Atmos Energy Kansas Securitization I Files 10-K, Highlights Trustee Legal Risks

TL;DR

**This 10-K is a non-event for Atmos Energy Kansas Securitization I, LLC's direct operations, but the trustee's legal woes are a red flag for securitized bondholders.**

AI Summary

Atmos Energy Kansas Securitization I, LLC, a wholly-owned subsidiary of Atmos Energy Corporation, filed its 10-K for the fiscal year ended September 30, 2025. The filing indicates no revenue or net income figures as most financial items are omitted under General Instruction J of Form 10-K, typical for securitization entities. Key business changes include the continued securitization of utility tariff bonds, with Atmos Energy Corporation acting as sponsor, seller, and servicer. Risks primarily revolve around the legal proceedings involving U.S. Bank Trust Company, National Association, as trustee, concerning residential mortgage-backed securities (RMBS) and student loan trusts, though these are not directly against Atmos Energy Kansas Securitization I, LLC. The strategic outlook remains focused on maintaining compliance with servicing criteria, as evidenced by the reports from Atmos Energy Corporation and U.S. Bank Trust Company, National Association, which identified no material instances of noncompliance with Item 1122(d) of Regulation AB.

Why It Matters

This 10-K provides limited direct financial insight into Atmos Energy Kansas Securitization I, LLC due to its nature as a securitization vehicle and the omission of most financial items. However, it's crucial for investors to understand the legal risks associated with the trustee, U.S. Bank Trust Company, National Association, which is embroiled in significant RMBS and student loan litigation. While these lawsuits are not directly against Atmos Energy Kansas Securitization I, LLC, they could impact the trustee's operational capacity or reputation, potentially affecting the securitized utility tariff bondholders. This competitive context underscores the importance of robust trustee oversight in the broader securitization market.

Risk Assessment

Risk Level: medium — The risk level is medium due to the significant legal proceedings involving U.S. Bank Trust Company, National Association, the trustee for Atmos Energy Kansas Securitization I, LLC. U.S. Bank is facing lawsuits related to residential mortgage-backed securities (RMBS) and student loan trusts, including the NCMSLT Action, alleging failures as trustee. While these are not direct claims against the securitized utility tariff bondholders, the trustee's involvement in such litigation could introduce operational or reputational risks to the securitization structure.

Analyst Insight

Investors in Atmos Energy Kansas Securitization I, LLC's utility tariff bonds should monitor the ongoing legal proceedings against U.S. Bank Trust Company, National Association, as the trustee's stability is paramount. While the filing indicates no direct impact, any adverse outcomes for U.S. Bank could indirectly affect the securitization's perceived safety and liquidity.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Executive Compensation

Key Numbers

• $3,000 — Annual independent manager fee (The only compensation paid directly by the Company to its managers.)
• 2025-09-30 — Fiscal year end date (The period covered by this 10-K filing.)
• 2025-12-19 — Filing date (Date the 10-K was filed with the SEC.)
• 0001967097 — Central Index Key Number of issuing entity (Unique identifier for Atmos Energy Kansas Securitization I, LLC.)
• 0000731802 — Central Index Key Number of depositor and sponsor (Unique identifier for Atmos Energy Corporation.)

Key Players & Entities

• Atmos Energy Kansas Securitization I, LLC (company) — issuing entity
• Atmos Energy Corporation (company) — depositor and sponsor
• U.S. Bank Trust Company, National Association (company) — indenture trustee
• John K. Akers (person) — President, CEO, and Manager of the Company
• Christopher T. Forsythe (person) — Senior Vice President and Chief Financial Officer and Manager of the Company
• Jessica W. Bateman (person) — Senior Vice President, General Counsel and Corporate Secretary of the Company
• Orlando C. Figueroa (person) — Independent Manager of the Company
• Citadel SPV (company) — employer of independent manager
• Ernst & Young LLP (company) — auditor
• Delaware Court of Chancery (regulator) — court handling NCMSLT Action

FAQ

Risk Factors

• Legal Proceedings Involving RMBS and Student Loan Trusts [medium — legal]: The Company is indirectly exposed to risks stemming from legal proceedings involving U.S. Bank Trust Company, National Association, as trustee, concerning residential mortgage-backed securities (RMBS) and student loan trusts. While these proceedings are not directly against Atmos Energy Kansas Securitization I, LLC, they highlight potential complexities and legal challenges within the broader securitization market.

