Empire District Bondco Details Leadership Shifts, Servicing Compliance

TL;DR

**Empire District Bondco's 10-K is a standard, clean filing for a securitization vehicle, signaling stability for bondholders but offering no new operational insights.**

AI Summary

Empire District Bondco, LLC, a wholly-owned subsidiary of The Empire District Electric Company, filed its 10-K for the fiscal year ended December 31, 2025. As a special purpose entity, the filing omits detailed financial statements and management's discussion and analysis, as permitted by General Instruction J of Form 10-K. Key personnel changes include Tim Wilson's appointment as Manager and President on January 17, 2025, and Fraser McNamee's appointment as Manager, Treasurer, and Secretary on September 15, 2025. The company reported no compensation paid to its managers or executive officers, except for an annual independent manager fee of $2,760 to C T Corporation Staffing, Inc. The entity is part of the larger Algonquin Power & Utilities Corp. structure, which indirectly owns Empire. Compliance with servicing criteria for asset-backed securities was attested to by Ernst & Young LLP and KPMG LLP, with reports from The Empire District Electric Company and The Bank of New York Mellon Trust Company, N.A. attached as exhibits.

Why It Matters

This 10-K provides crucial transparency into the governance and operational compliance of Empire District Bondco, LLC, a securitization vehicle for The Empire District Electric Company. For investors in the securitized utility tariff bonds, the consistent reporting and attestation of servicing criteria by firms like Ernst & Young LLP and KPMG LLP are vital for assessing the stability and reliability of the underlying assets. The leadership changes, including Tim Wilson and Fraser McNamee, signal continuity within the broader Algonquin Power & Utilities Corp. structure, which is important for market confidence in the utility sector. This filing reinforces the structured finance framework that underpins utility rate recovery mechanisms, impacting both bondholders and utility customers through tariff structures.

Risk Assessment

Risk Level: low — The risk level is low because Empire District Bondco, LLC is a special purpose entity designed for securitization, and its 10-K explicitly states that many standard sections like 'Risk Factors' and 'Management's Discussion and Analysis' are 'Omitted pursuant to General Instruction J of Form 10-K'. This indicates a highly structured and bankruptcy-remote entity with limited operational risks beyond the performance of the underlying securitized assets, which are not detailed here.

Analyst Insight

Investors should view this filing as a routine compliance update for a securitization vehicle. Given the limited operational disclosures, bondholders should focus on the performance of the underlying utility tariff bonds and the creditworthiness of the parent entity, Algonquin Power & Utilities Corp., rather than seeking new insights from this specific 10-K.

Executive Compensation

Key Numbers

• $2,760 — Annual Independent Manager Fee (Paid to C T Corporation Staffing, Inc. for independent manager services.)
• 2025-12-31 — Fiscal Year End (The period covered by this 10-K filing.)
• 2026-03-30 — Filing Date (Date the 10-K was officially filed with the SEC.)
• 0001994341 — Central Index Key (CIK) (Unique identifier for Empire District Bondco, LLC with the SEC.)
• 0000032689 — Central Index Key (CIK) (Unique identifier for The Empire District Electric Company with the SEC.)

Key Players & Entities

• Empire District Bondco, LLC (company) — issuing entity
• The Empire District Electric Company (company) — depositor and sponsor, parent company
• Algonquin Power & Utilities Corp. (company) — indirect parent company
• Tim Wilson (person) — Manager and President of Empire District Bondco, LLC since January 17, 2025
• Fraser McNamee (person) — Manager, Treasurer, and Secretary of Empire District Bondco, LLC since September 15, 2025
• Jennifer A. Schwartz (person) — Independent Manager of Empire District Bondco, LLC
• Ernst & Young LLP (company) — auditor, provided attestation report on servicing criteria
• KPMG LLP (company) — provided attestation report on servicing criteria for indenture trustee
• The Bank of New York Mellon Trust Company, N.A. (company) — indenture trustee
• $2,760 (dollar_amount) — annual independent manager fee paid to C T Corporation Staffing, Inc.

FAQ

Industry Context

Empire District Bondco, LLC operates within the regulated utility sector, specifically electric distribution. This industry is characterized by significant capital investment, long asset lives, and a high degree of regulatory oversight. Trends include the ongoing transition to cleaner energy sources, grid modernization, and increasing cybersecurity threats, all of which require substantial investment and careful management.

Regulatory Implications

As a subsidiary of a regulated utility, Empire District Bondco, LLC is subject to oversight from various state and federal regulatory bodies. Compliance with environmental regulations, rate-setting processes, and reliability standards are critical. Changes in regulatory policy or enforcement can significantly impact operational costs and investment decisions.

