Evergy Missouri West Storm Funding I Files 10-K, Details Securitization Structure

TL;DR

**This 10-K is a procedural filing for a utility's securitization vehicle, offering no direct financial insights but confirming its stable, bankruptcy-remote structure.**

AI Summary

Evergy Missouri West Storm Funding I, LLC, a bankruptcy-remote subsidiary of Evergy Missouri West, Inc., filed its 10-K for the fiscal year ended December 31, 2025. As a special purpose entity, the filing omits detailed financial statements, revenue, and net income figures under General Instruction J of Form 10-K. The company's primary business involves securitized utility tariff property, with key agreements like the Indenture and Series Supplement dated February 23, 2024, outlining its structure. Management includes Geoffrey T. Ley as Manager and President, and Brett Lovell as Manager, Treasurer, and Secretary, both appointed in 2024. Michelle A. Dreyer serves as an Independent Manager, receiving an annual fee of $3,700 from Corporation Service Company. The company's strategic outlook is tied to its role in securitizing storm recovery costs for Evergy Missouri West, Inc., a utility operating in Missouri. Risks are primarily associated with the legal proceedings involving The Bank of New York Mellon, which is named as a defendant in RMBS lawsuits, though BNY Mellon denies liability and intends to defend vigorously.

Why It Matters

This 10-K provides insight into the operational structure of a special purpose entity designed to securitize storm recovery costs for Evergy Missouri West, Inc., a significant utility provider. For investors, understanding this structure is crucial as it impacts the utility's financial stability and its ability to recover extraordinary expenses, potentially influencing Evergy, Inc.'s broader market valuation. The involvement of The Bank of New York Mellon in legal proceedings, even if unrelated to this specific entity's core function, highlights potential systemic risks within the financial ecosystem that could indirectly affect trust services for similar securitization vehicles. This filing underscores the complex financial engineering used by utilities to manage costs and maintain service reliability, a competitive advantage in the regulated energy sector.

Risk Assessment

Risk Level: low — The risk level is low because Evergy Missouri West Storm Funding I, LLC is a bankruptcy-remote, wholly-owned subsidiary, designed to isolate financial risks. The filing explicitly states that 'Business,' 'Risk Factors,' and 'Financial Statements' are omitted pursuant to General Instruction J of Form 10-K, indicating a stable, pre-defined operational scope with minimal direct market exposure. The only mentioned legal risk pertains to The Bank of New York Mellon, acting as trustee, which is a common occurrence for large financial institutions and not directly tied to the operational solvency of Evergy Missouri West Storm Funding I, LLC.

Analyst Insight

Investors should view this filing as confirmation of the established securitization structure for Evergy Missouri West, Inc.'s storm costs, rather than a source of new financial data. No immediate action is required, but it reinforces the stability of Evergy's financing mechanisms for extraordinary events, which is a positive for long-term holders of Evergy, Inc. (EVRG) stock.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

N/A

cash Position

$0

revenue Growth

N/A

Executive Compensation

Key Numbers

• $3,700 — Annual Independent Manager Fee (Paid to Corporation Service Company for Michelle A. Dreyer's services as Independent Manager.)
• 2025-12-31 — Fiscal Year End (The period covered by this 10-K filing.)
• 2024 — Year of Officer Appointment (Geoffrey T. Ley, Brett Lovell, and Michelle A. Dreyer assumed officer positions in this year.)
• 2026-03-23 — Filing Date (Date the 10-K was filed with the SEC.)

Key Players & Entities

• Evergy Missouri West Storm Funding I, LLC (company) — issuing entity and wholly-owned subsidiary
• Evergy Missouri West, Inc. (company) — depositor, sponsor, servicer, and parent company
• Evergy, Inc. (company) — ultimate parent company
• Geoffrey T. Ley (person) — Manager and President of Evergy Missouri West Storm Funding I, LLC, and Senior Vice President, Corporate Planning and Treasurer of Evergy, Inc.
• Brett Lovell (person) — Manager, Treasurer and Secretary of Evergy Missouri West Storm Funding I, LLC, and Manager, Corporate Treasury for Evergy, Inc.
• Michelle A. Dreyer (person) — Independent Manager of Evergy Missouri West Storm Funding I, LLC and managing director of CSC's Global Restructuring business
• The Bank of New York Mellon (company) — Indenture Trustee and defendant in RMBS legal actions
• Corporation Service Company (company) — employer of Michelle A. Dreyer and recipient of independent manager fee
• $3,700 (dollar_amount) — annual independent manager fee paid to Corporation Service Company
• Deloitte & Touche LLP (company) — auditor for Evergy Missouri West Storm Funding I, LLC

