Document

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 (Mark One)

 x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2023

 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934

 For the transition period from ______ to ______

 Ford Credit Auto Lease Trust 2023-B
 (Exact name of issuing entity as specified in its charter)
 Commission File Number 333-265473-04
 Central Index Key Number 0001991085

 Ford Credit Auto Lease Two LLC
 (Exact name of depositor as specified in its charter)
 Commission File Number 333-265473
 Central Index Key Number 0001519881

 Ford Motor Credit Company LLC
 (Exact name of sponsor as specified in its charter)
 Central Index Key Number 0000038009

 Delaware
 (State or Other Jurisdiction of Incorporation of issuing entity)

 92-6233229
 (I.R.S. Employer Identification No. of issuing entity)

 c o BNY Mellon Trust of Delaware
 301 Bellevue Parkway, 3rd Floor
 Wilmington, Delaware
 (Address of Principal Executive Offices of issuing entity)

 19809
 (Zip Code)

 (302) 791-3610
 (Telephone number, including area code)

 Securities registered pursuant to Section 12(b) of the Act None

 Securities registered pursuant to Section 12(g) of the Act None

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 Yes x No

 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
 Yes x No

 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. x Yes No

 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes No

 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a-non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check One)

 Large Accelerated Filer
 Non-Accelerated Filer x

 Accelerated Filer
 Smaller reporting company
 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes x No

 State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.
 REGISTRANT HAS NO VOTING OR NON-VOTING COMMON EQUITY OUTSTANDING HELD BY NON-AFFILIATES.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 Item 1.
Item 1A.
Item 1C.
Item 2.
Item 3.
 Business
Risk Factors
Cybersecurity
Properties
Legal Proceedings

 Item 1B. Unresolved Staff Comments.

 Item 4. Mine Safety Disclosures.

 Not applicable.

 Substitute information provided in accordance with General Instruction J to Form 10-K

 Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).

 Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, except for Certain Derivatives Instruments (Financial Information).

 Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).

 Item 1117 of Regulation AB. Legal Proceedings.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 Item 5.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
 Management's Discussion and Analysis of Financial Condition and Results of Operations
 Quantitative and Qualitative Disclosures About Market Risk
 Financial Statements and Supplementary Data
 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
 Controls and Procedures

 Item 9B. Other Information.

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

 Not applicable.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
 Directors, Executive Officers and Corporate Governance.
 Executive Compensation.
 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 Certain Relationships and Related Transactions, and Director Independence.
 Principal Accountant Fees and Services.

 Substitute information provided in accordance with General Instruction J to Form 10-K

 Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.
 Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

 Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.
 Each of Ford Motor Credit Company LLC ("Ford Credit") and U.S. Bank National Association ("US Bank") (each, a "Servicing Participant") has been identified by the registrant as a party participating in the servicing function during the reporting period with respect to the pool assets held by Ford Credit Auto Lease Trust 2023-B (the "Trust"). Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a "Report on Assessment") as of December 31, 2023 and for the period from September 1, 2023 through December 31, 2023, which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an "Attestation Report") by an independent registered public accounting firm regarding its related Report on Assessment, which Attestation Reports are attached as exhibits to this Form 10-K. None of the Reports on Assessment or the related Attestation Reports has identified any material instances of noncompliance with the servicing criteria described in the related Report on Assessment as being applicable to such Servicing Participant.

 Item 1123 of Regulation AB. Servicing Compliance Statement.
 Ford Credit has been identified by the registrant as a servicer during the reporting period with respect to the pool assets held by the Trust. Ford Credit has provided a statement of compliance for the reporting period, signed by an authorized officer, and such compliance statement is attached as an exhibit to this Form 10-K.

 Item 15. Exhibits and Financial Statement and Schedules.

 (a) List of Documents Filed as Part of this Report
 (1) Not applicable.
 (2) Not applicable.
 (3) See Item 15(b) below.
 (b) Exhibits Required by Item 601 of Regulation S-K

 Exhibit Number

 Description

 3.1

 Certificate of Formation of Ford Credit Auto Lease Two LLC ("FCAL Two") (included in Exhibit 3.1 to the Registration Statement No. 333-208514, as filed with the Securities and Exchange Commission (the "Commission") on February 17, 2016, which is incorporated herein by reference).

 3.2

 Second Amended and Restated Limited Liability Company Agreement of FCAL Two (included in Exhibit 3.2 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 3.3

 Amended and Restated Certificate of Formation of CAB East LLC (included in Exhibit 3.3 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 3.4

 Second Amended and Restated Limited Liability Company Agreement of CAB East LLC (included in Exhibit 3.4 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 3.5

 Amended and Restated Certificate of Formation of CAB West LLC (included in Exhibit 3.5 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 3.6

 Second Amended and Restated Limited Liability Company Agreement of CAB West LLC (included in Exhibit 3.6 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 4.1

 Indenture, dated as of September 1, 2023, between the Trust and U.S. Bank Trust Company, National Association ("USBTNA"), as indenture trustee (included in Exhibit 4.1 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 4.2

 Fifth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated on June 29, 2023, among CAB East LLC, CAB West LLC, US Bank, Ford Credit and HTD Leasing LLC (included in Exhibit 4.1 to the Depositor's Form 8-K filed under Commission File No. 333-265473, as filed with the Commission on July 6, 2023, which is incorporated herein by reference).

 4.3

 2023-B Exchange Note Supplement, dated as of September 1, 2023, to the Fifth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated June 29 2023, among CAB East LLC, CAB West LLC, US Bank, HTD Leasing LLC and Ford Credit (included in Exhibit 4.3 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.1

 Amended and Restated Trust Agreement, dated as of September 1, 2023, between FCAL Two and The Bank of New York Mellon, as owner trustee, and BNY Mellon Trust of Delaware, as Delaware trustee (included in Exhibit 4.2 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.2

 Exchange Note Purchase Agreement, dated as of September 1, 2023, between Ford Credit and FCAL Two (included in Exhibit 10.2 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.3

 Exchange Note Sale Agreement, dated as of September 1, 2023, between FCAL Two and the Trust (included in Exhibit 10.3 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.4

 Fourth Amended and Restated Servicing Agreement, dated as of July 22, 2005, as amended and restated on June 29, 2023, among CAB East LLC, CAB West LLC, Ford Credit and HTD Leasing LLC (included in Exhibit 10.1 to the Depositor's Form 8-K filed under Commission File No. 333-265473, as filed with the Commission on July 6, 2023, which is incorporated herein by reference).

