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 333-228632-10
 CIK number of issuing entity 0001910595

 AmeriCredit Automobile Receivables Trust 2022-1
 (Exact name of issuing entity as specified in its charter)

 Commission File Number of depositor 333-228632
 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

 87-7032044

 (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 March 16, 2022, between AmeriCredit Automobile Receivables Trust 2022-1 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 AmeriCredit Automobile Receivables Trust 2022-1 (File No. 333-228632-10) with the SEC on March 17, 2022).

 Exhibit 4.2

 Amended and Restated Trust Agreement, dated as of March 16, 2022, 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 AmeriCredit Automobile Receivables Trust 2022-1 (File No. 333-228632-10) with the SEC on March 17, 2022).

 Exhibit 4.3

 Sale and Servicing Agreement, dated as of March 16, 2022, among AmeriCredit Automobile Receivables Trust 2022-1, as Issuer, AmeriCredit Financial Services, Inc., 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 AmeriCredit Automobile Receivables Trust 2022-1 (File No. 333-228632-10) with the SEC on March 17, 2022).

 Exhibit 10.1

 Purchase Agreement, dated as of March 16, 2022, between AmeriCredit Financial Services, Inc., 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 AmeriCredit Automobile Receivables Trust 2022-1 (File No. 333-228632-10) with the SEC on March 17, 2022).

 Exhibit 10.6

 Asset Representations Review Agreement, dated as of March 16, 2022, among AmeriCredit Automobile Receivables Trust 2022-1, AmeriCredit Financial Services, Inc., 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 AmeriCredit Automobile Receivables Trust 2022-1 (File No. 333-228632-10) with the SEC on March 17, 2022).

 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 333-228632-10
 CIK number of issuing entity 0001910595

 AmeriCredit Automobile Receivables Trust 2022-1
 (Exact name of issuing entity as specified in its charter)

 Commission File Number of depositor 333-228632
 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

 87-7032044

 (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 March 16, 2022, between AmeriCredit Automobile Receivables Trust 2022-1 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 AmeriCredit Automobile Receivables Trust 2022-1 (File No. 333-228632-10) with the SEC on March 17, 2022).

 Exhibit 4.2

 Amended and Restated Trust Agreement, dated as of March 16, 2022, 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 AmeriCredit Automobile Receivables Trust 2022-1 (File No. 333-228632-10) with the SEC on March 17, 2022).

 Exhibit 4.3

 Sale and Servicing Agreement, dated as of March 16, 2022, among AmeriCredit Automobile Receivables Trust 2022-1, as Issuer, AmeriCredit Financial Services, Inc., 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 AmeriCredit Automobile Receivables Trust 2022-1 (File No. 333-228632-10) with the SEC on March 17, 2022).

 Exhibit 10.1

 Purchase Agreement, dated as of March 16, 2022, between AmeriCredit Financial Services, Inc., 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 AmeriCredit Automobile Receivables Trust 2022-1 (File No. 333-228632-10) with the SEC on March 17, 2022).

 Exhibit 10.6

 Asset Representations Review Agreement, dated as of March 16, 2022, among AmeriCredit Automobile Receivables Trust 2022-1, AmeriCredit Financial Services, Inc., 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 AmeriCredit Automobile Receivables Trust 2022-1 (File No. 333-228632-10) with the SEC on March 17, 2022).

 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.


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

 Commission file number

(Exact name of issuing entity as specified in its charter)
 CIK 0001910923

 Louisiana

 87-4333832

 (State or other jurisdiction of incorporation or organization)
 (I.R.S. Employer Identification No.)

 505 Cleco Drive, Office Number 16, Pineville, Louisiana

 71360

 (Address of principal executive offices)
 (Zip Code)

 Registrant's telephone number, including area code
 (318) 484-4183

 Commission file number
 1-05663

 CLECO POWER LLC
(Exact name of depositor and sponsor as specified in its charter)
 CIK 0000018672

 Louisiana
 72-0244480

 (State or other jurisdiction of incorporation or organization)
 (I.R.S. Employer Identification No.)

