Entergy Texas Restoration Funding II Files 10-K, Omits Financials

TL;DR

**This 10-K is a non-event for equity traders, but bondholders should note the continued compliance and stable governance of this securitization vehicle.**

AI Summary

Entergy Texas Restoration Funding II, LLC, a wholly-owned subsidiary of Entergy Texas, 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 pursuant to General Instruction J of Form 10-K. The company's primary function involves the issuance of Senior Secured System Restoration Bonds, as evidenced by the Indenture dated April 1, 2022. Key personnel include Eddie D. Peebles, President and CEO since August 2021, and Barrett E. Green, Vice President and Treasurer since July 2022. The company reported no compensation paid to managers or executive officers, except for an annual independent manager fee of $5,000 to Wilmington Trust SP Services. The filing confirms compliance with servicing criteria for asset-backed securities, with reports from Deloitte Touche LLP and KPMG LLP. The company is a non-accelerated filer and a smaller reporting company, with no common equity held by non-affiliates.

Why It Matters

This 10-K filing from Entergy Texas Restoration Funding II, LLC is crucial for investors in its Senior Secured System Restoration Bonds, as it confirms the ongoing compliance and operational structure of the special purpose entity. While lacking traditional financial metrics due to its nature, the report provides transparency on governance and servicing agreements, which are vital for bondholder confidence. The relationship with parent Entergy Texas, Inc. as depositor, sponsor, and servicer highlights the integrated operational risk. For the broader market, it underscores the continued use of securitization for utility cost recovery, a common practice in the energy sector.

Risk Assessment

Risk Level: low — The risk level is low because Entergy Texas Restoration Funding II, LLC is a special purpose entity designed for securitization, and its 10-K indicates compliance with servicing criteria and stable governance. The filing explicitly states that detailed financial statements and risk factors are omitted pursuant to General Instruction J of Form 10-K, which is typical for such entities, implying a structured and predictable operational framework for bondholders.

Analyst Insight

Investors in Entergy Texas Restoration Funding II's Senior Secured System Restoration Bonds should view this filing as a confirmation of ongoing operational stability and compliance. No immediate action is required, but bondholders should continue to monitor future compliance reports and any changes in the servicing agreements with Entergy Texas, Inc.

Executive Compensation

Key Numbers

• $5,000 — Annual independent manager fee (Paid to Wilmington Trust SP Services)
• 2025-12-31 — Fiscal year end date (Reporting period for the 10-K)
• 2026-03-25 — Filing date (Date the 10-K was filed)
• 2021-08-12 — Date of Certificate of Formation (Incorporation date of the Issuing Entity)
• 2022-04-01 — Date of Indenture (Issuance of Senior Secured System Restoration Bonds)

Key Players & Entities

• Entergy Texas Restoration Funding II, LLC (company) — issuing entity
• Entergy Texas, Inc. (company) — depositor, sponsor, and servicer
• Eddie D. Peebles (person) — President and Chief Executive Officer of Entergy Texas Restoration Funding II, LLC
• Barrett E. Green (person) — Vice President and Treasurer of Entergy Texas Restoration Funding II, LLC
• Thomas Strauss (person) — Independent Manager of Entergy Texas Restoration Funding II, LLC
• Wilmington Trust SP Services (company) — receives independent manager fee
• The Bank of New York Mellon (company) — trustee for Senior Secured System Restoration Bonds
• Deloitte Touche LLP (company) — auditor for Entergy Texas, Inc.'s servicing compliance
• KPMG LLP (company) — auditor for The Bank of New York Mellon's servicing compliance
• Entergy Corporation (company) — parent entity of Entergy Texas, Inc.

FAQ

Industry Context

Entergy Texas Restoration Funding II, LLC operates within the regulated utility sector, specifically focused on financing storm and disaster recovery efforts. The industry is characterized by significant capital requirements for infrastructure maintenance and upgrades, often necessitating specialized financing mechanisms like securitization to manage costs and ensure service reliability.

Regulatory Implications

As a subsidiary of a regulated utility, the company's operations are indirectly influenced by state and federal energy regulations. The issuance of restoration bonds is typically subject to regulatory approval and oversight to ensure that costs are recovered fairly from ratepayers and that the financing structure is sound.