FAQ

Risk Factors

• Litigation involving The Bank of New York Mellon [medium — legal]: The company's strategic outlook is tied to securitizing storm recovery costs. However, The Bank of New York Mellon, a defendant in RMBS lawsuits, is mentioned. While BNY Mellon denies liability and intends to defend vigorously, any adverse outcome could indirectly impact the securitization structure or investor confidence.

Industry Context

Evergy Missouri West Storm Funding I, LLC operates within the regulated utility sector, specifically focusing on securitizing storm recovery costs for its parent, Evergy Missouri West, Inc. This niche involves managing regulatory frameworks and financial instruments designed to recover extraordinary expenses. The industry is characterized by significant capital investment, long asset lives, and a high degree of regulatory oversight, influencing how costs are recovered and financed.

Regulatory Implications

As a subsidiary involved in securitizing utility costs, the company is indirectly subject to the regulatory environment governing Evergy Missouri West, Inc. The ability to recover storm costs through securitization relies on regulatory approvals and tariff structures. Changes in regulatory policy or the disallowance of certain recovery mechanisms could significantly impact the company's revenue streams and the value of its securitized assets.

What Investors Should Do

1. Monitor legal proceedings involving The Bank of New York Mellon.
2. Review the terms of the Indenture and Series Supplement dated February 23, 2024.
3. Assess the regulatory landscape for utility cost recovery in Missouri.

Key Dates

• 2024-02-23: Indenture and Series Supplement executed — Establishes the primary legal framework for the securitization of utility tariff property, crucial for the company's operations.
• 2024-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2026-03-23: 10-K Filing Date — Indicates the deadline for filing the annual report with the SEC.

Glossary

Bankruptcy-remote subsidiary

A legal entity structured to isolate its assets and liabilities from those of its parent company, typically to protect it from the parent's bankruptcy. (Evergy Missouri West Storm Funding I, LLC is structured this way to protect the securitized storm costs from Evergy Missouri West's financial distress.)

Securitization

The process of pooling various types of contractual debt (such as mortgages, auto loans, credit card debt) and selling these pooled assets as a new financial instrument to investors. (The company's primary business is securitizing utility tariff property, specifically storm recovery costs.)

Indenture

A formal agreement or contract, typically between a bond issuer and a trustee, outlining the terms and conditions of a bond issuance. (The Indenture dated February 23, 2024, is a key document governing the company's securitization activities.)

Special Purpose Entity (SPE)

A legal entity created for a specific, narrow purpose, often used in structured finance to isolate financial risk. (Evergy Missouri West Storm Funding I, LLC operates as an SPE, which is why its 10-K omits detailed financial statements.)

Year-Over-Year Comparison

As this is the first 10-K filing for Evergy Missouri West Storm Funding I, LLC, a direct comparison of key metrics to a previous year's filing is not possible. The company's structure as a special purpose entity means detailed financial statements and operational metrics are omitted, making year-over-year comparisons of revenue, net income, or margins inapplicable in the traditional sense. The focus remains on the establishment of its securitization structure and management appointments.

Key Financial Figures

• $3,700 — n the annual independent manager fee of $3,700 paid to Corporation Service Company, Ev

