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

November 1, 2025 to June 30, 2026

Commission File Number

Registrant; State of Incorporation; Address; and Telephone Number

IRS Employer Identification No.

333-288891-01

DUKE ENERGY CAROLINAS NC STORM FUNDING II LLC

39-3183527

(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 2035 Senior Secured Storm Recovery Bonds

Series A 2046 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, 2026.

Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.1 is included in the Prospectus dated September 23, 2025, of Duke Energy Carolinas NC Storm Funding II 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 September 25, 2025.

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, 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. 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 II LLC (incorporated by reference to Exhibit 3.1 to Registration Statement on Form SF-1 of Duke Energy Carolinas, LLC and Duke Energy C arolinas NC Storm Funding II LLC on July 23 , 2025 )
3.2						Amended and Restated Limited Liability Company Agreement of Duke Energy Carolinas NC Storm Funding II LLC dated and effective as of September 2 2 , 202 5 (i ncorporated by reference to Exhibit 3.2 to Form 8-K filed September 30, 2025 )
4.1						Indenture, dated as of September 30, 2025 , by and between Duke Energy Carolinas NC Storm Funding II LLC and U.S. Bank T rust Company, N .A., as Indenture Trustee and U.S. Bank National Association, as Securities Intermediary and Account Bank (incorporated by reference to Exhibit 4.1 to Form 8-K filed September 30, 2025 )
10.1						Storm Recovery Property Servicing Agreement, dated as of September 30, 2025 , by and between Duke Energy Carolinas NC Storm Funding II LLC and Duke Energy Carolinas, LLC , as Servicer (incorporated by reference to Exh ibit 1 0.1 to Form 8-K filed September 30, 2025 )
10.2						Storm Recovery Property Purchase and Sale Agreement, dated as of September 30, 2025 , by and between Duke Energy Carolinas NC Storm Funding II LLC and Duke Energy Carolinas, LLC , as Servicer (incorp orated by reference to Exhibit 10.2 to Form 8-K filed September 30, 2025 )
10.3						Administration Agreement, dated as of September 30, 2025 , by and between Duke Energy Carolinas NC Storm Funding II LLC and Duke Energy Carolinas, LLC , as administrator (incorporated by reference to Exhibit 10.3 to Form 8-K filed September 30, 2025 )
*99.1						Semi-annual Servicer's Certificate relating to the Bonds, dated June 23 , 202 6

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, 2026	DUKE ENERGY CAROLINAS NC STORM FUNDING II LLC
		(Issuing Entity)

		By: Duke Energy Carolinas, LLC, as Servicer


	By:	/s/ Abigail L. Motsinger
		Abigail L. Motsinger
		Senior Vice President, Chief Accounting Officer and Controller

Duke Energy Carolinas NC Storm Funding II LLC 10-D