 10.5

 2023-B Servicing Supplement, dated as of September 1, 2023, to Fourth Amended and Restated Servicing Agreement, dated as of July 22, 2005, as amended and restated on June 29, 2023, among Ford Credit, CAB East LLC, CAB West LLC, and HTD Leasing LLC (included in Exhibit 10.5 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.6

 Second Amended and Restated Administration Agreement, dated as of July 22, 2005, as amended and restated on December 1, 2015, among HTD Leasing LLC, US Bank and Ford Credit (included in Exhibit 10.6 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 10.7

 Administration Agreement, dated as of September 1, 2023, between the Trust and Ford Credit (included in Exhibit 10.7 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.8

 Account Control Agreement, dated as of September 1, 2023, between the Trust, USBTNA and US Bank (included in Exhibit 10.8 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.9

 Titling Company Account Control Agreement, dated as of September 1, 2023, between CAB East LLC, CAB West LLC, USBTNA and US Bank (included in Exhibit 10.9 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.10

 Asset Representations Review Agreement, dated as of September 1, 2023, among Ford Credit, the Trust and Clayton Fixed Income Services LLC, as Asset Representations Reviewer (included in Exhibit 10.10 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 31.1

 Certification of Ford Credit pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 33.1

 Report on Assessment of Compliance with Servicing Criteria for Ford Credit.

 33.2

 Report on Assessment of Compliance with Servicing Criteria for US Bank.

 34.1

 Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Criteria relating to Ford Credit.

 34.2

 Attestation Report of Ernst Young LLP on Assessment of Compliance with Servicing Criteria relating to US Bank.

 35.1

 Servicer Compliance Statement of Ford Credit.

 (c) Not applicable.

 SUPPLEMENTAL INFORMATION TO BE FURNISHED
WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF
THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

 No annual report to security holders, proxy statement, form of proxy or other proxy soliciting material has been sent to security holders or is anticipated to be furnished to security holders subsequent to the filing of this annual report on Form 10-K.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) 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.

 Ford Credit Auto Lease Trust 2023-B
 (Issuing entity)

 By Ford Motor Credit Company LLC
 (Servicer)

 By s Jason C. Behnke
 Jason C. Behnke
 Vice President - Assistant Treasurer
 (senior officer of Servicer in charge of servicing function)

 March 21, 2024


Document

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 (Mark One)

 x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024

 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934

 For the transition period from ______ to ______

 Ford Credit Auto Lease Trust 2023-B
 (Exact name of issuing entity as specified in its charter)
 Commission File Number 333-265473-04
 Central Index Key Number 0001991085

 Ford Credit Auto Lease Two LLC
 (Exact name of depositor as specified in its charter)
 Commission File Number 333-265473
 Central Index Key Number 0001519881

 Ford Motor Credit Company LLC
 (Exact name of sponsor as specified in its charter)
 Central Index Key Number 0000038009

 Delaware
 (State or other jurisdiction of incorporation of issuing entity)

 92-6233229
 (I.R.S. Employer Identification No. of issuing entity)

 c o BNY Mellon Trust of Delaware
 301 Bellevue Parkway, 3rd Floor
 Wilmington, Delaware
 (Address of principal executive offices of issuing entity)

 19809
 (Zip Code)

 (302) 791-3610
 (Registrant's telephone number, including area code)

 Securities registered pursuant to Section 12(b) of the Act None

 Securities registered pursuant to Section 12(g) of the Act None

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 Yes x No

 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
 Yes x No

 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. x Yes No

 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes No

 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a-non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check One)

 Large Accelerated Filer
 Non-Accelerated Filer x

 Accelerated Filer
 Smaller reporting company
 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes x No

 State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.
 REGISTRANT HAS NO VOTING OR NON-VOTING COMMON EQUITY OUTSTANDING HELD BY NON-AFFILIATES.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 Item 1.
Item 1A.
Item 1C.
Item 2.
Item 3.
 Business
Risk Factors
Cybersecurity
Properties
Legal Proceedings

 Item 1B. Unresolved Staff Comments.

 Item 4. Mine Safety Disclosures.

 Not applicable.

 Substitute information provided in accordance with General Instruction J to Form 10-K

 Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).

 Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, except for Certain Derivatives Instruments (Financial Information).

 Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).

 Item 1117 of Regulation AB. Legal Proceedings.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 Item 5.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
 Management's Discussion and Analysis of Financial Condition and Results of Operations
 Quantitative and Qualitative Disclosures About Market Risk
 Financial Statements and Supplementary Data
 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
 Controls and Procedures

 Item 9B. Other Information.

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

 Not applicable.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
 Directors, Executive Officers and Corporate Governance
 Executive Compensation
 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
 Certain Relationships and Related Transactions, and Director Independence
 Principal Accountant Fees and Services

 Substitute information provided in accordance with General Instruction J to Form 10-K

 Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.
 Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

 Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.
 Each of Ford Motor Credit Company LLC ("Ford Credit") and U.S. Bank National Association ("US Bank") (each, a "Servicing Participant") has been identified by the registrant as a party participating in the servicing function during the reporting period with respect to the pool assets held by Ford Credit Auto Lease Trust 2023-B (the "Trust"). Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a "Report on Assessment") as of December 31, 2024 and for the period from January 1, 2024 through December 31, 2024, which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an "Attestation Report") by an independent registered public accounting firm regarding its related Report on Assessment, which Attestation Reports are attached as exhibits to this Form 10-K. None of the Reports on Assessment or the related Attestation Reports has identified any material instances of noncompliance with the servicing criteria described in the related Report on Assessment as being applicable to such Servicing Participant.

 Item 1123 of Regulation AB. Servicing Compliance Statement.
 Ford Credit has been identified by the registrant as a servicer during the reporting period with respect to the pool assets held by the Trust. Ford Credit has provided a statement of compliance for the reporting period, signed by an authorized officer, and such compliance statement is attached as an exhibit to this Form 10-K.

 Item 15. Exhibits and Financial Statement and Schedules.

 (a) List of Documents Filed as Part of this Report
 (1) Not applicable.
 (2) Not applicable.
 (3) See Item 15(b) below.
 (b) Exhibits Required by Item 601 of Regulation S-K

 Exhibit Number

 Description

 3.1

 Certificate of Formation of Ford Credit Auto Lease Two LLC ("FCAL Two") (included in Exhibit 3.1 to the Registration Statement No. 333-208514, as filed with the Securities and Exchange Commission (the "Commission") on February 17, 2016, which is incorporated herein by reference).

