PNM Energy Transition Bond Company I, LLC – 2025 Annual Report (Form 10-K): Key Insights for Investors

Business Overview:

• Registrant: PNM Energy Transition Bond Company I, LLC.
• Business Address: 414 Silver Ave. SW, Albuquerque, NM 87102-3289.
• Filing Period: Fiscal Year Ended December 31, 2025.
• SEC File Number: 001-06986.
• Nature of Entity: A special purpose entity created to facilitate the issuance of energy transition bonds. The company essentially acts as a pass-through for bond-related cash flows and does not operate a traditional business.

Key Report Highlights

1. Financial and Reporting Status

• No Public Float or Common Shares Outstanding: The company has no voting or non-voting common equity held by non-affiliates, and reports zero shares outstanding. This means there are no shares trading on the public market and no public equity for investors to buy or sell.
• No Securities Registered under Section 12(b) or 12(g) of the Exchange Act: The company reports “None” for securities registered under these sections, reinforcing its status as a non-traded special purpose entity.
• Well-Known Seasoned Issuer: The company is not a well-known seasoned issuer.
• Not Subject to Reporting Requirements of Section 13/15(d): The company is not required to file reports under these sections.
• Non-Accelerated Filer: The company is classified as a non-accelerated filer, not a large or accelerated filer, smaller reporting company, or emerging growth company.
• All Reports Filed and Interactive Data Submitted: The company has filed all required reports and submitted all Interactive Data Files within the required timeframe.
• No Financial Statement Restatements or Error Corrections: The financial statements included in the filing do not reflect corrections of previously issued financial statements or restatements that would trigger clawback of executive compensation.
• No Documents Incorporated by Reference: No additional documents are incorporated by reference; all relevant materials are included in the report.

2. Governance, Risk, and Cybersecurity

• Governance and Management: The company’s management and governance structure is disclosed, but the entity reports that it does not pay any compensation to its managers or executive officers.
• Risk Factors, Business Description, Properties, Legal Proceedings, and Cybersecurity: All these sections are omitted pursuant to General Instruction J of Form 10-K, indicating there are no material developments or risks to report in these areas.
• Unresolved Staff Comments and Mine Safety Disclosures: None; these do not apply to the company.

3. Financials and Material Contracts

• Financial Statements: Omitted under General Instruction J, as the entity qualifies as an asset-backed issuer (ABS) and provides only limited narrative disclosure.
• Material Contracts & Exhibits:
• Certificate of Formation and Indenture and Series Supplement are referenced as material contracts, but no new or amended contracts are reported in this filing.
• No new or amended material contracts or transactions that would affect bondholders or shareholders are included in this filing.

4. Servicing and Compliance

• Servicing Compliance: Public Service Company of New Mexico (PNM) acts as the servicer. Management asserts full compliance in all material respects with applicable servicing criteria under Item 1122(d) of Regulation AB for the period January 1, 2025, to December 31, 2025.
• Attestation: KPMG LLP, an independent registered public accounting firm, has issued an attestation report confirming management’s assessment of compliance for the period.
• Trustee Compliance: U.S. Bank National Association, as Indenture Trustee, also reports full compliance with servicing criteria, supported by an independent attestation.

5. Shareholder-Sensitive or Price-Moving Disclosures

• No New Price-Sensitive Events: The report contains no new material events, risks, legal proceedings, or financial restatements that would affect the value of any securities or impact potential investors or bondholders. All sections that might contain such information are specifically noted as “Omitted” or “None.”
• No Public Equity Outstanding: There are no shares outstanding and no public float, so there is no impact on share price or trading activity.
• No Related-Party Transactions, Beneficial Ownership, or Director Independence Issues: All such sections report “None.”

Conclusion

Summary for Investors:
The 2025 10-K for PNM Energy Transition Bond Company I, LLC is largely a formality, with no new disclosures, no financial restatements, and no changes in risk, legal, or business status. For bondholders, all required servicing and compliance attestations are in place, and there are no adverse findings from auditors or trustees. For shareholders, there are no shares outstanding or public equity, and no events that could impact share value or trading. This report contains nothing that would move the share price or affect investor positions.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should refer to the official SEC filings and consult with their financial advisor before making any investment decisions. The information provided herein is based on the most recent publicly available filings as of the date of this article.

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