UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

 FORM 10-K
 (Mark One)

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

 For the fiscal year ended December 31, 2023

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

 For the transition period from _________ to _________

 Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No.

 PNM Energy Transition Bond Company I, LLC
 (Issuing Entity)
 (A Delaware limited liability company)
 414 Silver Ave. SW
 Albuquerque, New Mexico 87102 -3289
 Telephone Number - ( 505) 241-2700
 Commission File No. - 333-274433-01
 IRS Employer Identification No. - 95-3095291

 Public Service Company of New Mexico
 (Depositor and Sponsor)
 (A New Mexico Corporation)
 414 Silver Ave. SW
 Albuquerque, New Mexico 87102 -3289
 Telephone Number - ( 505) 241-2700
 Commission File No. - 001-06986
 IRS Employer Identification No. - 85-0019030

 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 whether 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, 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
 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.

 Yes

 No

 If securities are registered pursuant to Section 12(b) of the Exchange 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 require a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to Section 240.10 D-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

 None.

 Auditor Firm ID: 185 Auditor Name: KPMG, LLP Auditor Location: Albuquerque, New Mexico

 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

 Not Applicable.

 ITEM 5.MARKET FOR PNMR'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
 None.

 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 PNM Energy Transition Bond Company I, LLC (the "Issuing Entity") as of March 15, 2024:

 Name
 Age
 Office
 Initial Effective Date

 G. R. Bischoff
 PNM Energy Transition Bond Company I, LLC - Manager and Secretary
 December 2023

 PNM Resources, Inc. - Vice President and Corporate Controller
 December 2023

 E. A. Eden
 PNM Energy Transition Bond Company I, LLC - Manager, President and Treasurer
 August 2023

 PNM Resources, Inc. - Senior Vice President, Chief Financial Officer and Treasurer
 May 2022

 PNM Resources, Inc. - Vice President and Treasurer
 February 2021

 K. P. Burns
 PNM Energy Transition Bond Company I, LLC - Independent Manager
 August 2023

 The Issuing Entity is a wholly-owned subsidiary of Public Service Company of New Mexico, which in turn is a wholly-owned subsidiary of PNM Resources, Inc. ("PNMR"). Certain executive officers and managers of the Issuing Entity also hold officer and/or director positions at PNMR's other significant subsidiaries.

 Code of Conduct

 PNMR has adopted a written Code of Ethics, referred to as "Do the Right Thing - Principles of Business Conduct; Supplier Code of Conduct". Since the Issuing Entity is an indirect wholly-owned subsidiary of PNMR, other than the independent manager, all of its managers and executive officers have a responsibility to comply with PNMR's Code of Ethics. PNMR has posted its Code of Ethics in the "Governance" section of its website,  PNMR will post amendments to or waivers from its Code of Ethics on its website.

 ITEM 11.EXECUTIVE COMPENSATION
 Other than the annual independent manager fee of $3,767 paid to Global Securitization Services, LLC, the Issuing Entity does not pay any compensation to its managers or executive officers.

 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 ACCOUNTING FEES AND SERVICES

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 1.

 2.

 3.
 Exhibits:

 The documents listed below are being filed herewith or have been previously filed on behalf of PNM Energy Transition Bond Company I, LLC and are incorporated by reference to the filings set forth below pursuant to Exchange Act Rule 12b-32 and Regulation S-K section 10, paragraph (d).

 Exhibit No.
 Description of Exhibit
 Filed as Exhibit:
 Registrant
 File No:

 Articles of Incorporation and By-laws

 3.1
 Certificate of Formation of PNM Energy Transition Bond Company I, LLC

 3.1 to the Registration Statement on Form SF-1 filed September 8, 2023

 3.2
 Amended and Restated Limited Liability Company Agreement of PNM Energy Transition Bond Company I, LLC dated and effective as of November 7, 2023

 3.2 to the Current Report on Form 8-K filed November 8, 2023

 Securities Instruments

 4.1
 Indenture dated and effective November 15, 2023, among PNM Energy Transition Bond Company I, LLC, U.S. Bank Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association,as Securities Intermediary (including a form of the Bonds)

 4.1 to the Current Report on Form 8-K filed November 15, 2023

 4.2
 Series Supplement dated and effective November 15, 2023, among PNM Energy Transition Bond Company I, LLC, U.S. Bank Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association,as Securities Intermediary

 4.2 to the Current Report on Form 8-K filed November 15, 2023

 Material Contracts

 10.1
 Energy Transition Property Servicing Agreement dated and effective November 15, 2023, by and between Public Service Company of New Mexico and PNM Energy Transition Bond Company I, LLC

 10.1 to the Current Report on Form 8-K filed November 15, 2023

 10.2
 Energy Transition Property Purchase and Sale Agreement dated and effective November 15, 2023, by and between Public Service Company of New Mexico and PNM Energy Transition Bond Company I, LLC

