Business Context and Reporting Period
This Form 10-K is an annual report for SCE Recovery Funding LLC, a wholly-owned subsidiary of Southern California Edison Company (SCE) and Edison International. The report covers the fiscal year ended December 31, 2025, and was signed on March 24, 2026. The entity functions as an issuing entity for asset-backed securities, with SCE acting as the depositor, sponsor, and servicer. Most standard business, risk, and financial statement items are omitted pursuant to General Instruction J of Form 10-K, as this is a special purpose entity filing.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. As a special purpose vehicle, the entity's financial performance is derived from the underlying recovery property assets and bond indentures rather than traditional operating metrics. The only specific financial figure disclosed is an annual independent manager fee of $2,500 paid to CT Corporation. No other compensation is paid to managers or executive officers.
Material Changes
The filing indicates the execution of new agreements in the reporting period, specifically:
- A new Indenture dated December 1, 2025, with The Bank of New York Mellon Trust Company, N.A.
- A new Recovery Property Purchase and Sale Agreement dated December 1, 2025, between SCE Recovery Funding LLC and Southern California Edison Company.
- A new Recovery Property Servicing Agreement dated December 1, 2025.
- A new Administration Agreement dated December 1, 2025.
Management changes include Brendan Bond becoming Treasurer and Manager of the Issuing Entity in December 2024.
Guidance, Outlook, and Risks
Standard sections regarding Management's Discussion and Analysis (MD&A), Risk Factors, and Quantitative and Qualitative Disclosures About Market Risk are omitted pursuant to General Instruction J. The filing confirms there are no unresolved staff comments, no significant obligors of pool assets, and no credit enhancement or derivatives instruments reported. Compliance with servicing criteria is attested to by PricewaterhouseCoopers LLP and KPMG LLP in the exhibits.
Investor Verification Checklist
- Verify the terms and interest rates of the bond indentures executed on December 1, 2025, referenced in Exhibit 4.4.
- Review the specific "Recovery Property" assets purchased under the December 1, 2025 agreement (Exhibit 10.4) to understand the collateral backing the securities.
- Confirm the status of the underlying wildfire recovery claims or assets held by Southern California Edison Company that fund this entity.
- Check the most recent Form 10-D or 10-K of the parent company, Southern California Edison Company, for consolidated financial data, as this filing contains no standalone financial statements.