What Investors Should Do

1. Review parent company filings (Algonquin Power & Utilities Corp.)
2. Monitor leadership changes and their impact
3. Assess compliance with servicing criteria

Key Dates

• 2025-01-17: Tim Wilson appointed Manager and President — Indicates leadership changes within the entity, impacting operational oversight.
• 2025-09-15: Fraser McNamee appointed Manager, Treasurer, and Secretary — Further leadership appointments, particularly in financial roles, suggesting a focus on financial management and governance.
• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2026-03-30: 10-K Filing Date — The official date the annual report was submitted to the SEC, providing timely information to investors.

Glossary

Special Purpose Entity (SPE)

An entity created for a specific, narrow purpose, often to isolate financial risk. As an SPE, Empire District Bondco, LLC's 10-K omits detailed financial statements. (Explains why the 10-K filing is significantly abbreviated and lacks typical financial disclosures.)

General Instruction J of Form 10-K

A specific instruction within the SEC's Form 10-K requirements that allows certain entities, like special purpose entities, to omit detailed financial statements and MD&A. (The legal basis for the omission of key financial and operational details in this filing.)

Algonquin Power & Utilities Corp.

The indirect parent company of Empire District Bondco, LLC. It is a Canadian foreign private issuer. (Provides context on the ultimate ownership structure and the broader corporate group to which the entity belongs.)

Central Index Key (CIK)

A unique identifier assigned to entities by the SEC for tracking filings. Empire District Bondco, LLC has CIK 0001994341. (A standard identifier used in SEC filings for referencing specific companies.)

Year-Over-Year Comparison

This filing is for Empire District Bondco, LLC, a special purpose entity, and omits detailed financial statements and MD&A as permitted by General Instruction J. Therefore, a direct comparison of key metrics like revenue, net income, or margins to a previous filing of this specific entity is not possible. The primary information available relates to leadership changes and the independent manager fee, rather than financial performance trends.

Key Financial Figures

• $2,760 — an an annual independent manager fee of $2,760 paid to C T Corporation Staffing, Inc.,

Filing Documents

• tm261242d1_10k.htm (10-K) — 68KB
• tm261242d1_ex31-1.htm (EX-31.1) — 10KB
• tm261242d1_ex33-1.htm (EX-33.1) — 49KB
• tm261242d1_ex33-2.htm (EX-33.2) — 63KB
• tm261242d1_ex34-1.htm (EX-34.1) — 5KB
• tm261242d1_ex34-2.htm (EX-34.2) — 11KB
• tm261242d1_ex35-1.htm (EX-35.1) — 6KB
• tm261242d1_ex33-2img01.jpg (GRAPHIC) — 3KB
• tm261242d1_ex34-2img01.jpg (GRAPHIC) — 5KB
• tm261242d1_ex34-2img02.jpg (GRAPHIC) — 2KB
• tm261242d1_ex34-2img03.jpg (GRAPHIC) — 1KB
• 0001104659-26-036939.txt ( ) — 451KB
• none-20251231.xsd (EX-101.SCH) — 3KB
• none-20251231_lab.xml (EX-101.LAB) — 36KB
• none-20251231_pre.xml (EX-101.PRE) — 24KB
• tm261242d1_10k_htm.xml (XML) — 5KB

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. None. PART II

Market for Registrant's Common Equity,

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

Item 7A. Quantitative and Qualitative Disclosures about Market Risk. Omitted pursuant to General Instruction J of Form 10-K.

Financial Statements and Supplementary

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

Changes in and Disagreements with Accountants

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures. 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. -3-

Other Information

Item 9B. Other Information. None.

Disclosure Regarding Foreign Jurisdictions that Prevent

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. The following is a list of the managers of Empire District Bondco, LLC (the "Issuing Entity") as of the date of this report: Name Age Title Background Tim Wilson 48 Manager and President Tim Wilson was appointed Manager and President of Empire District Bondco, LLC effective as of January 17, 2025. Since July 2023, Mr. Wilson served as President of the Central Region – Electric for Liberty Utilities Service Corp., an affiliate of The Empire District Electric Company ("Empire"), for which the Company is a wholly-owned subsidiary. Prior to that, Mr. Wilson served as Vice President of Electric Operations from 2020 to 2023, Vice President of Strategic Projects and Energy Supply from 2019 to 2020, and Central Region Director of Electric Operations – Services from 2017 to 2019. Fraser McNamee 41 Manager, Treasurer, and Secretary Effective September 15, 2025, Fraser McNamee was appointed Manager, Secretary and Treasurer of the Company. Since April 2023, Mr. McNamee has served as Vice-President Finance and Corporate Controller for Algonquin Power & Utilities Corp. ("Algonquin"), the indirect parent company of the Company. Prior to that, Mr. McNamee served in various roles for Algonquin and its affiliates, including Senior Director Accounting and Reporting from 2022 to 2023 and Director of Finance from 2017 to 2022. Jennifer A. Schwartz 52 Independent Manager With 25 years' U.S. and global capital markets experience, Ms. Schwartz currently serves as Vice President, Assistant Manager and Independent Director/Manager and is responsible for serving as the independent director/manager, springing and/or special member of companies since 2004. Ms. Schwartz is currently appointed to more than 6,000 special purpose entity boards. She is familiar with bankruptcy remote transactions and corporate structures, Delaware statutory trusts, and is experienced in setting up initial appointments, reviewing a

Executive Compensation

Item 11. Executive Compensation Other than an annual independent manager fee of $2,760 paid to C T Corporation Staffing, Inc., the Issuing Entity does not pay any compensation to its managers or executive officers.

