Ameren Missouri Securitization Details Governance, Compliance

TL;DR

**This 10-K is a compliance-focused filing for a securitization vehicle, offering no direct financial performance but confirming robust governance and servicing oversight for Ameren Missouri's asset-backed operations.**

AI Summary

Ameren Missouri Securitization Funding I, LLC, a wholly-owned subsidiary of Ameren Missouri, filed its 10-K for the fiscal year ended December 31, 2025. As a securitization entity, the filing primarily details its corporate structure, governance, and compliance with servicing criteria rather than traditional financial performance metrics like revenue or net income, which are omitted per General Instruction J of Form 10-K. The company's management team includes Mitchell J. Lansford as President and Treasurer, David R. Loesch as Manager and Controller, and Darryl T. Sagel as Manager, all of whom also hold positions at Ameren Corp. and Union Electric Company. Lisa M. Pierro serves as an Independent Manager, receiving an annual fee of $3,000 from CT Corporation System. The filing confirms compliance with servicing criteria for asset-backed issuers, as evidenced by reports from PricewaterhouseCoopers LLP and KPMG LLP, and notes that no compensation is paid to managers or executive officers by the LLC itself, beyond the independent manager fee. The entity is subject to Ameren Corporation's code of ethics, available on www.amereninvestors.com.

Why It Matters

This 10-K provides crucial transparency into the operational and governance structure of Ameren Missouri Securitization Funding I, LLC, a key entity in Ameren Missouri's financing strategy. For investors in Ameren Corporation (AEE), understanding the compliance and management of its securitization vehicles is vital for assessing overall financial health and risk exposure, even if direct financial statements are omitted. The detailed reporting on servicing criteria compliance, attested by PricewaterhouseCoopers LLP and KPMG LLP, reinforces the integrity of the asset-backed securities. This structured finance approach allows Ameren Missouri to manage its utility tariff property, impacting its ability to fund infrastructure projects and potentially influence customer rates, while also providing a competitive edge in capital markets.

Risk Assessment

Risk Level: low — The risk level is low because this entity is a securitization vehicle, not an operating company, and its primary function is to hold securitized utility tariff property. The filing explicitly states that financial statements and risk factors are omitted per General Instruction J of Form 10-K, indicating a pass-through or administrative function with limited direct operational risk. The detailed compliance reports from PricewaterhouseCoopers LLP and KPMG LLP further mitigate risk by confirming adherence to servicing criteria.

Analyst Insight

Investors should view this filing as confirmation of the structural integrity and compliance of Ameren Missouri's securitization efforts. While it doesn't offer direct financial performance, it assures that the underlying asset-backed securities are well-managed. This indirectly supports the creditworthiness of the parent company, Ameren Corporation (AEE), by demonstrating sound financial engineering and regulatory adherence.

Executive Compensation

Key Numbers

• $3,000 — Annual independent manager fee (Paid to CT Corporation System for Lisa M. Pierro's services)
• 2025-12-31 — Fiscal year end date (Reporting period for the 10-K filing)
• 2026-03-31 — Filing date (Date the 10-K was filed with the SEC)

Key Players & Entities

• Ameren Missouri Securitization Funding I, LLC (company) — Issuing Entity
• Union Electric Company (company) — Depositor, Sponsor, and Servicer
• Ameren Corporation (company) — Ultimate parent company
• Mitchell J. Lansford (person) — President and Treasurer of Ameren Missouri Securitization Funding I, LLC, and Vice President and Treasurer of Ameren Corp. and Union Electric Company
• David R. Loesch (person) — Manager and Controller of Ameren Missouri Securitization Funding I, LLC, and Vice President and Controller of Ameren Corp.
• Darryl T. Sagel (person) — Manager of Ameren Missouri Securitization Funding I, LLC, and Vice President, Corporate Development and Acquisitions, of Ameren Missouri
• Lisa M. Pierro (person) — Independent Manager of Ameren Missouri Securitization Funding I, LLC
• CT Corporation System (company) — Employer of Independent Manager Lisa M. Pierro and recipient of $3,000 annual fee
• PricewaterhouseCoopers LLP (company) — Auditor and provider of Attestation Report on Servicing Criteria for Union Electric Company
• KPMG LLP (company) — Provider of Attestation Report on Servicing Criteria for The Bank of New York Mellon

FAQ

Risk Factors

• Compliance with Servicing Criteria [medium — regulatory]: The entity's operations are subject to compliance with servicing criteria for asset-backed issuers. Reports from PricewaterhouseCoopers LLP and KPMG LLP confirm adherence to these criteria, mitigating risks associated with operational failures in servicing securitized assets.
• Reliance on Ameren Missouri and Affiliates [medium — operational]: As a securitization entity, Ameren Missouri Securitization Funding I, LLC relies heavily on its parent, Ameren Missouri, and its affiliates for operational functions, including servicing and administration. Any disruptions or failures in these related entities could impact the LLC's ability to meet its obligations.
• Governing Agreements [low — legal]: The entity is governed by various agreements including a Limited Liability Company Agreement, an Indenture, and Servicing Agreements. Changes or disputes related to these agreements could create legal and financial risks for the LLC.

