Duke Energy Storm Funding Entity Details Governance, Compliance

TL;DR

**This 10-K is a routine compliance filing for a securitization vehicle, signaling business as usual for Duke Energy's storm recovery financing.**

AI Summary

Duke Energy Progress NC Storm Funding LLC (DEPNCSF), a bankruptcy-remote subsidiary of Duke Energy Progress, LLC, filed its 10-K for the fiscal year ended December 31, 2025. As a special purpose entity, the filing omits detailed financial statements and operational discussions, focusing instead on corporate governance and compliance. Nicholas J. Giaimo assumed the role of President, Chief Financial Officer, and Treasurer of DEPNCSF in January 2026, while Abigail L. Motsinger was appointed Senior Vice President, Chief Accounting Officer, and Controller of Duke Energy Progress, LLC, and Manager and Controller of DEPNCSF in March 2026. The company confirmed it filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months. DEPNCSF does not pay compensation to its managers or executive officers, except for an annual independent manager fee of $3,500 paid to Global Securitization Services, LLC. The filing includes certifications for compliance with servicing criteria for asset-backed issuers from both Duke Energy Progress, LLC and The Bank of New York Mellon, as well as attestation reports from Deloitte & Touche LLP and KPMG LLP.

Why It Matters

This 10-K provides transparency into the governance and compliance structure of Duke Energy Progress NC Storm Funding LLC, a critical entity for Duke Energy Progress, LLC's storm recovery financing. For investors in Duke Energy Corporation, understanding the operational integrity of its subsidiaries, especially those managing securitized assets, is vital for assessing overall financial health and risk. The detailed executive appointments and compliance attestations reinforce the structured nature of this special purpose vehicle, which helps maintain investor confidence in the utility sector's ability to manage significant liabilities like storm recovery costs. This structured financing mechanism also impacts customers through storm recovery charges, making its robust compliance essential for regulatory and public trust.

Risk Assessment

Risk Level: low — The risk level is low because Duke Energy Progress NC Storm Funding LLC is a bankruptcy-remote, wholly-owned subsidiary designed for a specific securitization purpose, as indicated by its structure and the omission of detailed financial statements under General Instruction J of Form 10-K. The filing primarily focuses on corporate governance and compliance with servicing criteria, with no reported legal proceedings or unresolved staff comments, suggesting stable operational oversight.

Analyst Insight

Investors should view this filing as a routine update confirming the ongoing, compliant operation of a specialized financing vehicle within the broader Duke Energy structure. No immediate action is required, but it reinforces the stability of Duke Energy's storm recovery financing mechanisms, which is a positive for long-term holders.

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

• $3,500 — Annual independent manager fee (Paid to Global Securitization Services, LLC by DEPNCSF)
• 2025-12-31 — Fiscal year end date (The period covered by this 10-K filing)
• 2026-03-26 — Filing date (Date the 10-K was filed with the SEC)
• 2026-01 — Appointment date (Nicholas J. Giaimo assumed President, CFO, and Treasurer roles at DEPNCSF)
• 2026-03 — Appointment date (Abigail L. Motsinger assumed Controller and Manager roles at DEPNCSF)

Key Players & Entities

• Duke Energy Progress NC Storm Funding LLC (company) — registrant and wholly owned subsidiary
• Duke Energy Progress, LLC (company) — depositor, sponsor, servicer, and parent company
• Duke Energy Corporation (company) — indirect parent company
• Nicholas J. Giaimo (person) — President, Chief Financial Officer and Treasurer of DEPNCSF since January 2026
• Abigail L. Motsinger (person) — Controller and Manager of DEPNCSF since March 2026
• Bernard J. Angelo (person) — Independent Manager of DECNCSF since August 2021
• Global Securitization Services, LLC (company) — recipient of annual independent manager fee of $3,500
• The Bank of New York Mellon Trust Company, N.A. (company) — Indenture Trustee and Securities Intermediary
• Deloitte & Touche LLP (company) — auditor providing attestation report for Duke Energy Progress, LLC
• KPMG LLP (company) — auditor providing attestation report for The Bank of New York Mellon

FAQ

Risk Factors

• Compliance with Securities Exchange Act Reporting [medium — regulatory]: DEPNCSF is required to file reports under Section 13 or 15(d) of the Securities Exchange Act of 1934. Failure to file these reports in a timely and accurate manner could result in regulatory action, fines, or other penalties.
• Reliance on Parent Company and Service Providers [medium — operational]: As a special purpose entity, DEPNCSF relies heavily on Duke Energy Progress, LLC and other service providers for its operations and compliance. Any disruption or failure in these relationships could impact DEPNCSF's ability to fulfill its obligations.
• Limited Financial Disclosures [low — financial]: The 10-K filing omits detailed financial statements and operational discussions, focusing on governance. This lack of transparency may make it difficult for investors to fully assess the financial health and risks associated with DEPNCSF.

