servicer
34.2 - Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of KPMG LLP on behalf of The Bank of New York Mellon, Indenture Trustee
35.1 - Servicer Compliance Statement
(c) Not applicable.