Industry Context

Ameren Missouri Securitization Funding I, LLC operates within the regulated utility sector, specifically focusing on securitization to finance infrastructure or other capital needs. The broader utility industry is characterized by stable, regulated revenues but faces increasing pressure for infrastructure modernization, renewable energy integration, and cybersecurity enhancements. Securitization provides a specialized financing tool to manage these capital-intensive requirements.

Regulatory Implications

As a subsidiary of a regulated utility, the securitization activities of Ameren Missouri Securitization Funding I, LLC are indirectly subject to utility regulatory oversight. Compliance with servicing criteria for asset-backed issuers, as evidenced by independent audits, is crucial for maintaining investor confidence and regulatory approval of such financing structures.

What Investors Should Do

1. Review independent audit reports on servicing criteria compliance.
2. Examine the governing agreements (LLC Agreement, Indenture, Servicing Agreements).
3. Confirm adherence to Ameren Corporation's Code of Ethics.

Key Dates

• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2026-03-31: 10-K Filing Date — Indicates when the annual report was submitted to the SEC, providing investors with updated information.
• 2024-12-10: Amended and Restated Limited Liability Company Agreement — Establishes the governance framework for the LLC, crucial for understanding its operational and legal structure.
• 2024-12-20: Indenture and Series Supplement — Details the terms of the securitized debt, including the rights of bondholders and the structure of the securitization.
• 2024-12-20: Securitized Utility Tariff Property Servicing Agreement — Defines the servicing responsibilities for the securitized assets, critical for cash flow generation and compliance.

Glossary

Securitization Entity

A company created to pool assets and issue securities backed by those assets. This structure allows for the transfer of risk and access to capital markets. (Ameren Missouri Securitization Funding I, LLC is structured as a securitization entity, meaning its primary function is to facilitate the securitization of assets for its parent company.)

Servicing Criteria for Asset-Backed Issuers

A set of standards and requirements that servicers of asset-backed securities must adhere to, ensuring the proper management and collection of underlying assets. (Compliance with these criteria is a key focus of the filing, with independent reports confirming adherence.)

Indenture

A formal legal agreement between a bond issuer and a trustee, outlining the terms and conditions of the bond issuance. (The Indenture filed governs the relationship between Ameren Missouri Securitization Funding I, LLC and the bond trustee, detailing the rights and obligations of each party.)

Limited Liability Company Agreement

The operating agreement that governs the internal affairs of a limited liability company (LLC). (This agreement dictates how Ameren Missouri Securitization Funding I, LLC is managed and operated.)

Year-Over-Year Comparison

This filing is for Ameren Missouri Securitization Funding I, LLC, a specialized securitization entity. Unlike a typical operating company's 10-K, it does not report traditional financial performance metrics like revenue or net income. The focus is on corporate structure, governance, and compliance with servicing criteria for asset-backed issuers, as confirmed by independent auditors. Key dates relate to the establishment and amendment of governing agreements, such as the LLC Agreement and Indenture, which were updated in late 2024.

Key Financial Figures

• $3,000 — n the annual independent manager fee of $3,000 paid to CT Corporation System, Ameren M

Filing Documents

• aee-20251231.htm (10-K) — 81KB
• mf1202510-kxexhibit311.htm (EX-31.1) — 6KB
• mf1202510-kxexhibit331.htm (EX-33.1) — 50KB
• mf1202510-kxexhibit332.htm (EX-33.2) — 74KB
• mf1202510-kxexhibit341.htm (EX-34.1) — 6KB
• mf1202510-kxexhibit342.htm (EX-34.2) — 11KB
• mf1202510-kxexhibit351.htm (EX-35.1) — 4KB
• image_0.jpg (GRAPHIC) — 11KB
• kpgmlogo-page2.jpg (GRAPHIC) — 2KB
• kpmgimage.jpg (GRAPHIC) — 9KB
• 0002039835-26-000003.txt ( ) — 508KB
• aee-20251231.xsd (EX-101.SCH) — 2KB
• aee-20251231_def.xml (EX-101.DEF) — 21KB
• aee-20251231_lab.xml (EX-101.LAB) — 37KB
• aee-20251231_pre.xml (EX-101.PRE) — 22KB
• aee-20251231_htm.xml (XML) — 7KB