 2030 Donahue Ferry Road, Pineville, Louisiana

 71360-5226

 (Address of principal executive offices)
 (Zip Code)

 Registrant's telephone number, including area code
 (318) 484-7400

 Securities registered pursuant to Section 12(b) of the Act None
 Securities registered pursuant to Section 12(b) 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 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 an emerging growth company. See 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 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 revise 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 Exchange Act) Yes No

 The Registrant does not have any voting or non-voting common equity held by non-affiliates.
 Documents incorporated by reference A portion of the Annual Report on Form 10-K of Cleco Power for the fiscal year ended December 31, 2023 is incorporated by reference in Item 11 of Part III of this report.

 ITEM 1. BUSINESS

 ITEM 1A. RISK FACTORS

 ITEM 1B. UNRESOLVED STAFF COMMENTS

 None.

 ITEM 1C. CYBERSECURITY

 ITEM 2. PROPERTIES

 ITEM 3. LEGAL PROCEEDINGS

 ITEM 4. MINE SAFETY DISCLOSURES

 None.

 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 DISCLOSURES

 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 OF THE REGISTRANT

 Overview
 As of March 25, 2024, Cleco Securitization I LLC (Cleco Securitization) has five managers. Pursuant to Cleco Securitization's limited liability company operating agreement, its affairs will be managed by managers to be appointed from time to time by Cleco Power LLC (Cleco Power). Cleco Securitization is required to have at least one independent manager until all of Cleco Securitization's storm recovery bonds and financing costs have been paid in full. The independent manager as defined in Cleco Securitization's operating agreement is a natural person that is not and has not been for at least five years prior to the date of his or her appointment
 • a direct or indirect legal or beneficial owner of Cleco Securitization, Cleco Power, or any of Cleco Securitization's or Cleco Power's affiliates,
 • a relative, supplier, employee, officer, director (other than as an independent director), manager (other than as an independent manager), contractor, or material creditor of Cleco Securitization, Cleco Power, or any of Cleco Securitization's or Cleco Power's affiliates, or
 • a person who controls (whether directly, indirectly, or otherwise) Cleco Power or its affiliates or any creditor, employee, officer, director, manager or material supplier or contractor of Cleco Power or its affiliates provided, that the indirect or beneficial ownership of Cleco Power or its affiliates through a mutual fund or similar diversified investment vehicle with respect to which the owner does not have discretion or control over the investments held by such diversified investment vehicle shall not preclude such owner from being an independent manager.

 Code of Conduct
 Cleco Securitization is a wholly owned subsidiary of Cleco Power. Cleco Power has adopted a Code of Conduct that applies to its principal executive officer, principal financial officer, principal accounting officer, and treasurer. Cleco Power has also adopted an Ethics Guide applicable to all employees and its Board of Managers (the Board). In addition, the Board has adopted Conflicts of Interest and Related Policies to prohibit certain conduct and to reflect the expectation of the Board that its members engage in and promote honest and ethical conduct in carrying out their duties and responsibilities, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships and corporate opportunities. Under the Conflicts of Interest and Related Policies, Cleco Power considers transactions that are reportable under the U.S. Securities and Exchange Commission's rules for transactions with related parties to be conflicts of interest and prohibits them. Any request, waiver, interpretation or other administration of the policy shall be referred to Cleco Power's Governance and Public Affairs Committee. Any recommendations by the Governance and Public Affairs Committee to implement a waiver shall be referred to the full Board for a final determination. The Code of Conduct for Financial Managers, Ethics Guide, and Conflicts of Interest and Related Policies can be found at https cleco.com about leadership-governance codes-of-conduct. Each of these documents is also available free of charge by request sent to Public Relations, Cleco, P.O. Box 5000, Pineville, LA 71361-5000.

 Managers and Executive Officers of Cleco Securitization
 The following is a list of the managers and executive officers of Cleco Securitization as of March 25, 2024

 NAME

 AGE
 POSITION AND FIVE-YEAR EMPLOYMENT HISTORY

 William G. Fontenot
 Cleco Corporate Holdings LLC

 Cleco Power LLC (1)

 Cleco Cajun LLC (2)

 President and Chief Executive Officer since January 2018.

 Chief Executive Officer since February 2019 President and Chief Executive Officer from January 2018 to February 2019.

 Chief Executive Officer since February 2019.

 President and Manager since June 2022.

 F. Tonita Laprarie
 Cleco Corporate Holdings LLC
 Cleco Power LLC

 Controller and Chief Accounting Officer since July 2016.