Filing Documents

• evrg-20251231.htm (10-K) — 107KB
• mwsf-12312025xex311.htm (EX-31.1) — 7KB
• mwsf-12312025xex331.htm (EX-33.1) — 51KB
• mwsf-12x31x2025x10xkex33.htm (EX-33.2) — 18KB
• mwsf-12312025xex341.htm (EX-34.1) — 7KB
• mwsf-12x31x2025x10xkex34.htm (EX-34.2) — 26KB
• mwsf-12312025xex351.htm (EX-35.1) — 5KB
• image.jpg (GRAPHIC) — 6KB
• mwsf-12x31x2025x10xkex33001.jpg (GRAPHIC) — 232KB
• mwsf-12x31x2025x10xkex33002.jpg (GRAPHIC) — 186KB
• mwsf-12x31x2025x10xkex33003.jpg (GRAPHIC) — 47KB
• mwsf-12x31x2025x10xkex33004.jpg (GRAPHIC) — 131KB
• mwsf-12x31x2025x10xkex33005.jpg (GRAPHIC) — 155KB
• mwsf-12x31x2025x10xkex33006.jpg (GRAPHIC) — 166KB
• mwsf-12x31x2025x10xkex33007.jpg (GRAPHIC) — 132KB
• mwsf-12x31x2025x10xkex34001.jpg (GRAPHIC) — 305KB
• mwsf-12x31x2025x10xkex34002.jpg (GRAPHIC) — 208KB
• mwsf-12x31x2025x10xkex34003.jpg (GRAPHIC) — 233KB
• mwsf-12x31x2025x10xkex34004.jpg (GRAPHIC) — 186KB
• mwsf-12x31x2025x10xkex34005.jpg (GRAPHIC) — 48KB
• mwsf-12x31x2025x10xkex34006.jpg (GRAPHIC) — 131KB
• mwsf-12x31x2025x10xkex34007.jpg (GRAPHIC) — 155KB
• mwsf-12x31x2025x10xkex34008.jpg (GRAPHIC) — 166KB
• mwsf-12x31x2025x10xkex34009.jpg (GRAPHIC) — 132KB
• 0001711269-26-000047.txt ( ) — 4075KB
• evrg-20251231.xsd (EX-101.SCH) — 3KB
• evrg-20251231_def.xml (EX-101.DEF) — 22KB
• evrg-20251231_lab.xml (EX-101.LAB) — 36KB
• evrg-20251231_pre.xml (EX-101.PRE) — 23KB
• evrg-20251231_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 None.

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.

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 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 None. PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE The following are the managers and executive officers of Evergy Missouri West Storm Funding I, LLC as of December 31, 2025. Name Age Current Position(s) Year First Assumed an Officer Position Geoffrey T. Ley (a) 51 Manager and President 2024 Brett Lovell (b) 62 Manager, Treasurer and Secretary 2024 Michelle A. Dreyer (c) 53 Independent Manager 2024 (a) Geoffrey T. Ley was appointed Senior Vice President, Corporate Planning and Treasurer of Evergy, Inc. and Evergy Missouri West, Inc. in October 2025. Mr. Ley previously served as Vice President, Corporate Planning and Treasurer of Evergy, Inc. and Evergy Missouri West, Inc. (2022-2025). Since joining Evergy, Inc. in June 2021, Mr. Ley served as Vice President, Financial Planning and Analysis. Mr. Ley previously served as Vice President and Chief Financial Officer at Hunt Refining Company from 2019-2021. Prior to joining Hunt Refining, Mr. Ley was Vice President and Treasurer for Hunt Utility Services LLC (2014-2019), the management company for InfraREIT, Inc. Before joining Hunt Utility Services, Mr. Ley held various treasury and corporate planning roles in 2007-2014 with Energy Future Holdings Corp. and its predecessor, TXU Corp. (b) Brett Lovell was appointed Manager, Corporate Treasury for Evergy, Inc. and Evergy Missouri West, Inc. effective August 2023. Prior to that, Mr. Lovell had served as Lead Finance and Treasury Analyst for Evergy, Inc. since January 2021. Prior to January 2021, Brett spent eight years, from 2013-2021, in various corporate treasury and finance roles with Aerojet Rocketdyne, Inc., a publicly traded, aerospace and defense company headquartered in California. (c) Ms. Dreyer is managing director of CSC's Global Restructuring business for which she oversees services in connection with capital markets transactions. Ms. Dreyer serves as an independent director for bankruptcy remote entities and, in this capacity, has part

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION Other than the annual independent manager fee of $3,700 paid to Corporation Service Company, Evergy Missouri West Storm Funding I, LLC does not pay any compensation to its managers or executive officers.

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 Manager Michelle A. Dreyer is an independent manager and an employee of Corporation Service Company.

PRINCIPAL ACCOUNTING FEES AND SERVICES

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

EXHIBITS AND 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) See Exhibit Index included as the last part of this report, which is incorporated herein by reference. (c) Not applicable.