Risk Factors

Item 1A. Risk Factors

Cybersecurity

Item 1C. Cybersecurity

Legal Proceedings

Item 3. Legal Proceedings

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments None.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures Not applicable. 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

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 Not applicable. 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 Ameren Missouri Securitization Funding I, LLC as of December 31, 2025: Name Age Title Background Mitchell J. Lansford 40 President and Treasurer Mitchell J. Lansford has served as Vice President and Treasurer of Ameren Corp. and Union Electric Company, doing business as Ameren Missouri ("Ameren Missouri"), since August 2025. Mr. Lansford previously served as Senior Director, Financial Reporting and Regulatory Accounting from November 2023 to August 2025 and as Director, Regulatory Accounting from April 2020 to November 2023, and previously in various accounting roles. Prior to joining Ameren in 2017, Mr. Lansford worked for a public accounting firm. David R. Loesch 50 Manager and Controller David R. Loesch was appointed Vice President and Controller of Ameren Corp. in June 2020. Mr. Loesch previously served as Director, Ameren Services Center from May 2017 to June 2020 and as Director, External Reporting, from January 2013 to May 2017, and previously in various accounting roles. Prior to joining Ameren in 2000, Mr. Loesch worked for a public accounting firm. Darryl T. Sagel 53 Manager Darryl T. Sagel has served as Vice President, Corporate Development and Acquisitions, of Ameren Missouri since August 2025. He previously served as Vice President and Treasurer of Ameren Corp. and Ameren Missouri from July 2018 to August 2025, and as Vice President, Corporate Development from July 2012 to July 2018. Prior to joining Ameren in 2012, Mr. Sagel served as a Managing Director, Investment Banking, with Rothschild Inc. and with Lazard in their New York offices. Lisa M. Pierro 45 Independent Manager Ms. Pierro joined CT Corporation System, a WoltersKluwer business, in 2013 and currently serves as Senior Customer Staffing Specialist and Independent Director/Manager. Prior to her current role, Ms. Pierro served as a Customer Specialist and an Assistant

Executive Compensation

Item 11. Executive Compensation Other than the annual independent manager fee of $3,000 paid to CT Corporation System, Ameren Missouri Securitization 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 Lisa M. Pierro is an independent manager and an employee of CT Corporation System.

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 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) Refer to exhibit listing below. (c) None. Exhibit Number Description (i) Exhibits filed herewith: 31.1 Certification pursuant to Rule 13a-14(d)/15(d)-14(d) 33.1 Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for Union Electric Company, as Servicer 33.2 Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for The Bank of New York Mellon, as Indenture Trustee 34.1 Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of PricewaterhouseCoopers LLP on behalf of Union Electric Company, as Servicer 34.2 Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of KPMG LLP on behalf of The Bank of New York Mellon, as Indenture Trustee 35.1 Servicer Compliance Statement of Union Electric Company, as Servicer 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) (ii) Exhibits furnished herewith: None (iii) Exhibits incorporated by reference: 3.1 Certificate of Formation of Ameren Missouri Securitization Funding I, LLC 3.2 Amended and Restated Limited Liability Company Agreement of Ameren Missouri Securitization Funding I, LLC, dated as of December 10, 2024 4.1 Indenture between Ameren Missouri Securitization Funding I, LLC and The Bank of New York Mellon Trust Company, N.A., dated as of December 20, 2024 4.2 Series Supplement between Ameren Missouri Securitization Funding I, LLC and The Bank of New York Mellon Trust Company, N.A. (including forms of the Bonds), dated as of December 20, 2024 10.1 Securitized Utility Tariff Property Servicing Agreement between Ameren Missouri Securitization Funding I, LLC and Union Electric Company, as

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 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 securitizations, or 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 Relationships and Related Transactions

Item 1119. Affiliations and Certain Relationships and Related Transactions Ameren Missouri Securitization Funding I, LLC is a wholly-owned subsidiary of Ameren Missouri, 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.

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Ameren Missouri Securitization Funding I, LLC, as Issuing Entity By: Union Electric Company d/b/a/ Ameren Missouri, as servicer Date: March 31, 2026 By: /s/ Mitchell J. Lansford Mitchell J. Lansford Vice President and Treasurer (Senior officer in charge of servicing function of the 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 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.

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