Industry Context

Duke Energy Progress NC Storm Funding LLC operates within the regulated utility sector, specifically as a financing vehicle for Duke Energy Progress. This sector is characterized by significant capital investment, regulatory oversight, and a focus on reliable service delivery. Industry trends include the ongoing transition to cleaner energy sources, grid modernization, and managing the financial impacts of extreme weather events.

Regulatory Implications

DEPNCSF's primary regulatory implication stems from its compliance with the Securities Exchange Act of 1934 reporting requirements. As a bankruptcy-remote SPE, it must maintain its structural integrity and adhere to specific servicing criteria for asset-backed issuers, ensuring transparency and proper governance.

What Investors Should Do

1. Review parent company filings
2. Monitor leadership changes

Key Dates

• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2026-01: Nicholas J. Giaimo appointed President, CFO, and Treasurer — Indicates a change in key leadership roles within DEPNCSF.
• 2026-03: Abigail L. Motsinger appointed Manager and Controller — Indicates a change in key leadership roles within DEPNCSF.
• 2026-03-26: 10-K Filing Date — The date the annual report was submitted to the SEC.

Glossary

Special Purpose Entity (SPE)

An entity created for a specific, limited purpose, often to isolate financial risk. In this case, it's bankruptcy-remote. (Explains the structure of DEPNCSF and why its 10-K omits detailed financial statements.)

Bankruptcy-remote subsidiary

A subsidiary structured to be legally separate from its parent company, so that if the parent company goes bankrupt, the subsidiary's assets are protected. (Highlights a key structural feature of DEPNCSF designed to protect its assets.)

Servicing Criteria for Asset-Backed Issuers

A set of standards and requirements that entities servicing asset-backed securities must adhere to, ensuring proper management and reporting of the underlying assets. (Indicates DEPNCSF's compliance with specific regulatory requirements related to its function.)

Section 13 or 15(d) of the Securities Exchange Act of 1934

Sections of U.S. federal law that mandate public companies to file regular reports (like 10-Ks and 10-Qs) with the Securities and Exchange Commission (SEC). (Defines the reporting obligations of DEPNCSF to the SEC.)

Year-Over-Year Comparison

As this is the first 10-K filing for Duke Energy Progress NC Storm Funding LLC, a direct comparison of financial metrics to a previous year's filing is not possible. The filing focuses on establishing corporate governance, leadership appointments in early 2026, and confirming compliance with reporting requirements. Key information revolves around the annual independent manager fee and the structure of the entity as a bankruptcy-remote subsidiary.

Key Financial Figures

• $3,500 — n the annual independent manager fee of $3,500 paid to Global Securitization Services,

Filing Documents

• duk-20251231.htm (10-K) — 72KB
• depncsf-20251231xexhibit311.htm (EX-31.1) — 7KB
• depncsf-20251231xexhibit331.htm (EX-33.1) — 50KB
• depncsf-20251231xexhibit332.htm (EX-33.2) — 76KB
• depncsf-20251231xexhibit342.htm (EX-34.2) — 11KB
• depncsf-20251231xexhibit351.htm (EX-35.1) — 6KB
• image_0a.jpg (GRAPHIC) — 11KB
• imageb.jpg (GRAPHIC) — 17KB
• depncsf-20251231xexhibit341.htm (EX-34.1) — 8KB
• image_0.jpg (GRAPHIC) — 6KB
• image_1.jpg (GRAPHIC) — 19KB
• 0001881229-26-000007.txt ( ) — 539KB
• duk-20251231.xsd (EX-101.SCH) — 2KB
• duk-20251231_def.xml (EX-101.DEF) — 20KB
• duk-20251231_lab.xml (EX-101.LAB) — 36KB
• duk-20251231_pre.xml (EX-101.PRE) — 21KB
• duk-20251231_htm.xml (XML) — 6KB

Risk Factors

Item 1A. Risk Factors.

Cybersecurity

Item 1C. Cybersecurity.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Legal Proceedings

Item 3. Legal Proceedings. None.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. None. PART II The following Items have been omitted pursuant to General Instruction J of Form 10-K:

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.