 3.2

 Second Amended and Restated Limited Liability Company Agreement of FCAL Two (included in Exhibit 3.2 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 3.3

 Amended and Restated Certificate of Formation of CAB East LLC (included in Exhibit 3.3 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 3.4

 Second Amended and Restated Limited Liability Company Agreement of CAB East LLC (included in Exhibit 3.4 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 3.5

 Amended and Restated Certificate of Formation of CAB West LLC (included in Exhibit 3.5 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 3.6

 Second Amended and Restated Limited Liability Company Agreement of CAB West LLC (included in Exhibit 3.6 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 4.1

 Indenture, dated as of September 1, 2023, between the Trust and U.S. Bank Trust Company, National Association ("USBTNA"), as indenture trustee (included in Exhibit 4.1 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 4.2

 Fifth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated on June 29, 2023, among CAB East LLC, CAB West LLC, US Bank, Ford Credit and HTD Leasing LLC (included in Exhibit 4.1 to the Depositor's Form 8-K filed under Commission File No. 333-265473, as filed with the Commission on July 6, 2023, which is incorporated herein by reference).

 4.3

 2023-B Exchange Note Supplement, dated as of September 1, 2023, to the Fifth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated June 29 2023, among CAB East LLC, CAB West LLC, US Bank, HTD Leasing LLC and Ford Credit (included in Exhibit 4.3 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.1

 Amended and Restated Trust Agreement, dated as of September 1, 2023, between FCAL Two and The Bank of New York Mellon, as owner trustee, and BNY Mellon Trust of Delaware, as Delaware trustee (included in Exhibit 4.2 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.2

 Exchange Note Purchase Agreement, dated as of September 1, 2023, between Ford Credit and FCAL Two (included in Exhibit 10.2 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.3

 Exchange Note Sale Agreement, dated as of September 1, 2023, between FCAL Two and the Trust (included in Exhibit 10.3 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.4

 Fourth Amended and Restated Servicing Agreement, dated as of July 22, 2005, as amended and restated on June 29, 2023, among CAB East LLC, CAB West LLC, Ford Credit and HTD Leasing LLC (included in Exhibit 10.1 to the Depositor's Form 8-K filed under Commission File No. 333-265473, as filed with the Commission on July 6, 2023, which is incorporated herein by reference).

 10.5

 2023-B Servicing Supplement, dated as of September 1, 2023, to Fourth Amended and Restated Servicing Agreement, dated as of July 22, 2005, as amended and restated on June 29, 2023, among Ford Credit, CAB East LLC, CAB West LLC, and HTD Leasing LLC (included in Exhibit 10.5 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.6

 Second Amended and Restated Administration Agreement, dated as of July 22, 2005, as amended and restated on December 1, 2015, among HTD Leasing LLC, US Bank and Ford Credit (included in Exhibit 10.6 to the Registration Statement No. 333-208514, as filed with the Commission on February 17, 2016, which is incorporated herein by reference).

 10.7

 Administration Agreement, dated as of September 1, 2023, between the Trust and Ford Credit (included in Exhibit 10.7 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.8

 Account Control Agreement, dated as of September 1, 2023, between the Trust, USBTNA and US Bank (included in Exhibit 10.8 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.9

 Titling Company Account Control Agreement, dated as of September 1, 2023, between CAB East LLC, CAB West LLC, USBTNA and US Bank (included in Exhibit 10.9 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 10.10

 Asset Representations Review Agreement, dated as of September 1, 2023, among Ford Credit, the Trust and Clayton Fixed Income Services LLC, as Asset Representations Reviewer (included in Exhibit 10.10 to the Trust's Form 8-K filed under Commission File No. 333-265473-04, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).

 31.1

 Certification of Ford Credit pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 33.1

 Report on Assessment of Compliance with Servicing Criteria for Ford Credit.

 33.2

 Report on Assessment of Compliance with Servicing Criteria for US Bank.

 34.1

 Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Criteria relating to Ford Credit.

 34.2

 Attestation Report of Ernst Young LLP on Assessment of Compliance with Servicing Criteria relating to US Bank.

 35.1

 Servicer Compliance Statement of Ford Credit.

 (c) Not applicable.

 SUPPLEMENTAL INFORMATION TO BE FURNISHED
WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF
THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

 No annual report to security holders, proxy statement, form of proxy or other proxy soliciting material has been sent to security holders or is anticipated to be furnished to security holders subsequent to the filing of this annual report on Form 10-K.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) 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.

 Ford Credit Auto Lease Trust 2023-B
 (Issuing entity)

 By Ford Motor Credit Company LLC
 (Servicer)

 By s Jason C. Behnke
 Jason C. Behnke
 Vice President - Assistant Treasurer
 (senior officer of Servicer in charge of servicing function)

 March 24, 2025


Document

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2023

 or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from ________________ to ______________________

 Commission file number of the issuing entity 333-249515-12
 CIK number of issuing entity 0001991088

 GM Financial Consumer Automobile Receivables Trust 2023-4
 (Exact name of issuing entity as specified in its charter)

 Commission File Number of depositor 333-249515
 CIK number of depositor 0001347185

 AFS SENSUB CORP.
 (Exact name of depositor as specified in its charter)

 Commission File Number of sponsor 001-13329
 CIK number of sponsor 0001002761

 AMERICREDIT FINANCIAL SERVICES, INC.
 (Exact name of sponsor as specified in its charter)

 Delaware

 93-6636805

 (State or other jurisdiction of incorporation or organization)

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

 AmeriCredit Financial Services, Inc. (as originator)

 801 Cherry Street, Suite 3500

 Fort Worth, TX

 76102

 (Address of principal executive offices)

 (Zip Code)

 Registrant's telephone number, including area code (817) 302-7000

 Securities registered pursuant to Section 12(b) of the Act None

 Securities registered pursuant to Section 12(g) of the Act None

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 Yes No

 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

 Yes No

 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 No

 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 Yes No

 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).

 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

 State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.

 Not applicable to this registrant.

 DOCUMENTS INCORPORATED BY REFERENCE

 List hereunder the following documents if incorporated by reference and the part of the Form 10-K (e.g. Part I, Part II, etc.) into which the document is incorporated (1) Any annual report to security holders (2) Any proxy or information statement and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

 None.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 ITEM 1.
 BUSINESS

 ITEM 1A.
 RISK FACTORS

 ITEM 1C.
 CYBERSECURITY

 ITEM 2.
 PROPERTIES

 ITEM 3.
 LEGAL PROCEEDINGS

 ITEM 1B. UNRESOLVED STAFF COMMENTS

 None.

