UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the semi-annual distribution period from

January 1, 2025 to June 30, 2025

Commission File Number

Registrant; State of Incorporation; Address; and Telephone Number

IRS Employer Identification No.

333-259314-01

DUKE ENERGY CAROLINAS NC STORM FUNDING LLC

87-2284895

(Delaware)

525 South Tryon Street, Charlotte, North Carolina 28202

800-488-3853

1-4928

DUKE ENERGY CAROLINAS, LLC

56-0205520

(Depositor and Sponsor)

(North Carolina)

525 South Tryon Street, Charlotte, North Carolina 28202

800-488-3853

Registered/reporting pursuant to (check one)

Name of exchange

Title of class

Section 12(b)

Section 12(g)

Section 15(d)

(If Section 12(b))

Series A 2031 Senior Secured Storm Recovery Bonds

Series A 2041 Senior Secured Storm Recovery Bonds

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

PART I – DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

The response to Item 1 is set forth in part herein and in part in Exhibit 99.1.

The record date for distributions described in Exhibit 99.1 is July 1, 2025.

Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.1 is included in the Prospectus dated November 17, 2021, of Duke Energy Carolinas NC Storm Funding LLC (Issuing Entity) relating to the Series A Senior Secured Bonds (Bonds) filed with the Securities and Exchange Commission pursuant to Rule 424(b)(1) of the Securities Act of 1933 on November 18, 2021.

As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the Bonds have been made with respect to the July 1, 2025, distribution date.

The following Items have been omitted pursuant to General Instruction C of Form 10-D:

•Item 1A. Asset-Level Information.

•Item 1B. Asset Representations Reviewer and Investor Communication.

PART II – OTHER INFORMATION

Item 2. Legal Proceedings.

None.

Item 3. Sale of Securities and Use of Proceeds.

None.

The following Items have been omitted pursuant to General Instruction C of Form 10-D:

•Item 4. Defaults Upon Senior Securities.

•Item 5. Submission of Matters to a Vote of Security Holders.

•Item 6. Significant Obligors of Pool Assets.

•Item 7. Change in Sponsor Interest in the Securities.

•Item 8. Significant Enhancement Provider Information.

Item 9. Other Information.

None.

Item 10. Exhibits

Exhibits filed here within are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated.


Exhibit No.						Description
3.1						Certificate of Formation of Duke Energy Carolinas NC Storm Funding LLC (filed with the Registration Statement on Form SF-1 of Duke Energy Carolinas, LLC (File No. 333-259314-01) on November 1, 2021)
3.2						Amended and Restated Limited Liability Company Agreement of Duke Energy Carolinas NC Storm Funding LLC dated and effective as of November 15, 2021 (Form 8-K filed November 19, 2021)
4.1						Indenture, dated as of November 24, 2021, by and between Duke Energy Carolinas NC Storm Funding LLC and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee and Securities Intermediary (Form 8-K filed November 24, 2021)
10.1						Storm Recovery Property Servicing Agreement, dated as of November 24, 2021, by and between Duke Energy Carolinas NC Storm Funding LLC and Duke Energy Carolinas, LLC (Form 8-K filed November 24, 2021)
10.2						Storm Recovery Property Purchase and Sale Agreement, dated as of November 24, 2021, by and between Duke Energy Carolinas NC Storm Funding LLC and Duke Energy Carolinas, LLC (Form 8-K filed November 24, 2021)
10.3						Administration Agreement, dated as of November 24, 2021, by and between Duke Energy Carolinas NC Storm Funding LLC and Duke Energy Carolinas, LLC (Form 8-K filed November 24, 2021)
*99.1						Semi-annual Servicer's Certificate relating to the Bonds, dated J une 2 3 , 202 5

SIGNATURES

Pursuant to the requirements 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:	July 7, 2025	DUKE ENERGY CAROLINAS NC STORM FUNDING LLC
		(Issuing Entity)

		By: Duke Energy Carolinas, LLC, as Servicer


	By:	/s/ Cynthia S. Lee
		Cynthia S. Lee
		Senior Vice President, Chief Accounting Officer and Controller

Duke Energy Carolinas NC Storm Funding LLC 10-D