Security Ownership of Certain Beneficial

Item 12. Security Ownership of Certain Beneficial None.

Certain Relationships and Related Transactions,

Item 13. Certain Relationships and Related Transactions, and Director Independence Information responding to Item 13 is included under Item 10. (Directors, Executive Officers, and Corporate Governance) above.

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. Omitted pursuant to General Instruction J of Form 10-K. PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. (a)(1) and (a)(2)Omitted pursuant to General Instruction J of Form 10-K. (a)(3) and (b)See Exhibit Index included below, which is incorporated herein by reference.

Form 10-K Summary

Item 16. Form 10-K Summary. None. EXHIBIT INDEX Exhibit No. Description 3.1 Certificate of Formation of Empire District Bondco, LLC (incorporated by reference to the Registration Statement on Form SF-1 of The Empire District Electric Company and Empire District Bondco, LLC (File Nos. 333-274815 and 333-274815-01) filed on September 29, 2023, Exhibit 3.1) 3.2 Amended and Restated Limited Liability Company Agreement of Empire District Bondco, LLC (incorporated by reference to a Current Report on Form 8-K of The Empire District Electric Company and Empire District Bondco, LLC (File Nos. 333-274815 and 333-274815-01) filed January 22, 2024, Exhibit 3.2) 4.1 Indenture between Empire District Bondco, LLC and The Bank of New York Mellon Trust Company, N.A. dated January 30, 2024 (including forms of Securitized Utility Tariff Bonds) (incorporated by reference to a Current Report on Form 8-K of The Empire District Electric Company and Empire District Bondco, LLC (File Nos. 333-274815 and 333-274815-01) filed January 30, 2024, Exhibit 4.1) 4.2 Series Supplement between Empire District Bondco, LLC and The Bank of New York Mellon Trust Company, N.A. dated as of January 30, 2024 (incorporated by reference to a Current Report on Form 8-K of The Empire District Electric Company and Empire District Bondco, LLC (File Nos. 333-274815 and 333-274815-01) filed January 30, 2024, Exhibit 4.2) 10.1 Securitized Utility Tariff Property Servicing Agreement between Empire District Bondco, LLC and The Empire District Electric Company d/b/a Liberty, as Servicer, dated January 30, 2024 (incorporated by reference to a Current Report on Form 8-K of The Empire District Electric Company and Empire District Bondco, LLC (File Nos. 333-274815 and 333-274815-01) filed January 30, 2024, Exhibit 10.1) -5- 10.2 Securitized Utility Tariff Property Purchase and Sale Agreement between Empire District Bondco, LLC and The Empire District Electric Company d/b/a Liberty, as Seller, dated

(b). Significant Obligors

Item 1112(b). Significant Obligors of Pool Assets. None.

(b)(2). Credit Enhancement

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

(b). Certain Derivatives

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

Legal Proceedings

Item 1117. Legal Proceedings. No material legal proceedings to be reported.

Affiliations and Certain

Item 1119. Affiliations and Certain Relationships and Related Transactions. Empire District Bondco, LLC is a wholly-owned subsidiary of The Empire District Electric Company d/b/a Liberty.

Compliance with Applicable Servicing

Item 1122. Compliance with Applicable Servicing Criteria. See the following exhibits are attached to this report: 33.1 – Report on assessment of compliance with servicing criteria for asset-backed securities of The Empire District Electric Company d/b/a Liberty, as servicer; 33.2 – Report on assessment of compliance with servicing criteria for asset-backed securities of The Bank of New York Mellon Trust Company, N.A., as indenture trustee; 34.1 – Attestation report on assessment of compliance with servicing criteria for asset backed securities of Ernst & Young LLP (PCAOB ID No. 1263, Canada) on behalf of The Empire District Electric Company d/b/a Liberty, as servicer; 34.2 – Attestation report on assessment of compliance with servicing criteria for asset backed securities of KPMG LLP (PCAOB ID No. 185, New York, NY) on behalf of The Bank of New York Mellon Trust Company, N.A., as indenture trustee. -6-

Servicer Compliance Statement

Item 1123. Servicer Compliance Statement. 35.1 – Servicer compliance statement of The Empire District Electric Company, as servicer. 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. -7-

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: March 30, 2026 Empire District Bondco, LLC (Issuing Entity) By: The Empire District Electric Company d/b/a Liberty, as Servicer By: /s/ TIM WILSON Tim Wilson President By: /s/ FRASER MCNAMEE Fraser McNamee Treasurer and Secretary -8-

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