PNM Energy Transition Bond Company I, LLC (OTC: PNMXO) is a special-purpose limited liability company that issued asset-backed securities in connection with an energy transition financing. The entity was formed as an issuing vehicle by Public Service Company of New Mexico, a New Mexico corporation acting as depositor and sponsor, and generates cash flows through the collection and pass-through of utility customer charges securitized into energy transition bonds. The LLC is managed as of March 13, 2026 by G. R. Bischoff (Manager and Secretary) and H. E. Monroy (Manager and President), both of whom also hold officer roles at TXNM Energy, Inc. The entity does not operate an independent business, employ staff, or compete in a commercial market. It exists solely to hold securitized assets and service the associated bond obligations, with Public Service Company of New Mexico serving as servicer and U.S. Bank Trust Company National Association serving as indenture trustee, per the 10-K filed March 27, 2026.

Revenue model

The entity collects regulated utility customer charges pledged as collateral and passes those collections through to bondholders. It has no independent revenue-generating operations.

Products and services

Energy transition asset-backed securities (bonds) issued by PNM Energy Transition Bond Company I, LLC, formed December 2023, backed by securitized utility customer charges from Public Service Company of New Mexico.

Customers and end markets

Bondholders are the primary counterparties. Underlying cash flows derive from utility customers of Public Service Company of New Mexico. No customer concentration data is disclosed in the filing excerpts.

Value-chain role

Special-purpose issuing entity and conduit in a utility securitization structure. Public Service Company of New Mexico acts as servicer; U.S. Bank Trust Company National Association acts as indenture trustee.

Geographic exposure

New Mexico, based on the incorporation and operations of the depositor and sponsor, Public Service Company of New Mexico.

Source: SEC 10-K, filed 2026-03-27

Industry: Electric & Other Services Combined