What Investors Should Do

1. Review the Indenture and related bond documentation.
2. Monitor Entergy Texas, Inc.'s financial health and operational performance.
3. Examine the reports from Deloitte Touche LLP and KPMG LLP.

Key Dates

• 2021-08-12: Certificate of Formation filed — Establishes the legal existence of the Issuing Entity.
• 2022-04-01: Indenture dated — Governs the issuance of Senior Secured System Restoration Bonds.
• 2022-07-01: Barrett E. Green appointed Vice President and Treasurer — Key financial officer role assumed.
• 2025-12-31: Fiscal year end — End of the reporting period for the 10-K.
• 2026-03-25: 10-K Filing Date — Date the annual report was submitted to the SEC.

Glossary

Special Purpose Entity (SPE)

An entity created for a specific, narrow purpose, often to isolate financial risk. In this case, it's used to issue restoration bonds. (Entergy Texas Restoration Funding II, LLC is structured as an SPE to facilitate the issuance of bonds for restoration funding.)

Senior Secured System Restoration Bonds

Debt instruments issued by the SPE, backed by specific assets (transition property) and secured by a lien, intended to fund system restoration efforts. (These are the primary financial instruments the company is established to issue.)

Indenture

A formal legal agreement between a bond issuer and a trustee (often a bank) that outlines the terms and conditions of the bonds. (This document governs the terms of the Senior Secured System Restoration Bonds issued by the company.)

Transition Property

Specific assets, typically future revenues or charges, designated to secure the repayment of restoration bonds. (This is the underlying collateral for the Senior Secured System Restoration Bonds.)

Servicing Criteria for Asset-Backed Securities

A set of standards and guidelines that govern the administration and servicing of asset-backed securities to ensure proper management and protection of investor interests. (The company's compliance with these criteria is attested to by independent auditors, indicating operational integrity.)

Non-accelerated Filer

A type of filer with the SEC that meets certain criteria, allowing for less stringent reporting requirements compared to accelerated filers. (Indicates the company's size and reporting obligations are less burdensome.)

Smaller Reporting Company

A designation by the SEC for companies that meet specific, lower thresholds for public float and revenue, allowing for scaled-back disclosure requirements. (Further emphasizes the company's relatively smaller scale and reduced disclosure burden.)

Year-Over-Year Comparison

As this is a special purpose entity focused on bond issuance and omits detailed financial statements pursuant to General Instruction J, a direct comparison of key financial metrics like revenue and net income to a prior filing is not possible. The filing confirms the continued existence of the Indenture dated April 1, 2022, and the roles of key management personnel, indicating continuity in its operational structure and financing mechanism.

Key Financial Figures

• $5,000 — n the annual independent manager fee of $5,000 paid to Wilmington Trust SP Services, E

Filing Documents

• a0032610-k.htm (10-K) — 67KB
• a00326ex311.htm (EX-31.1) — 6KB
• a00326ex331.htm (EX-33.1) — 6KB
• a00326ex332.htm (EX-33.2) — 85KB
• a00326ex341.htm (EX-34.1) — 8KB
• a00326ex342.htm (EX-34.2) — 10KB
• a00326ex351.htm (EX-35.1) — 3KB
• 0001880480-26-000003.txt ( ) — 186KB

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. 3

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.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not Applicable. 4 PART III