 ITEM 4. MINE SAFETY DISCLOSURES

 Not applicable.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 ITEM 5.
 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 ITEM 6.
 RESERVED

 ITEM 7.
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ITEM 7A.
 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 ITEM 8.
 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 ITEM 9.
 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 ITEM 9A.
 CONTROLS AND PROCEDURES

 ITEM 9B. OTHER INFORMATION

 None.

 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 None.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 ITEM 10.
 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 ITEM 11.
 EXECUTIVE COMPENSATION

 ITEM 12.
 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 ITEM 13.
 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 ITEM 14.
 PRINCIPAL ACCOUNTANT FEES AND SERVICES

 ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

 (a)

 (1)
 Not applicable

 (2)
 Not applicable

 (3)
 As reported under clause (b)

 (b)

 Exhibit Number

 Description

 Exhibit 3.1

 Amended and Restated Articles of Incorporation, dated as of March 1, 2023, of AFS SenSub Corp. (incorporated by reference from Exhibit 3.1 of the Form SF-3 filed by AFS SenSub Corp. (File No. 333-275606) with the SEC on November 16, 2023).

 Exhibit 3.2

 Amended and Restated Bylaws, dated as of March 1, 2023, of AFS SenSub Corp. (incorporated by reference from Exhibit 3.2 of the Form SF-3 filed by AFS SenSub Corp. (File No. 333-275606) with the SEC on November 16, 2023).

 Exhibit 4.1

 Indenture, dated as of October 11, 2023, between GM Financial Consumer Automobile Receivables Trust 2023-4 and The Bank of New York Mellon, as Trustee and Trust Collateral Agent (incorporated by reference from Exhibit 4.1 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023).

 Exhibit 4.2

 Amended and Restated Trust Agreement, dated as of October 11, 2023, between AFS SenSub Corp., as Seller, and Wilmington Trust Company, as Owner Trustee (incorporated by reference from Exhibit 4.2 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023).

 Exhibit 4.3

 Sale and Servicing Agreement, dated as of October 11, 2023, among GM Financial Consumer Automobile Receivables Trust 2023-4, as Issuer, AmeriCredit Financial Services, Inc., d b a GM Financial, as Servicer, AFS SenSub Corp., as Seller, and The Bank of New York Mellon, as Trust Collateral Agent (incorporated by reference from Exhibit 4.3 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023).

 Exhibit 10.1

 Purchase Agreement, dated as of October 11, 2023, between AmeriCredit Financial Services, Inc., d b a GM Financial, as Seller and AFS SenSub Corp., as Purchaser (incorporated by reference from Exhibit 10.1 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023).

 Exhibit 10.6

 Asset Representations Review Agreement, dated as of October 11, 2023, among GM Financial Consumer Automobile Receivables Trust 2023-4, AmeriCredit Financial Services, Inc., d b a GM Financial, and Clayton Fixed Income Services LLC, as Asset Representation Reviewer (incorporated by reference from Exhibit 10.6 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023).

 Exhibit 31.1

 Rule 13a-14(a) 15d-14(a) Certification (Section 302 Certification).

 Exhibit 33.1

 Management's Assertion Regarding Compliance with Applicable Servicing Criteria concerning servicing activities of AmeriCredit Financial Services, Inc. and its subsidiaries for the year ended December 31, 2023.

 Exhibit 33.2

 Assessment of Compliance with Applicable Servicing Criteria (The Bank of New York Mellon).

 Exhibit 34.1

 Report of Independent Registered Public Accounting Firm (Ernst Young LLP).

 Exhibit 34.2

 Report of Independent Registered Public Accounting Firm (KPMG LLP).

 Exhibit 35.1

 Servicer Compliance Statement of AmeriCredit Financial Services, Inc.

 (c) Not applicable.

 ITEM 16. FORM 10-K SUMMARY

 None.

 SUBSTITUTE INFORMATION INCLUDED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K

 ITEM 1112(b) OF REGULATION AB. SIGNIFICANT OBLIGORS OF POOL ASSETS (FINANCIAL INFORMATION)

 There is no single obligor that represents more than 10% of the pool assets.

 ITEM 1114(b)(2) OF REGULATION AB. CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVE INSTRUMENTS (FINANCIAL INFORMATION)

 There is no external credit enhancement or other support provider that is liable to provide payments supporting any notes or certificates issued by the Issuing Entity.

 ITEM 1115(b) OF REGULATION AB. CERTAIN DERIVATIVE INSTRUMENTS (FINANCIAL INFORMATION)

 No entity provides any derivative instruments that are used to alter the payment characteristics of the cash flows from the Issuing Entity.

 ITEM 1117 OF REGULATION AB. LEGAL PROCEEDINGS

 The Sponsor and the Servicer

 The sponsor is subject to various pending and potential legal and regulatory proceedings in the ordinary course of business, including litigation, arbitration, claims, investigations, examinations, subpoenas and enforcement proceedings. Some litigation against the sponsor could take the form of class actions. The outcome of these proceedings is inherently uncertain, and thus the sponsor cannot confidently predict how or when proceedings will be resolved. An adverse outcome in one or more of these proceedings could result in substantial damages, settlements, fines, penalties, diminished income or reputational harm to the sponsor, and could materially and adversely affect the interests of the noteholders or the servicer's ability to perform its duties under the Transaction Documents.

 The Trustee and the Trust Collateral Agent

 In the ordinary course of business, The Bank of New York Mellon is named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization, or RMBS, transactions, The Bank of New York Mellon has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, The Bank of New York Mellon denies liability and intends to defend the litigations vigorously.

 ITEM 1119 OF REGULATION AB. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

 ITEM 1122 OF REGULATION AB. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA.

 The following documents are filed as part of this report.

 Exhibit Number

 Description

 Exhibit 33.1

 Management's Assertion Regarding Compliance with Applicable Servicing Criteria concerning servicing activities of AmeriCredit Financial Services, Inc. and its subsidiaries for the year ended December 31, 2023.

 Exhibit 33.2

 Assessment of Compliance with Applicable Servicing Criteria (The Bank of New York Mellon).

 Exhibit 34.1

 Report of Independent Registered Public Accounting Firm (Ernst Young LLP).

 Exhibit 34.2

 Report of Independent Registered Public Accounting Firm (KPMG LLP).

 The Servicer has complied, in all material respects, with the Applicable Servicing Criteria.

 ITEM 1123 OF REGULATION AB. SERVICER COMPLIANCE STATEMENT

 The following documents are filed as part of this report.