 Vice President and Manager since June 2022.

 Samantha McKee
 Cleco Corporate Holdings LLC
 Cleco Power LLC

 Assistant Treasurer since March 2021 Director - Tax from June 2018 to March 2021 Manager - Accounting Services from May 2016 to June 2018.

 Treasurer and Manager since June 2022.

 (1) Cleco Power is a wholly owned subsidiary of Cleco Corporate Holdings LLC.
 (2) Cleco Cajun LLC is a wholly owned subsidiary of Cleco Corporate Holdings LLC.

 NAME

 AGE
 POSITION AND FIVE-YEAR EMPLOYMENT HISTORY

 Stacy Stubbs
 Cleco Corporate Holdings LLC
 Cleco Power LLC

 Accounting Policy and Research Advisor since May 2018 Manager - Tax from November 2013 to May 2018.

 Secretary and Manager since June 2022.

 Kevin P. Burns
 Global Securitization Services, LLC

 President and Co-founder since 1996. Fortune 1000 companies have selected Mr. Burns to serve as independent director for their special purpose vehicle subsidiaries established to finance commercial real estate, energy infrastructure and many classes of financial assets.

 Independent Manager since June 2022.

 ITEM 11. EXECUTIVE COMPENSATION

 Kevin P. Burns, representative of Global Securitization Services, LLC, serves as the independent manager of Cleco Securitization. Cleco Securitization pays an annual fee of $5,000 to Global Securitization Services, LLC for Mr. Burns' service. Cleco Securitization does not pay any compensation to its executive officers or other managers.
 The information required by this item with respect to Cleco Power is incorporated herein by reference to Item 11. Executive Compensation of the Annual Report on Form 10-K of Cleco Power for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the "SEC") on March 8, 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 Instructions J of Form 10-K.

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 DESCRIPTION

 15(a)(1)
 Financial Statements

 Not Applicable.

 15(a)(2)
 Financial Statements Schedules

 Not Applicable.

 15(a)(3) and 15(b)
 List of Exhibits

 See Exhibits listed below, which are incorporated herein by reference.

 15(c)
 Not Applicable.

 The Exhibits designated by an asterisk are filed herewith. The Exhibits not so designated previously have been filed with the SEC and are incorporated herein by reference.

 EXHIBITS

 EXHIBIT NUMBER
 DESCRIPTION
 SEC FILE OR
REGISTRATION
NUMBER
 REGISTRATION
STATEMENT OR
REPORT

EXHIBIT
NUMBER

 3.1
 Amended and Restated Articles of Organization of Cleco Securitization I LLC, dated as of June 20, 2022

 3.2

 3.2
 Amended and Restated Limited Liability Company Operating Agreement of Cleco Securitization I LLC, dated as of June 20, 2022

 3.4

 4.1

 Indenture between Cleco Securitization I LLC and The Bank of New York Mellon Trust Company, National Association, as Trustee, dated as of June 22, 2022

4.1

 4.2
 Series Supplement (including the form of the Storm Recovery Bonds) between Cleco Securitization I LLC and The Bank of New York Mellon Trust Company, National Association, as Trustee, dated as of June 22, 2022

 4.2

 10.1

 Storm Recovery Property Servicing Agreement between Cleco Securitization I LLC and Cleco Power LLC dated as of June 22, 2022

10.1

 10.2

 Storm Recovery Property Sale Agreement between Cleco Securitization I LLC and Cleco Power LLC dated as of June 22, 2022

10.2

 10.3

 Administration Agreement between Cleco Securitization I LLC and Cleco Power LLC dated as of June 22, 2022

10.3

 *31.1
 Certification pursuant to Rule 13a-14(d) 15d-14(d)

 *33.1
 Report on assessment of compliance with servicing criteria for asset-backed securities for Cleco Power LLC

 *33.2
 Assertion of compliance with applicable servicing criteria for The Bank of New York Mellon Trust Company, National Association

 *34.1

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities of PricewaterhouseCoopers LLP on behalf of Cleco Power LLC

 *34.2

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities of KPMG on behalf of The Bank of New York Mellon Trust Company, National Association

 *35.1
 Servicer compliance statement

 ITEM 16. FORM 10-K SUMMARY

 None.