Directors and Executive Officers of the Registrant

Item 10. Directors and Executive Officers of the Registrant. The following are managers of the Issuing Entity as of the date of this Annual Report on Form 10-K. Name Age Title Background Eddie D. Peebles 65 Manager Vice President, Corporate Development of Entergy Corporation, parent entity of Entergy Texas, since July 2005. President and Chief Executive Officer of Entergy Texas Restoration Funding II, LLC since August 2021. Barrett. E. Green 58 Manager Vice President and Treasurer of Entergy Texas, Inc. from July 2022 to present. Vice President and Treasurer of Entergy Corporation, parent entity of Entergy Texas, from July 2022 to present. Vice President and Treasurer of Entergy Texas Restoration Funding II, LLC since July 2022. Thomas Strauss 60 Independent Manager Director, Client Services of Wilmington Trust SP Services and Vice President of Wilmington Trust Company since 2001. Code of Conduct Entergy Texas, Inc., a subsidiary of Entergy Corporation ("Entergy Corporation"), is subject to the Code of Entegrity, which is the code of ethics that applies to Entergy Corporation's Chief Executive Officer and other senior financial officers, including Entergy Texas, Inc. and Entergy Texas Restoration Funding II, LLC (the "Code"). The Code is available on Entergy Corporation's website at www.entergy.com. The Code will be made available, without charge, in print to any shareholder who requests such document from Entergy Corporation's Corporate Secretary at Entergy Corporation, 639 Loyola Avenue, New Orleans, Louisiana 70113. If any substantive amendments to the Code are made or any waivers are granted, including any implicit waiver, from a provision of the Code, for any director or executive officer of Entergy Corporation, Entergy will disclose the nature of such amendment or waiver on Entergy's website, www.entergy.com. Entergy is providing the address to its internet site solely for the information of investors and does not intend the address to be an active

Executive Compensation

Item 11. Executive Compensation. Other than the annual independent manager fee of $5,000 paid to Wilmington Trust SP Services, Entergy Texas Restoration Funding II, 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. None.

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. None. PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. (a) Documents filed as a part of this report 1. Financial Statements. Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. 2. Financial Statement Schedules. Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. 3. Exhibits required by Item 601 of Regulation S-K (exhibits marked with an asterisk are filed herewith and the others are incorporated by reference) EXHIBIT INDEX 3.1 Certificate of Formation of the Issuing Entity filed with the Delaware Secretary of State on August 12, 2021 (incorporated by reference to exhibit 3.1 included as an exhibit to the Issuing Entity's Form S-1 dated September 1, 2021). 3.2 Amended and Restated Limited Liability Company Agreement of the Issuing Entity (incorporated by reference to the exhibit with the same numerical designation included as an exhibit to the Issuing Entity's Report on Form 10-K dated March 24, 2023). 4.1 Indenture dated as of April 1, 2022 between the Issuing Entity and The Bank of New York Mellon providing for the issuance of Senior Secured System Restoration Bonds (incorporated by reference to the exhibit with the same numerical designation included as an exhibit to the Issuing Entity's Report on Form 8-K dated April 1, 2022). 6 4.2 Series Supplement, dated as of April 1, 2022, by and between Issuing Entity and The Bank of New York Mellon, including form of Senior Secured System Restoration Bonds (incorporated by reference to the exhibit with the same numerical designation included as an exhibit to the Issuing Entity's Report on Form 8-K dated April 1, 2022). *31.1 Certification pursuant to Rule 13a-14(d)15d-14(d). *33.1 Report on assessment of compliance with servicing criteria for asset-backed securities for Entergy Texas, Inc. *33.2 Assertion of compliance with applicable servicing criteria for The Bank of New York Mellon. *34.1 Attestation report on assess

Form 10-K Summary

Item 16. Form 10-K Summary. None. Substitute Information Provided in Accordance with General Instruction J to Form 10-K

(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 Derivatives Instruments

Item 1115(b). Certain Derivatives Instruments. None.

Legal Proceedings

Item 1117. Legal Proceedings. None. 7

Affiliations and Certain Relationships and Related Transactions

Item 1119. Affiliations and Certain Relationships and Related Transactions. The Company is a wholly-owned subsidiary of Entergy Texas, Inc., which is the depositor, sponsor and servicer.

Compliance with Applicable Servicing Criteria

Item 1122. Compliance with Applicable Servicing Criteria. See Item 9B above and Exhibits 33.1, 33.2, 34.1 and 34.2 under Item 15.

Servicer Compliance Statement

Item 1123 Servicer Compliance Statement. See Exhibit 35.1 under Item 15. 8

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, this 25th day of March, 2026. ENTERGY TEXAS RESTORATION FUNDING II, LLC (Issuing Entity) By Entergy Texas, Inc., as servicer By s Barrett E. Green Name Barrett E. Green Title Vice President and Treasurer (Senior officer in charge of the servicing function of the servicer) 9 SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT. No such annual report, proxy statement, form of proxy or other soliciting material has been sent to its Noteholders. The registrant will not be sending an annual report or proxy material to its Noteholders subsequent to the filing of this form. 10

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