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY None.

(b). SIGNIFICANT OBLIGORS OF POOL ASSETS

ITEM 1112(b). SIGNIFICANT OBLIGORS OF POOL ASSETS None.

(b)(2). CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVES INSTRUMENTS

ITEM 1114(b)(2). CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVES INSTRUMENTS None.

(b). CERTAIN DERIVATIVE INSTRUMENTS

ITEM 1115(b). CERTAIN DERIVATIVE INSTRUMENTS None.

LEGAL PROCEEDINGS

ITEM 1117. LEGAL PROCEEDINGS In the ordinary course of business, The Bank of New York Mellon, The Bank of New York Mellon Trust Company, N.A., and BNY Mellon Trust of Delaware (collectively, "BNY Mellon") are named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization ("RMBS") transactions, BNY Mellon has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, BNY Mellon denies liability and intends to defend the litigations vigorously.

AFFILIATIONS AND CERTAIN RELATIONSHIP AND RELATED TRANSACTIONS

ITEM 1119. AFFILIATIONS AND CERTAIN RELATIONSHIP AND RELATED TRANSACTIONS Evergy Missouri West Storm Funding I, LLC is a wholly-owned subsidiary of Evergy Missouri West, Inc., which is the depositor, sponsor and servicer.

COMPLIANCE WITH APPLICABLE SERVICING CRITERIA

ITEM 1122. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA See Exhibits 33.1, 33.2, 34.1 and 34.2 of this Form 10-K.

SERVICER COMPLIANCE STATEMENT

ITEM 1123. SERVICER COMPLIANCE STATEMENT See Exhibit 35.1 of this Form 10-K. EXHIBIT INDEX Exhibit Number Description of Document 3.1 * Certificate of Formation of Evergy Missouri West Storm Funding I, LLC (filed with the Registration Statement on Form SF-1 of Evergy Missouri West, Inc. and Evergy Missouri West Storm Funding I, LLC (File Nos. 333-268913 and 333-268913-01) filed on December 20, 2022 3.2 * Amended and Restated Limited Liability Company Agreement of Evergy Missouri West Storm Funding I, LLC (Exhibit 3.2 to the Form 8-K of Evergy Missouri West, Inc. and Evergy Missouri West Storm Funding I, LLC filed on February 16, 2024) 4.1 * Indenture between Evergy Missouri West Storm Funding I, LLC and The Bank of New York Mellon Trust Company, N.A., dated as of February 23, 2024 (Exhibit 4.1 to the Form 8-K of Evergy Missouri West, Inc. and Evergy Missouri West Storm Funding I, LLC filed on February 23, 2024) 4.2 * Series Supplement between Evergy Missouri West Storm Funding I, LLC and The Bank of New York Mellon Trust Company, N.A. (including forms of the Bonds), dated as of February 23, 2024 (Exhibit 4.2 to the Form 8-K of Evergy Missouri West, Inc. and Evergy Missouri West Storm Funding I, LLC filed on February 23, 2024) 10.1 * Securitized Utility Tariff Property Servicing Agreement between Evergy Missouri West Storm Funding I, LLC and Evergy Missouri West, Inc., as Servicer, dated as of February 23, 2024 (Exhibit 10.1 to the Form 8-K of Evergy Missouri West, Inc. and Evergy Missouri West Storm Funding I, LLC filed on February 23, 2024) 10.2 * Securitized Utility Tariff Property Purchase and Sale Agreement between Evergy Missouri West Storm Funding I, LLC and Evergy Missouri West, Inc., as Seller, dated as of February 23, 2024 (Exhibit 10.2 to the Form 8-K of Evergy Missouri West, Inc. and Evergy Missouri West Storm Funding I, LLC filed on February 23, 2024) 10.3 * Administration Agreement between Evergy Missouri West Storm Funding I, LLC and

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: March 23, 2026 EVERGY MISSOURI WEST STORM FUNDING I, LLC (Issuing Entity) By: EVERGY MISSOURI WEST, INC, as Servicer By: /s/ Geoffrey T. Ley Geoffrey T. Ley Senior Vice President, Corporate Planning and Treasurer

View Full Filing

View this 10-K filing on SEC EDGAR