 ITEM 1112(b). SIGNIFICANT OBLIGORS OF POOL ASSETS

 None.

 ITEM 1114(b)(2). CREDIT ENHANCEMENTS AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVES INSTRUMENTS

 None.

 ITEM 1115(b). CERTAIN DERIVATIVES INSTRUMENTS

 None.

 ITEM 1117. LEGAL PROCEEDINGS

 None.

 ITEM 1119. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 Cleco Securitization I LLC is a wholly owned subsidiary of Cleco Power LLC.

 ITEM 1122. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA

 See exhibits 33.1, 33.2, 34.1 and 34.2 under Item 15.

 ITEM 1123. SERVICER COMPLIANCE STATEMENT

 See exhibit 35.1 under Item 15.

 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, this 25th day of March 2024.

 (Issuing Entity)

 By

 CLECO POWER LLC, as servicer

 s Vincent M. Sipowicz

 (Vincent M. Sipowicz)

 (Treasurer)

 (Senior officer in charge of the servicing function)

 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 any proxy material to its security holders subsequent to the filing of this Annual Report on Form 10-K.


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

 Commission file number

(Exact name of issuing entity as specified in its charter)
 CIK 0001910923

 Louisiana

 87-4333832

 (State or other jurisdiction of incorporation or organization)
 (I.R.S. Employer Identification No.)

 505 Cleco Drive, Office Number 16, Pineville, Louisiana

 71360

 (Address of principal executive offices)
 (Zip Code)

 Registrant's telephone number, including area code
 (318) 484-4183

 Commission file number
 1-05663

 CLECO POWER LLC
(Exact name of depositor and sponsor as specified in its charter)
 CIK 0000018672

 Louisiana
 72-0244480

 (State or other jurisdiction of incorporation or organization)
 (I.R.S. Employer Identification No.)

 2030 Donahue Ferry Road, Pineville, Louisiana

 71360-5226

 (Address of principal executive offices)
 (Zip Code)

 Registrant's telephone number, including area code
 (318) 484-7400

 Securities registered pursuant to Section 12(b) of the Act None
 Securities registered pursuant to Section 12(b) 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 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 an emerging growth company. See 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 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 revise 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 Exchange Act) Yes No

 The Registrant does not have any voting or non-voting common equity held by non-affiliates.
 Documents incorporated by reference A portion of the Annual Report on Form 10-K of Cleco Power for the fiscal year ended December 31, 2023 is incorporated by reference in Item 11 of Part III of this report.

 ITEM 1. BUSINESS

 ITEM 1A. RISK FACTORS

 ITEM 1B. UNRESOLVED STAFF COMMENTS

 None.

 ITEM 1C. CYBERSECURITY

 ITEM 2. PROPERTIES

 ITEM 3. LEGAL PROCEEDINGS

 ITEM 4. MINE SAFETY DISCLOSURES

 None.

 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 DISCLOSURES

 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 OF THE REGISTRANT

 Overview
 As of March 27, 2025, Cleco Securitization I LLC (Cleco Securitization) has five managers. Pursuant to Cleco Securitization's limited liability company operating agreement, its affairs will be managed by managers to be appointed from time to time by Cleco Power LLC (Cleco Power). Cleco Securitization is required to have at least one independent manager until all of Cleco Securitization's storm recovery bonds and financing costs have been paid in full. The independent manager as defined in Cleco Securitization's operating agreement is a natural person that is not and has not been for at least five years prior to the date of his or her appointment
 • a direct or indirect legal or beneficial owner of Cleco Securitization, Cleco Power, or any of Cleco Securitization's or Cleco Power's affiliates,
 • a relative, supplier, employee, officer, director (other than as an independent director), manager (other than as an independent manager), contractor, or material creditor of Cleco Securitization, Cleco Power, or any of Cleco Securitization's or Cleco Power's affiliates, or
 • a person who controls (whether directly, indirectly, or otherwise) Cleco Power or its affiliates or any creditor, employee, officer, director, manager or material supplier or contractor of Cleco Power or its affiliates provided, that the indirect or beneficial ownership of Cleco Power or its affiliates through a mutual fund or similar diversified investment vehicle with respect to which the owner does not have discretion or control over the investments held by such diversified investment vehicle shall not preclude such owner from being an independent manager.