Industry Context

The securitization market, particularly for utility assets, allows companies to access capital by pooling future revenue streams. This structure is common for regulated utilities seeking to finance specific projects or costs, such as storm recovery or infrastructure upgrades, through specialized entities like Atmos Energy Kansas Securitization I, LLC. The industry relies heavily on regulatory approvals for tariff adjustments that underpin the securitized assets.

Regulatory Implications

Atmos Energy Kansas Securitization I, LLC operates within the framework of SEC regulations for asset-backed securities, particularly Regulation AB. The company's focus on compliance with servicing criteria, as evidenced by the reports from Atmos Energy Corporation and U.S. Bank Trust Company, National Association, is crucial for maintaining investor confidence and regulatory standing.

What Investors Should Do

1. Monitor legal proceedings involving U.S. Bank Trust Company, National Association.
2. Review Atmos Energy Corporation's proxy statement for executive compensation details.
3. Confirm ongoing compliance with servicing criteria under Regulation AB.

Key Dates

• 2025-09-30: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2025-12-19: 10-K Filing Date — The date the annual report was officially submitted to the SEC.
• 2023-06-20: Indenture and Series Supplement Dated — Key documents establishing the terms of the securitization bonds and the role of the Indenture Trustee.
• 2023-06-20: Servicing and Purchase Agreements Dated — Agreements defining the roles of Atmos Energy Corporation as servicer and seller for the securitized utility tariff property.

Glossary

General Instruction J of Form 10-K

A specific instruction for Form 10-K that allows certain entities, like securitization special purpose entities, to omit certain financial and business information that is not material to their specific role. (Explains why Atmos Energy Kansas Securitization I, LLC's 10-K omits many standard financial and business sections.)

Securitization

The process of pooling various types of contractual debt (like mortgages, auto loans, or credit card debt) and selling these pools to third-party investors as securities. (Describes the core business activity of Atmos Energy Kansas Securitization I, LLC, which is to securitize utility tariff bonds.)

Utility Tariff Bonds

Bonds issued by a utility company that are backed by the revenue stream from specific tariff rates approved by regulators. (These are the financial instruments being securitized by Atmos Energy Kansas Securitization I, LLC.)

Regulation AB

A set of SEC rules governing the registration, reporting, and disclosure requirements for asset-backed securities. (Compliance with Item 1122(d) of Regulation AB, related to servicing criteria, is a key focus for the company and its servicers.)

Indenture Trustee

A financial institution appointed to represent the interests of bondholders in a bond issuance, ensuring the issuer complies with the terms of the indenture agreement. (U.S. Bank Trust Company, National Association, serves as the Indenture Trustee for the securitized bonds.)

Servicer

An entity responsible for collecting payments from the underlying assets (e.g., utility tariff charges) and remitting them to the trustee or investors. (Atmos Energy Corporation acts as the servicer for the securitized assets.)

Year-Over-Year Comparison

As most financial and business sections are omitted under General Instruction J for this securitization entity, a direct year-over-year comparison of key financial metrics like revenue, net income, or margins is not possible from this 10-K. The filing continues to focus on its role as a securitization vehicle for utility tariff bonds, with no new material risks or changes in operational compliance reported compared to the prior period's structure.

