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

September 1, 2025 to February 28, 2026

Commission File Number of issuing entity: 333‑274648‑01

Central Index Key Number of issuing entity: 0001991774

CONSUMERS 2023 SECURITIZATION FUNDING LLC

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor and sponsor: 1-5611

Central Index Key Number of depositor and sponsor: 0000201533

CONSUMERS ENERGY COMPANY

(Exact name of depositor and sponsor as specified in its charter)

Shaun M. Johnson, (517) 788-1947

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

93-3119763

(I.R.S. Employer Identification No.)


One Energy Plaza, Jackson, Michigan			49201
(Address of principal executive offices of the issuing entity)			(Zip Code)

Telephone number, including area code: (517) 788-1947

Title of class

Registered/reporting pursuant to (check one)

Name of exchange (If Section 12(b))

Section 12(b)

Section 12(g)

Section 15(d)

Senior Secured Securitization Bonds, Series 2023 Tranche A-1

Senior Secured Securitization Bonds, Series 2023, Tranche A-2

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 February 27, 2026.

Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.1 is included in the Prospectus relating to the Senior Secured Securitization Bonds, Series 2023 (the “Securitization Bonds”), dated December 5, 2023, of Consumers 2023 Securitization Funding LLC (the “Issuing Entity”) filed with the Securities and Exchange Commission pursuant to Rule 424(b)(1) of the Securities Act of 1933 on December 6, 2023, under the Issuer’s Commission File Number.

As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the Securitization Bonds have been made with respect to the March 1, 2026 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. Sales of Securities and Use of Proceeds.

None.

Item 7. Change in Sponsor Interest in the Securities.

None.

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

•Item 4. Defaults Upon Senior Securities.

•Item 5. Reserved.

•Item 6. Significant Obligors of Pool Assets.

•Item 8. Significant Enhancement Provider Information.

•Item 9. Other Information.

Item 10. Exhibits.


Exhibits		Description
3.1	—	Certificate of Formation of Consumers 2023 Securitization Funding LLC (Exhibit 3.1 to Form SF-1 filed September 22, 2023, and incorporated herein by reference)
3.2	—	Amended and Restated Limited Liability Company Agreement of Consumers 2023 Securitization Funding LLC dated and effective as of December 12, 2023 (Exhibit 3.2 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
4.1	—	Indenture by and between Consumers 2023 Securitization Funding LLC, Issuer and The Bank of New York Mellon, Indenture Trustee and Securities Intermediary, dated as of December 12, 2023 (Exhibit 4.1 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
4.2	—	Form of Senior Secured Securitization Bonds, Series 2023 (Exhibit 4.1 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
10.1	—	Securitization Property Servicing Agreement by and between Consumers 2023 Securitization Funding LLC, Issuer and Consumers Energy Company, Servicer, dated as of December 12, 2023 (Exhibit 10.1 to Form 8-K-filed December 12, 2023, and incorporated herein by reference)
10.2	—	Securitization Property Purchase and Sale Agreement by and between Consumers 2023 Securitization Funding LLC, Issuer and Consumers Energy Company, Seller, dated as of December 12, 2023 (Exhibit 10.2 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
10.3	—	Administration Agreement by and between Consumers 2023 Securitization Funding LLC and Consumers Energy Company, as administrator, dated as of December 12, 2023 (Exhibit 10.3 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
10.4	—	Series Supplement by and between Consumers 2023 Securitization Funding LLC and The Bank of New York Mellon, Indenture Trustee, dated as of December 12, 2023 (Exhibit 4.2 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
10.5	—	Intercreditor Agreement among The Bank of New York Mellon, as trustee for the securitization bonds issued by Consumers 2014 Securitization Funding LLC, Consumers 2014 Securitization Funding LLC, The Bank of New York Mellon, as indenture trustee, Consumers 2023 Securitization Funding LLC, and Consumers Energy Company, dated as of December 12, 2023 (Exhibit 10.4 to Form 8-K filed December 12, 2023, and incorporated herein by reference)
99.1	—	Semi-annual Servicer’s Certificate relating to the Securitization Bonds, dated February 16, 2026

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.


CONSUMERS 2023 SECURITIZATION FUNDING LLC
(Issuing Entity)

By: Consumers Energy Company, as Servicer


/s/ Scott B. McIntosh
Scott B. McIntosh
Vice President, Controller and Chief Accounting Officer

Date: March 10, 2026

Consumers 2023 Securitization Funding LLC 10-D