 Code of Conduct
 Cleco Securitization is a wholly owned subsidiary of Cleco Power. Cleco Power has adopted a Code of Conduct that applies to its principal executive officer, principal financial officer, principal accounting officer, and treasurer. Cleco Power has also adopted an Ethics Guide applicable to all employees and its Board of Managers (the Board). In addition, the Board has adopted Conflicts of Interest and Related Policies to prohibit certain conduct and to reflect the expectation of the Board that its members engage in and promote honest and ethical conduct in carrying out their duties and responsibilities, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships and corporate opportunities. Under the Conflicts of Interest and Related Policies, Cleco Power considers transactions that are reportable under the U.S. Securities and Exchange Commission's rules for transactions with related parties to be conflicts of interest and prohibits them. Any request, waiver, interpretation or other administration of the policy shall be referred to Cleco Power's Governance and Public Affairs Committee. Any recommendations by the Governance and Public Affairs Committee to implement a waiver shall be referred to the full Board for a final determination. The Code of Conduct for Financial Managers, Ethics Guide, and Conflicts of Interest and Related Policies can be found at https cleco.com about leadership-governance codes-of-conduct. Each of these documents is also available free of charge by request sent to Public Relations, Cleco, P.O. Box 5000, Pineville, LA 71361-5000.

 Managers and Executive Officers of Cleco Securitization
 The following is a list of the managers and executive officers of Cleco Securitization as of March 27, 2025

 NAME

 AGE
 POSITION AND FIVE-YEAR EMPLOYMENT HISTORY

 William G. Fontenot
 Cleco Corporate Holdings LLC

 Cleco Power LLC (1)

 Cleco Cajun LLC (2)

 President and Chief Executive Officer since January 2018.

 Chief Executive Officer since February 2019.

 Chief Executive Officer since February 2019.

 President and Manager since June 2022.

 F. Tonita Laprarie
 Cleco Corporate Holdings LLC
 Cleco Power LLC

 Controller and Chief Accounting Officer since July 2016.

 Vice President and Manager since June 2022.

 Samantha McKee
 Cleco Corporate Holdings LLC
 Cleco Power LLC

 Assistant Treasurer since March 2025 Assistant Treasurer and Interim Director- Tax from December 2024 to March 2025 Assistant Treasurer from March 2021 to December 2024 Director - Tax from June 2018 to March 2021.

 Treasurer and Manager since June 2022.

 (1) Cleco Power is a wholly owned subsidiary of Cleco Corporate Holdings LLC.
 (2) Cleco Cajun LLC is a wholly owned subsidiary of Cleco Corporate Holdings LLC. On June 1, 2024, Cleco Cajun LLC completed the sale of its unregulated electric utility business.

 NAME

 AGE
 POSITION AND FIVE-YEAR EMPLOYMENT HISTORY

 Stacy Stubbs
 Cleco Corporate Holdings LLC
 Cleco Power LLC

 Accounting Policy and Research Advisor since May 2018.

 Secretary and Manager since June 2022.

 Kevin P. Burns
 Global Securitization Services, LLC

 President and Co-founder since 1996. Fortune 1000 companies have selected Mr. Burns to serve as independent director for their special purpose vehicle subsidiaries established to finance commercial real estate, energy infrastructure and many classes of financial assets.

 Independent Manager since June 2022.

 ITEM 11. EXECUTIVE COMPENSATION

 Kevin P. Burns, representative of Global Securitization Services, LLC, serves as the independent manager of Cleco Securitization. Cleco Securitization pays an annual fee of $5,000 to Global Securitization Services, LLC for Mr. Burns' service. Cleco Securitization does not pay any compensation to its executive officers or other managers.
 The information required by this item with respect to Cleco Power is incorporated herein by reference to Item 11. Executive Compensation of the Annual Report on Form 10-K of Cleco Power for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on March 7, 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 Instructions J of Form 10-K.

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 DESCRIPTION

 15(a)(1)
 Financial Statements

 Not Applicable.

 15(a)(2)
 Financial Statements Schedules

 Not Applicable.

 15(a)(3) and 15(b)
 List of Exhibits

 See Exhibits listed below, which are incorporated herein by reference.

 15(c)
 Not Applicable.

 The Exhibits designated by an asterisk are filed herewith. The Exhibits not so designated previously have been filed with the SEC and are incorporated herein by reference.