 Exhibit Number

 Description

 Exhibit 35.1

 Servicer Compliance Statement of AmeriCredit Financial Services, Inc.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, AFS SenSub Corp. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 By

 AFS SENSUB CORP.,

 as Depositor

 By

 s Susan B. Sheffield

 Name
 Susan B. Sheffield

 Title
 Executive Vice President and Chief Financial Officer

 Dated
 March 4, 2024

 Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act.

 No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to certificateholders, and the registrant does not presently contemplate sending any such materials subsequent to the filing of this report.


Document

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024

 or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from ________________ to ______________________

 Commission file number of the issuing entity 333-249515-12
 CIK number of issuing entity 0001991088

 GM Financial Consumer Automobile Receivables Trust 2023-4
 (Exact name of issuing entity as specified in its charter)

 Commission File Number of depositor 333-249515
 CIK number of depositor 0001347185

 AFS SENSUB CORP.
 (Exact name of depositor as specified in its charter)

 Commission File Number of sponsor 001-13329
 CIK number of sponsor 0001002761

 AMERICREDIT FINANCIAL SERVICES, INC.
 (Exact name of sponsor as specified in its charter)

 Delaware

 93-6636805

 (State or other jurisdiction of incorporation or organization)

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

 AmeriCredit Financial Services, Inc. (as originator)

 801 Cherry Street, Suite 3500

 Fort Worth, TX

 76102

 (Address of principal executive offices)

 (Zip Code)

 Registrant's telephone number, including area code (817) 302-7000

 Securities registered pursuant to Section 12(b) of the Act None

 Securities registered pursuant to Section 12(g) of the Act None

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

 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.

 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).

 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

 State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.

 Not applicable to this registrant.

 DOCUMENTS INCORPORATED BY REFERENCE

 List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the document is incorporated (1) Any annual report to security holders (2) Any proxy or information statement and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

 None.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 ITEM 1.
 BUSINESS

 ITEM 1A.
 RISK FACTORS

 ITEM 1C.
 CYBERSECURITY

 ITEM 2.
 PROPERTIES

 ITEM 3.
 LEGAL PROCEEDINGS

 ITEM 1B. UNRESOLVED STAFF COMMENTS

 None.

 ITEM 4. MINE SAFETY DISCLOSURES

 Not applicable.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 ITEM 5.
 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 ITEM 6.
 RESERVED

 ITEM 7.
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ITEM 7A.
 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 ITEM 8.
 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 ITEM 9.
 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 ITEM 9A.
 CONTROLS AND PROCEDURES

 ITEM 9B. OTHER INFORMATION

 None.

 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 None.

 The following Items have been omitted in accordance with General Instruction J to Form 10-K

 ITEM 10.
 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 ITEM 11.
 EXECUTIVE COMPENSATION

 ITEM 12.
 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 ITEM 13.
 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 ITEM 14.
 PRINCIPAL ACCOUNTANT FEES AND SERVICES

 ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

 (a)

 (1)
 Not applicable

 (2)
 Not applicable

 (3)
 As reported under clause (b)

 (b)

 Exhibit Number

 Description

 Exhibit 3.1

 Amended and Restated Articles of Incorporation, dated as of March 1, 2023, of AFS SenSub Corp. (incorporated by reference from Exhibit 3.1 of the Form SF-3 filed by AFS SenSub Corp. (File No. 333-275606) with the SEC on November 16, 2023).

 Exhibit 3.2

 Amended and Restated Bylaws, dated as of March 1, 2023, of AFS SenSub Corp. (incorporated by reference from Exhibit 3.2 of the Form SF-3 filed by AFS SenSub Corp. (File No. 333-275606) with the SEC on November 16, 2023).

 Exhibit 4.1

 Indenture, dated as of October 11, 2023, between GM Financial Consumer Automobile Receivables Trust 2023-4 and The Bank of New York Mellon, as Trustee and Trust Collateral Agent (incorporated by reference from Exhibit 4.1 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023).

 Exhibit 4.2

 Amended and Restated Trust Agreement, dated as of October 11, 2023, between AFS SenSub Corp., as Seller, and Wilmington Trust Company, as Owner Trustee (incorporated by reference from Exhibit 4.2 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023).

 Exhibit 4.3

 Sale and Servicing Agreement, dated as of October 11, 2023, among GM Financial Consumer Automobile Receivables Trust 2023-4, as Issuer, AmeriCredit Financial Services, Inc., d b a GM Financial, as Servicer, AFS SenSub Corp., as Seller, and The Bank of New York Mellon, as Trust Collateral Agent (incorporated by reference from Exhibit 4.3 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023).

 Exhibit 10.1

 Purchase Agreement, dated as of October 11, 2023, between AmeriCredit Financial Services, Inc., d b a GM Financial, as Seller and AFS SenSub Corp., as Purchaser (incorporated by reference from Exhibit 10.1 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023).

 Exhibit 10.6

 Asset Representations Review Agreement, dated as of October 11, 2023, among GM Financial Consumer Automobile Receivables Trust 2023-4, AmeriCredit Financial Services, Inc., d b a GM Financial, and Clayton Fixed Income Services LLC, as Asset Representation Reviewer (incorporated by reference from Exhibit 10.6 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023).

 Exhibit 31.1

 Rule 13a-14(a) 15d-14(a) Certification (Section 302 Certification).

 Exhibit 33.1

 Management's Assertion Regarding Compliance with Applicable Servicing Criteria concerning servicing activities of AmeriCredit Financial Services, Inc. and its subsidiaries for the year ended December 31, 2024.

 Exhibit 33.2

 Assessment of Compliance with Applicable Servicing Criteria (The Bank of New York Mellon).

 Exhibit 34.1

 Report of Independent Registered Public Accounting Firm (Ernst Young LLP).

 Exhibit 34.2

 Report of Independent Registered Public Accounting Firm (KPMG LLP).

 Exhibit 35.1

 Servicer Compliance Statement of AmeriCredit Financial Services, Inc.

 (c) Not applicable.

 ITEM 16. FORM 10-K SUMMARY

 None.

 SUBSTITUTE INFORMATION INCLUDED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K

 ITEM 1112(b) OF REGULATION AB. SIGNIFICANT OBLIGORS OF POOL ASSETS (FINANCIAL INFORMATION)

 There is no single obligor that represents more than 10% of the pool assets.

 ITEM 1114(b)(2) OF REGULATION AB. CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVE INSTRUMENTS (FINANCIAL INFORMATION)

 There is no external credit enhancement or other support provider that is liable to provide payments supporting any notes or certificates issued by the Issuing Entity.