Key Financial Figures

• $3,000 — n the annual independent manager fee of $3,000, the Company does not pay any compensat

Filing Documents

• aek-20250930.htm (10-K) — 79KB
• aek20250930ex-311xcertific.htm (EX-31.1) — 7KB
• aek20250930ex-331xatoasses.htm (EX-33.1) — 43KB
• aek20250930ex-332xusbankas.htm (EX-33.2) — 49KB
• aek20250930ex341-atoassura.htm (EX-34.1) — 6KB
• aek20250930ex342-usbanktru.htm (EX-34.2) — 6KB
• aek20250930ex-351complianc.htm (EX-35.1) — 5KB
• 0001967097-25-000011.txt ( ) — 440KB
• aek-20250930.xsd (EX-101.SCH) — 3KB
• aek-20250930_def.xml (EX-101.DEF) — 20KB
• aek-20250930_lab.xml (EX-101.LAB) — 39KB
• aek-20250930_pre.xml (EX-101.PRE) — 23KB
• aek-20250930_htm.xml (XML) — 6KB

Business

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

Risk Factors

ITEM 1A. Risk Factors. Omitted pursuant to General Instruction J of Form 10-K.

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments. Not applicable.

Cybersecurity

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

Properties

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

Legal Proceedings

ITEM 3. Legal Proceedings. Omitted pursuant to General Instruction J of Form 10-K. PART II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Omitted pursuant to General Instruction J of Form 10-K.

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Omitted pursuant to General Instruction J of Form 10-K.

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.

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data. Omitted pursuant to General Instruction J of Form 10-K.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. Omitted pursuant to General Instruction J of Form 10-K.

Controls and Procedures

ITEM 9A. Controls and Procedures. Omitted pursuant to General Instruction J of Form 10-K.

Other Information

ITEM 9B. Other Information. Not applicable. 2

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. PART III.

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance. Atmos Energy Kansas Securitization I, LLC (the "Company") is a wholly-owned subsidiary of Atmos Energy Corporation ("Atmos Energy"). At least one manager of the Company must be an independent manager. The following are the executive officers and managers of the Company as of the date of this report: Name Age Business Experience in Past Five Years John K. Akers 62 President, Chief Executive Officer, and Manager of the Company. He has served as Atmos Energy's President and Chief Executive Officer since October 2019. He served as Executive Vice President of Atmos Energy from November 2018 through September 2019. Christopher T. Forsythe 54 Senior Vice President and Chief Financial Officer and Manager of the Company. He has served as Atmos Energy's Senior Vice President and Chief Financial Officer since February 2017. Jessica W. Bateman 48 Senior Vice President, General Counsel and Corporate Secretary of the Company. She has served as Atmos Energy's Senior Vice President, General Counsel and Corporate Secretary since January 2025. Orlando C. Figueroa 66 Independent Manager of the Company. He has served as President of Citadel SPV since 2023 and Senior Managing Director and Co-Founder of Citadel SPV since 2014. Code of Conduct and Corporate Governance Atmos Energy has adopted a code of ethics which is represented by Atmos Energy's Code of Conduct and applies to all of Atmos Energy's subsidiaries. Atmos Energy's Code of Conduct is posted on the Atmos Energy website at www.atmosenergy.com/company/corporate-responsibility-reports , and copies of this document are available upon request.

Executive Compensation

ITEM 11. Executive Compensation. Other than the annual independent manager fee of $3,000, the Company does not pay any compensation to its executive officers or managers. Information on executive compensation with respect to Atmos Energy is set forth in the Definitive Proxy Statement for Atmos Energy's Annual Meeting of Shareholders on February 4, 2026 and is incorporated herein by this reference.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. None.

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence. Orlando C. Figueroa is the independent manager of the Company and is the Senior Managing Director of Citadel SPV.

Principal Accountant Fees and Services

ITEM 14. Principal Accountant Fees and Services. Omitted pursuant to General Instruction J of Form 10-K. Substitute Information Provided in Accordance with General Instruction J(2) of Form 10-K: 3

(b). Significant Obligors of Pool Assets (Financial Information)

ITEM 1112(b). Significant Obligors of Pool Assets (Financial Information). None. ITEM 1114(b)(2). Credit enhancement and other support, except for certain derivatives instruments (Financial Information). None.

(b). Certain Derivative Instruments (Financial Information)

ITEM 1115(b). Certain Derivative Instruments (Financial Information). None.