Selected Financial Data

Item 6. Selected Financial Data.

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.

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

Controls and Procedures

Item 9A. Controls and Procedures.

Other Information

Item 9B. Other Information. None.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. None. PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. Following are the managers and executive officers of Duke Energy Progress NC Storm Funding LLC ("DEPNCSF") as of the date of the report: Name Age Current and Recent Positions Held Nicholas J. Giaimo 44 Senior Vice President, Treasurer and Chief Risk Officer , Duke Energy Progress and Duke Energy Corporation. Mr. Giaimo has served in this role since January 2026, when he also assumed his role as President, Chief Financial Officer and Treasurer of DEPNCSF. Prior to this, he served as Senior Vice President of Financial Planning & Analysis, from November 2024 to January 2026; Vice President Financial Planning & Analysis from May 2021 to November 2024; Director Financial Planning & Analysis Carolinas Electric Utilities, from August 2019 to May 2021; Director Financial Planning & Analysis and CFO of Natural Gas Segment, from October 2016 to August 2019. During his tenure at Piedmont Natural Gas, Mr. Giaimo served as Assistant Treasurer and Director Investor Relations from November 2014 to October 2016 and Manager Capital Markets and Investor Relations, August 2007 to November 2014. Abigail L. Motsinger 42 Senior Vice President, Chief Accounting Officer and Controller. Ms. Motsinger has been appointed to serve as Senior Vice President, Chief Accounting Officer and Controller, effective March 2026. Prior to that she was Vice President, Investor Relations from November 2022 until March 2026; Director, Jurisdictional Forecasting from May 2021 until November 2022; Investor Relations Manager from November 2017 until May 2021; and, prior to that, in various roles of increasing responsibility since joining Duke Energy in 2010. Her role as Manager and Controller of DEPNCSF began in March 2026. Bernard J. Angelo 56 Senior Vice President of Global Securitization Services, LLC. Mr. Angelo assumed his role as Senior Vice President of Global Securitization Services in 1997. In addition, he assumed his role as Indep

Executive Compensation

Item 11. Executive Compensation. Other than the annual independent manager fee of $3,500 paid to Global Securitization Services, LLC, DEPNCSF 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 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 Derivative Instruments

Item 1114(b)(2). Credit Enhancement and Other Support, Except For Certain Derivative Instruments. None.

(b). Certain Derivative Instruments

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

Legal Proceedings

Item 1117. Legal Proceedings. None.

Affiliations and Certain Relationships and Related Transactions

Item 1119. Affiliations and Certain Relationships and Related Transactions. DEPNCSF is a wholly owned subsidiary of Duke Energy Progress, LLC, 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. 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 proxy soliciting material has been sent to the registrant's security holders. The registrant will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form. EXHIBIT INDEX Exhibits filed herewith are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated. Exhibit No. Description of Exhibit 3.1 Certificate of Formation of Duke Energy Progress NC Storm Funding LLC (incorporated by reference to Exhibit 3.1 to Registration Statement on Form SF-1 of Duke Energy Progress, LLC and Duke Energy Progress NC Storm Funding LLC filed on September 3, 2021, File No. 333-259315-01) 3.2 Amended and Restated Limited Liability Company Agreement of Duke Energy Progress NC Storm Funding LLC, dated and effective as of November 15, 2021 (incorporated by reference to Exhibit 3.2 to Form 8-K filed November 19, 2021, File No. 333-259315-01) 4.1 Indenture, dated as of November 24, 2021, by and between Duke Energy Progress NC Storm Funding LLC and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee and Securities Intermediary (incorporated by reference to Exhibit 4.1 to Form 8-K filed November 24, 2021, File No. 333-259315-01) 4.2 Series Supplement, dated as of November 24, 2021, by and between Duke Energy Progress NC Storm Funding LLC and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed November 24, 2021, File No. 333-259315-01) 10.1 Storm Recovery Property Servicing Agreement, dated as of November 24, 2021, by and between Duke Energy Progre

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 26, 2026 DUKE ENERGY PROGRESS NC STORM FUNDING LLC By: /s/ Abigail L. Motsinger Abigail L. Motsinger Controller and Manager DUKE ENERGY PROGRESS, LLC By: /s/ Abigail L. Motsinger Abigail L. Motsinger Senior Vice President, Chief Accounting Officer and Controller Duke Energy Progress, LLC

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View this 10-K filing on SEC EDGAR