 ITEM 1115(b) OF REGULATION AB. CERTAIN DERIVATIVE INSTRUMENTS (FINANCIAL INFORMATION)

 No entity provides any derivative instruments that are used to alter the payment characteristics of the cash flows from the Issuing Entity.

 ITEM 1117 OF REGULATION AB. LEGAL PROCEEDINGS

 The Sponsor and the Servicer

 The sponsor is subject to various pending and potential legal and regulatory proceedings in the ordinary course of business, including litigation, arbitration, claims, investigations, examinations, subpoenas and enforcement proceedings. Some litigation against the sponsor could take the form of class actions. The outcome of these proceedings is inherently uncertain, and thus the sponsor cannot confidently predict how or when proceedings will be resolved. An adverse outcome in one or more of these proceedings could result in substantial damages, settlements, fines, penalties, diminished income or reputational harm to the sponsor, and could materially and adversely affect the interests of the noteholders or the servicer's ability to perform its duties under the Transaction Documents.

 The Trustee and the Trust Collateral Agent

 In the ordinary course of business, The Bank of New York Mellon is named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization, or RMBS, transactions, The Bank of New York Mellon has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, The Bank of New York Mellon denies liability and intends to defend the litigations vigorously.

 ITEM 1119 OF REGULATION AB. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

 ITEM 1122 OF REGULATION AB. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA.

 The following documents are filed as part of this report.

 Exhibit Number

 Description

 Exhibit 33.1

 Management's Assertion Regarding Compliance with Applicable Servicing Criteria concerning servicing activities of AmeriCredit Financial Services, Inc. and its subsidiaries for the year ended December 31, 2024.

 Exhibit 33.2

 Assessment of Compliance with Applicable Servicing Criteria (The Bank of New York Mellon).

 Exhibit 34.1

 Report of Independent Registered Public Accounting Firm (Ernst Young LLP).

 Exhibit 34.2

 Report of Independent Registered Public Accounting Firm (KPMG LLP).

 The Servicer has complied, in all material respects, with the Applicable Servicing Criteria.

 The Assessment of Compliance with Applicable Servicing Criteria provided by The Bank of New York Mellon that is included in this report as Exhibit 33.2 includes references to certain Material Instances of Noncompliance by The Bank of New York Mellon. After reviewing information provided by The Bank of New York Mellon, we have ascertained that those instances of noncompliance do not relate to the transactions entered into by the issuing entity, do not relate to the same class of assets as those backing the asset-backed securities described in this report, and do not relate to activities performed by The Bank of New York Mellon pursuant to the transactions relating to the asset-backed securities described in this report.

 ITEM 1123 OF REGULATION AB. SERVICER COMPLIANCE STATEMENT

 The following documents are filed as part of this report.

 Exhibit Number

 Description

 Exhibit 35.1

 Servicer Compliance Statement of AmeriCredit Financial Services, Inc.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, AFS SenSub Corp. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 By

 AFS SENSUB CORP.,

 as Depositor

 By

 s Susan B. Sheffield

 Name
 Susan B. Sheffield

 Title
 Executive Vice President and Chief Financial Officer

 Date
 March 4, 2025

 Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act.

 No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to certificateholders, and the registrant does not presently contemplate sending any such materials subsequent to the filing of this report.


FORM 10-K

 Document

 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10 K
 x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2023
 OR
 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from_____to_____
 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)

 Delaware
 93-3119763

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

 (I.R.S. Employer Identification Number of issuing entity)

 One Energy Plaza, Jackson, Michigan

 49201

 (Address of principal executive offices of issuing entity)

 (Zip Code)

 Registrant's telephone number, including area code (517) 788-1947

 Securities registered pursuant to Section 12(b) of the Act

 None

 Securities registered pursuant to Section 12(g) of the Act

 None

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 Yes o

 No x

 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
 Yes o

 No x

 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 x

 No o

 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 Yes x

 No o

 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b 2 of the Exchange Act.

 Large accelerated filer

 o

 Accelerated filer

 o

 Non Accelerated filer

 x

 Smaller reporting company

 o

 Emerging growth company

 o

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 o

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 o

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 o

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 o

 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b 2 of the Exchange Act).

 Yes o

 No x

 The registrant does not have any voting or non-voting common equity held by non-affiliates.

 Documents incorporated by reference A portion of CMS Energy Corporation's and Consumers Energy Company's definitive proxy statement relating to their 2024 Annual Meetings of Shareholders to be held May 3, 2024 is incorporated by reference in Item 11 of Part III of this Form 10 K.

 The following Items have been omitted pursuant to General Instruction J of Form 10 K
 • Item 1. Business.
 • Item 1A. Risk Factors.
 • Item 1C. Cybersecurity.
 • Item 2. Properties.
 • Item 3. Legal Proceedings.
 Item 1B. Unresolved Staff Comments.
 None.
 Item 4. Mine Safety Disclosures.
 None.

 The following Items have been omitted pursuant to General Instruction J of Form 10 K
 • Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
 • Item 6. Reserved.
 • Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
 • Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
 • Item 8. Financial Statements and Supplementary Data.
 • Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
 • Item 9A. Controls and Procedures.
 Item 9B. Other Information.
 None.
 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
 Not applicable.

 Item 10. Directors, Executive Officers and Corporate Governance.
 Following are the managers and executive officers of Consumers 2023 Securitization Funding LLC as of March 12, 2024

 Name, Age, Position(s)
 Period

 Jason M. Shore (age 47)

 President, Chief Executive Officer, Chief Financial Officer, and Treasurer of Consumers 2023 Securitization Funding LLC

 Vice President and Treasurer of CMS Energy Corporation ("CMS Energy") and Consumers Energy Company ("Consumers")
 12 2023 – Present

 Executive Director of Treasury and Capital Markets of CMS Energy and Consumers
 7 2023 – 12 2023

 Executive Director of Treasury and Financial Strategy and Policy of CMS Energy and Consumers
 6 2021 – 7 2023

 Executive Director of Planning, Budget and Analysis of CMS Energy and Consumers
 4 2018 – 6 2021

 Rejji P. Hayes (age 49)

 Executive Vice President and Manager of Consumers 2023 Securitization Funding LLC

 Executive Vice President and Chief Financial Officer of CMS Energy and Consumers
 5 2017 – Present

 Shaun M. Johnson (age 45)

 Senior Vice President, General Counsel, and Manager of Consumers 2023 Securitization Funding LLC