Legal Proceedings

ITEM 1117. Legal Proceedings. There are no legal or governmental proceedings pending against the Company, the sponsor, seller, trustee, or servicer, or of which any property of the foregoing is subject, that is material to the securitized utility tariff bondholders. U.S. Bank Trust Company, National Association, as trustee, has provided the following information: U.S. Bank National Association ("U.S. Bank") and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities ("RMBS") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify security holders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default. U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts. On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the "DSTs") that issued securities backed by student loans (the "Student Loans") filed a lawsuit in the Delaware Court of Chancery against U.S.

Affiliations and Certain Relationships and Related Transactions

ITEM 1119. Affiliations and Certain Relationships and Related Transactions. The Company is a wholly-owned subsidiary of Atmos Energy. Each of the sponsor, the servicer and the depositor may maintain other banking relationships in the ordinary course with U.S. Bank Trust Company, National Association, the trustee.

Compliance with Applicable Servicing Criteria

ITEM 1122. Compliance with Applicable Servicing Criteria. The Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities and the related attestation report for Atmos Energy are included as Exhibits 33.1 and 34.1, respectively, to this Form 10-K identified no material instances of noncompliance by Atmos Energy with the servicing criteria set forth in Item 1122(d) of Regulation AB. The Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities and the related attestation report for U.S. Bank Trust Company, National Association are included as Exhibits 33.2 and 34.2, respectively, to this Form 10-K identified no material instances of noncompliance by U.S. Bank Trust Company, National Association with the servicing criteria set forth in Item 1122(d) of Regulation AB.

Servicer Compliance Statement

ITEM 1123. Servicer Compliance Statement. The servicer compliance statement is attached as Exhibit 35.1 to this Annual Report on Form 10-K. PART IV.

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES a) The following is a list of documents filed as part of this Annual Report on Form 10-K: (1) Not applicable (2) Not applicable (3) See exhibits below. Exhibit Number Description Page Number or Incorporation by Reference to 3.1 Certificate of Formation of Atmos Energy Kansas Securitization I, LLC Exhibit 3.1 to Atmos Energy Kansas Securitization I, LLC's Form SF-1 dated February 28, 2023 (File No. 333-270078-01) 3.2 Amended and Restated Limited Liability Company Agreement of Atmos Energy Kansas Securitization I, LLC, dated as of May 26, 2023 Exhibit 3.3 to Atmos Energy Kansas Securitization I, LLC's Form SF-1/A dated May 30, 2023 (File No. 333-270078-01) 4.1 Indenture by and among Atmos Energy Kansas Securitization I, LLC, U.S. Bank Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association, as Securities Intermediary (including the form of the Bonds and the Series Supplement), dated as of June 20, 2023 Exhibit 4.1 to Atmos Energy Kansas Securitization I, LLC's Form 8-K dated June 20, 2023 (File No. 333-270078-01) 4.2 Series Supplement by and among Atmos Energy Kansas Securitization I, LLC and U.S. Bank Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association, as Securities Intermediary, dated as of June 20, 2023 Exhibit 4.2 to Atmos Energy Kansas Securitization I, LLC's Form 8-K dated June 20, 2023 (File No. 333-270078-01) 10.1 Securitized Utility Tariff Property Servicing Agreement between Atmos Energy Kansas Securitization I, LLC and Atmos Energy Corporation, as Servicer, dated as of June 20, 2023 Exhibit 10.1 to Atmos Energy Kansas Securitization I, LLC's Form 8-K dated June 20, 2023 (File No. 333-270078-01) 5 10.2 Securitized Utility Tariff Property Purchase and Sale Agreement between Atmos Energy Kansas Securitization I, LLC and Atmos Energy Corporation, as Seller, dated as of June 20, 2023 Exhibit 10.2 to Atmos Energy

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY None. 6

Signatures

Signatures Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: December 19, 2025 Atmos Energy Kansas Securitization I, LLC (Issuing Entity) By: Atmos Energy Corporation, as Servicer /s/ Christopher T. Forsythe Christopher T. Forsythe Senior Vice President and Chief Financial Officer (Senior Officer in Charge of the Servicing Function) 7

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