 EXHIBITS

 EXHIBIT NUMBER
 DESCRIPTION
 SEC FILE OR
REGISTRATION
NUMBER
 REGISTRATION
STATEMENT OR
REPORT

EXHIBIT
NUMBER

 3.1
 Amended and Restated Articles of Organization of Cleco Securitization I LLC, dated as of June 20, 2022

 3.2

 3.2
 Amended and Restated Limited Liability Company Operating Agreement of Cleco Securitization I LLC, dated as of June 20, 2022

 3.4

 4.1

 Indenture between Cleco Securitization I LLC and The Bank of New York Mellon Trust Company, National Association, as Trustee, dated as of June 22, 2022

4.1

 4.2
 Series Supplement (including the form of the Storm Recovery Bonds) between Cleco Securitization I LLC and The Bank of New York Mellon Trust Company, National Association, as Trustee, dated as of June 22, 2022

 4.2

 10.1

 Storm Recovery Property Servicing Agreement between Cleco Securitization I LLC and Cleco Power LLC dated as of June 22, 2022

10.1

 10.2

 Storm Recovery Property Sale Agreement between Cleco Securitization I LLC and Cleco Power LLC dated as of June 22, 2022

10.2

 10.3

 Administration Agreement between Cleco Securitization I LLC and Cleco Power LLC dated as of June 22, 2022

10.3

 *31.1
 Certification pursuant to Rule 13a-14(d) 15d-14(d)

 *33.1
 Report on assessment of compliance with servicing criteria for asset-backed securities for Cleco Power LLC

 *33.2
 Assertion of compliance with applicable servicing criteria for The Bank of New York Mellon Trust Company, National Association

 *34.1

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities of PricewaterhouseCoopers LLP on behalf of Cleco Power LLC

 *34.2

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities of KPMG on behalf of The Bank of New York Mellon Trust Company, National Association

 *35.1
 Servicer compliance statement

 ITEM 16. FORM 10-K SUMMARY

 None.

 ITEM 1112(b). SIGNIFICANT OBLIGORS OF POOL ASSETS

 None.

 ITEM 1114(b)(2). CREDIT ENHANCEMENTS AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVES INSTRUMENTS

 None.

 ITEM 1115(b). CERTAIN DERIVATIVES INSTRUMENTS

 None.

 ITEM 1117. LEGAL PROCEEDINGS

 None.

 ITEM 1119. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 Cleco Securitization I LLC is a wholly owned subsidiary of Cleco Power LLC.

 ITEM 1122. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA

 See Exhibits 33.1, 33.2, 34.1 and 34.2 under Item 15. Servicing criteria 1122(d)(3)(i)(B) requires the Servicer to prepare reports to investors that provide information calculated in accordance with the terms specified in the transaction agreements. For three of the Monthly Servicer Certificates filed during the year ended 2024, due to utilizing variance thresholds at too high of a level, classification discrepancies between the rate classes existed in the schedule. The discrepancies only impacted certain amounts included in the Estimated SRCA Collections Deemed Received and Estimated SRCA Collections Remitted columns between the rate classes. Amounts billed, as well as total collections deemed received and collections remitted, were unaffected by the discrepancies. These discrepancies were limited to the reported classification of estimated deemed collections and estimated collections remitted and did not impact actual remittances or any other servicer requirements. Management has revised its thresholds for evaluating classification variances within its monthly reconciliation processes.

 Additionally, the trustee for the issuer reported in its servicer compliance report for the twelve months ended December 31, 2024, an instance of non-compliance with servicing criteria 1122(d)(3)(ii) Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. This trustee compliance matter is unrelated to and did not impact Cleco Securitization I LLC. Refer to Exhibit 33.2 Schedules A and B for discussion of the root cause and remediation.

 ITEM 1123. SERVICER COMPLIANCE STATEMENT

 See Exhibit 35.1 under Item 15.

 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, this 27th day of March 2025.

 (Issuing Entity)

 By

 CLECO POWER LLC, as servicer

 s Vincent M. Sipowicz

 (Vincent M. Sipowicz)

 (Treasurer)

 (Senior officer in charge of the servicing function)

 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 any proxy material to its security holders subsequent to the filing of this Annual Report on Form 10-K.