 Senior Vice President and General Counsel of CMS Energy and Consumers
 5 2019 – Present

 Vice President and Deputy General Counsel of CMS Energy and Consumers
 4 2016 – 5 2019

 Melissa M. Gleespen (age 56)

 Vice President, Secretary, and Manager of Consumers 2023 Securitization Funding LLC

 Vice President, Corporate Secretary, and Chief Compliance Officer of CMS Energy and Consumers
 1 2016 – Present

 Scott B. McIntosh (age 48)

 Vice President and Controller of Consumers 2023 Securitization Funding LLC

 Vice President, Controller, and Chief Accounting Officer of CMS Energy and Consumers
 9 2021 – Present

 Vice President and Controller of CMS Energy and Consumers
 6 2021 – 9 2021

 Vice President of CMS Energy and Consumers
 9 2015 – 6 2021

 Albert J. Fioravanti (age 59)

 Independent Manager of Consumers 2023 Securitization Funding LLC
 12 2023 – Present

 Managing Director of Lord Securities Corporation
 12 2018 – Present

 Consumers 2023 Securitization Funding LLC is a wholly owned subsidiary of Consumers, which in turn is a wholly owned subsidiary of CMS Energy.

 Code of Ethics
 Consumers has adopted a code of ethics, entitled "CMS Energy 2024 Code of Conduct and Guide to Ethical Business Behavior" (Employee Code) that applies to all officers and employees of Consumers and its affiliates, including Consumers 2023 Securitization Funding LLC. The Employee Code is administered by the Chief Compliance Officer of Consumers, who reports directly to the Audit Committee of the Board of Directors of Consumers. The Employee Code and any waivers of, or amendments or exceptions to, a provision of the Employee Code will be disclosed on Consumers' website at www.cmsenergy.com corporate-governance compliance-and-ethics.
 Item 11. Executive Compensation.
 Other than the annual independent manager fee of $3,500 paid to Lord Securities Corporation, Consumers 2023 Securitization Funding LLC does not pay any compensation to its managers or executive officers.
 Information that is required in Item 11 regarding executive compensation of Consumers' executive officers is incorporated by reference from CMS Energy's and Consumers' definitive proxy statement for their 2024 Annual Meetings of Shareholders to be held May 3, 2024.
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 None.
 Item 13. Certain Relationships and Related Transactions, and Director Independence.
 None.
 Item 14. Principal Accountant Fees and Services.
 Omitted pursuant to General Instruction J of Form 10 K.

 Item 15. Exhibits and Financial Statement Schedules.
 (a)(1) and (a)(2) Financial Statements and Financial Statement Schedules are omitted pursuant to General Instruction J of Form 10 K as listed under Item 8 of this report.
 (a)(3) and (b) Exhibit Index

 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)

 31.1
 —
 Rule 13a-14(d) 15d-14(d) Certification

 33.1
 —
 Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for Consumers Energy Company, Servicer

 33.2
 —
 Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for The Bank of New York Mellon, Indenture Trustee

 Exhibits

 Description

 34.1
 —
 Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of PricewaterhouseCoopers LLP on behalf of Consumers Energy Company, Servicer

 34.2
 —
 Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of KPMG LLP on behalf of The Bank of New York Mellon, Indenture Trustee

 35.1
 —
 Servicer Compliance Statement

 (c) Not applicable.
 Item 16. Form 10-K Summary.
 None.
 Item 1112(b). Significant Obligors of Pool Assets.
 None.
 Item 1114(b)(2). Credit Enhancement and Other Support, Except For Certain Derivative Instruments.
 None.
 Item 1115(b). Certain Derivative Instruments.
 None.
 Item 1117. Legal Proceedings.
 None.
 Item 1119. Affiliations and Certain Relationships and Related Transactions.
 Consumers 2023 Securitization Funding LLC is a wholly owned subsidiary of Consumers, which is the depositor, sponsor, and servicer.
 Item 1122. Compliance With Applicable Servicing Criteria.
 See Exhibits 33.1, 33.2, 34.1, and 34.2 of this Form 10 K.
 Item 1123. Servicer Compliance Statement.
 See Exhibit 35.1 of this Form 10 K.

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Consumers 2023 Securitization Funding LLC 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

 Name
 Scott B. McIntosh

 Title
 Vice President, Controller, Chief Accounting Officer, and senior officer in charge of the servicing function of Consumers Energy Company, as Servicer

 Date
 March 12, 2024

 SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT
 No such annual report, proxy statement, form of proxy, or other proxy soliciting material has been sent to the registrant's security holders. The registrant will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form.


FORM 10-K

 Document

 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10 K
 x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2024
 OR
 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from_____to_____
 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)

 Delaware
 93-3119763

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

 (I.R.S. Employer Identification Number of issuing entity)

 One Energy Plaza, Jackson, Michigan

 49201

 (Address of principal executive offices of issuing entity)

 (Zip Code)

 Registrant's telephone number, including area code (517) 788-1947

 Securities registered pursuant to Section 12(b) of the Act

 None

 Securities registered pursuant to Section 12(g) of the Act

 None

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 Yes o

 No x

 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
 Yes o

 No x

 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 x

 No o

 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 Yes x

 No o

 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b 2 of the Exchange Act.

 Large accelerated filer

 o

 Accelerated filer

 o

 Non Accelerated filer

 x

 Smaller reporting company

 o

 Emerging growth company

 o

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 o

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 o

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 o

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 o

 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b 2 of the Exchange Act).

 Yes o

 No x

 The registrant does not have any voting or non-voting common equity held by non-affiliates.

 Documents incorporated by reference A portion of CMS Energy Corporation's and Consumers Energy Company's definitive proxy statement relating to their 2025 Annual Meetings of Shareholders to be held May 2, 2025 is incorporated by reference in Item 11 of Part III of this Form 10 K.

 The following Items have been omitted pursuant to General Instruction J of Form 10 K
 • Item 1. Business.
 • Item 1A. Risk Factors.
 • Item 1C. Cybersecurity.
 • Item 2. Properties.
 • Item 3. Legal Proceedings.
 Item 1B. Unresolved Staff Comments.
 None.
 Item 4. Mine Safety Disclosures.
 None.

 The following Items have been omitted pursuant to General Instruction J of Form 10 K
 • Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
 • Item 6. Reserved.
 • Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
 • Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
 • Item 8. Financial Statements and Supplementary Data.
 • Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
 • Item 9A. Controls and Procedures.
 Item 9B. Other Information.
 None.
 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
 Not applicable.

 Item 10. Directors, Executive Officers and Corporate Governance.
 Following are the managers and executive officers of Consumers 2023 Securitization Funding LLC as of March 11, 2025

 Name, Age, Position(s)
 Period

 Jason M. Shore (age 48)

 President, Chief Executive Officer, Chief Financial Officer, and Treasurer of Consumers 2023 Securitization Funding LLC

 Vice President and Treasurer of CMS Energy Corporation ("CMS Energy") and Consumers Energy Company ("Consumers")
 12 2023 – Present

 Executive Director of Treasury and Capital Markets of CMS Energy and Consumers
 7 2023 – 12 2023

 Executive Director of Treasury and Financial Strategy and Policy of CMS Energy and Consumers
 6 2021 – 7 2023

 Executive Director of Planning, Budget and Analysis of CMS Energy and Consumers
 4 2018 – 6 2021

 Rejji P. Hayes (age 50)

 Executive Vice President and Manager of Consumers 2023 Securitization Funding LLC

 Executive Vice President and Chief Financial Officer of CMS Energy and Consumers
 5 2017 – Present

 Shaun M. Johnson (age 46)

 Senior Vice President, General Counsel, and Manager of Consumers 2023 Securitization Funding LLC

 Senior Vice President and General Counsel of CMS Energy and Consumers
 5 2019 – Present

 Melissa M. Gleespen (age 57)

 Vice President, Secretary, and Manager of Consumers 2023 Securitization Funding LLC

 Vice President, Corporate Secretary, and Chief Compliance Officer of CMS Energy and Consumers
 1 2016 – Present

 Scott B. McIntosh (age 49)

 Vice President and Controller of Consumers 2023 Securitization Funding LLC

 Vice President, Controller, and Chief Accounting Officer of CMS Energy and Consumers
 9 2021 – Present

 Vice President and Controller of CMS Energy and Consumers
 6 2021 – 9 2021

 Vice President of CMS Energy and Consumers
 9 2015 – 6 2021

 Albert J. Fioravanti (age 60)

 Independent Manager of Consumers 2023 Securitization Funding LLC
 12 2023 – Present

 Managing Director of Lord Securities Corporation
 12 2018 – Present

 Consumers 2023 Securitization Funding LLC is a wholly owned subsidiary of Consumers, which in turn is a wholly owned subsidiary of CMS Energy.

 Code of Ethics
 Consumers has adopted a code of ethics, entitled "CMS Energy 2025 Code of Conduct and Guide to Ethical Business Behavior" (Employee Code) that applies to all officers and employees of Consumers and its affiliates, including Consumers 2023 Securitization Funding LLC. The Employee Code is administered by the Chief Compliance Officer of Consumers, who reports directly to the Audit Committee of the Board of Directors of Consumers. The Employee Code and any waivers of, or amendments or exceptions to, a provision of the Employee Code will be disclosed on Consumers' website at www.cmsenergy.com corporate-governance compliance-and-ethics.
 Item 11. Executive Compensation.
 Other than the annual independent manager fee of $3,500 paid to Lord Securities Corporation, Consumers 2023 Securitization Funding LLC does not pay any compensation to its managers or executive officers.
 Information that is required in Item 11 regarding executive compensation of Consumers' executive officers is incorporated by reference from CMS Energy's and Consumers' definitive proxy statement for their 2025 Annual Meetings of Shareholders to be held May 2, 2025.
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 None.
 Item 13. Certain Relationships and Related Transactions, and Director Independence.
 None.
 Item 14. Principal Accountant Fees and Services.
 Omitted pursuant to General Instruction J of Form 10 K.

 Item 15. Exhibits and Financial Statement Schedules.
 (a)(1) and (a)(2) Financial Statements and Financial Statement Schedules are omitted pursuant to General Instruction J of Form 10 K as listed under Item 8 of this report.
 (a)(3) and (b) Exhibit Index

 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)

 31.1
 —
 Rule 13a-14(d) 15d-14(d) Certification

 33.1
 —
 Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for Consumers Energy Company, Servicer

 33.2
 —
 Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for The Bank of New York Mellon, Indenture Trustee

 Exhibits

 Description

 34.1
 —
 Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of PricewaterhouseCoopers LLP on behalf of Consumers Energy Company, Servicer

 34.2
 —
 Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of KPMG LLP on behalf of The Bank of New York Mellon, Indenture Trustee

 35.1
 —
 Servicer Compliance Statement

 (c) Not applicable.
 Item 16. Form 10-K Summary.
 None.
 Item 1112(b). Significant Obligors of Pool Assets.
 None.
 Item 1114(b)(2). Credit Enhancement and Other Support, Except For Certain Derivative Instruments.
 None.
 Item 1115(b). Certain Derivative Instruments.
 None.
 Item 1117. Legal Proceedings.
 None.
 Item 1119. Affiliations and Certain Relationships and Related Transactions.
 Consumers 2023 Securitization Funding LLC is a wholly owned subsidiary of Consumers, which is the depositor, sponsor, and servicer.
 Item 1122. Compliance With Applicable Servicing Criteria.
 See Exhibits 33.1, 33.2, 34.1, and 34.2 of this Form 10 K.
 The Bank of New York Mellon (the "Indenture Trustee") participates in the servicing function with respect to the asset pool held by Consumers 2023 Securitization Funding LLC and has completed a report on an assessment of compliance with applicable servicing criteria set forth in Item 1122(d)(3)(ii) of Regulation AB (Exhibit 33.2 of this Form 10 K). In addition, the Indenture Trustee has provided an attestation report by an independent registered public accounting firm (Exhibit 34.2 of this Form 10 K). These reports have identified and disclosed material instances of noncompliance that occurred with respect to the servicing criterion set forth in Item 1122(d)(3)(ii) as follows Amounts due to investors were not remitted in accordance with timeframes set forth in the transaction agreements.
 According to Schedule B of Exhibit 33.2 of this Form 10 K, the Indenture Trustee has enhanced controls in order to better ensure amounts due to investors are remitted in accordance with timeframes set forth in the transaction agreements.

 Item 1123. Servicer Compliance Statement.
 See Exhibit 35.1 of this Form 10 K.

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Consumers 2023 Securitization Funding LLC 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

 Name
 Scott B. McIntosh

 Title
 Vice President, Controller, Chief Accounting Officer, and senior officer in charge of the servicing function of Consumers Energy Company, as Servicer

 Date
 March 11, 2025

 SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT
 No such annual report, proxy statement, form of proxy, or other proxy soliciting material has been sent to the registrant's security holders. The registrant will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form.