 10.2 to the Current Report on Form 8-K filed November 15, 2023

 10.3
 Administrative Agreement dated and effective November 15, 2023, by and between Public Service Company of New Mexico and PNM Energy Transition Bond Company I, LLC

 10.3 to the Current Report on Form 8-K filed November 15, 2023

 Rule 13a-14(a) / 15d-14(a) Officer Certification

 31.1
 Certification Pursuant to Rule 13a-14(d) / 15d-14(d)

 Reports on assessment of compliance with servicing criteria for asset-backed issuers

 33.1
 Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for Public Service Company of New Mexico, as Servicer

 33.2
 Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for U.S. Bank Trust Company National Association, as Indenture Trustee

 Attestation reports on assessment of compliance with servicing criteria for asset-backed securities

 34.1
 Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of KPMG, LLP on behalf of Public Service Company of New Mexico, as Servicer

 34.2
 Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of Ernst & Young LLP on behalf of U.S. Bank Trust Company National Association, as Indenture Trustee

 Servicer Compliance Statement

 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 ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVE INSTRUMENTS.

 None.

 ITEM 1115(b). CERTAIN DERIVATIVE INSTRUMENTS.

 None.

 ITEM 1117. LEGAL PROCEEDINGS

 U.S. Bank National Association ("U.S. Bank") and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities ("RMBS") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.

 U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts.

 On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the "DSTs") that issued securities backed by student loans (the "Student Loans") filed a lawsuit in the Delaware Court of Chancery against U.S. Bank National Association ("U.S. Bank") in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (the "NCMSLT Action"). The complaint, as amended on June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S. Bank concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

 U.S. Bank has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending.

 U.S. Bank denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs' claims vigorously.

 ITEM 1119. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

 The Issuing Entity is a wholly-owned subsidiary of Public Service Company of New Mexico, which is the depositor, sponsor, and servicer.

 ITEM 1122. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA.

 The Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers and the related attestation report for Public Service Company of New Mexico included as Exhibits 33.1 and 34.1, respectively, to this Form 10-K, identified no material instances of noncompliance by Public Service Company of New Mexico with the servicing criteria set forth in ITEM 1122 of Regulation AB.

 The Report on Assessment of Compliance With Servicing Criteria for Asset-Backed Issuers and the related attestation report for U.S. Bank National Association included as Exhibits 33.2 and 34.2, respectively, to this form 10-K, identified no material instances of noncompliance by U.S. Bank National Association with the servicing criteria set forth in ITEM 1122 of Regulation AB.

 See Exhibits 33.1, 33.2, 34.1, and 34.2 to this Form 10-K.

 ITEM 1123. SERVICER COMPLIANCE STATEMENT.

 See Exhibit 35.1 to this 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.

 PNM ENERGY TRANSITION BOND COMPANY I, LLC, as issuing entity

 (Registrant)

 By: Public Service Company of New Mexico, as Servicer

 Date:
 March 25, 2024

 /s/ Gerald R. Bischoff

 Gerald R. Bischoff

 Vice President and Corporate Controller

 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 soliciting material has been sent to 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.


UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

 FORM 10-K
 (Mark One)

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

 For the fiscal year ended December 31, 2024

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

 For the transition period from _________ to _________

 Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No.

 PNM Energy Transition Bond Company I, LLC
 (Issuing Entity)
 (A Delaware limited liability company)
 414 Silver Ave. SW
 Albuquerque, New Mexico 87102 -3289
 Telephone Number - ( 505) 241-2700
 Commission File No. - 333-274433-01
 IRS Employer Identification No. - 95-3095291

 Public Service Company of New Mexico
 (Depositor and Sponsor)
 (A New Mexico Corporation)
 414 Silver Ave. SW
 Albuquerque, New Mexico 87102 -3289
 Telephone Number - ( 505) 241-2700
 Commission File No. - 001-06986
 IRS Employer Identification No. - 85-0019030

 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 whether 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, 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
 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.

 Yes

 No

 If securities are registered pursuant to Section 12(b) of the Exchange 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 require a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to Section 240.10 D-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

 None.

 Auditor Firm ID: 185 Auditor Name: KPMG, LLP Auditor Location: Albuquerque, New Mexico

 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

 Not Applicable.

 ITEM 5.MARKET FOR TXNM'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
 None.

 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 PNM Energy Transition Bond Company I, LLC (the "Issuing Entity") as of March 15, 2025:

 Name
 Age
 Office
 Initial Effective Date

 G. R. Bischoff
 PNM Energy Transition Bond Company I, LLC - Manager and Secretary
 December 2023

 TXNM Energy, Inc. - Vice President and Corporate Controller
 December 2023

 E. A. Eden
 PNM Energy Transition Bond Company I, LLC - Manager and President
 April 2024

 PNM Energy Transition Bond Company I, LLC - Manager, President, and Treasurer
 August 2023

 TXNM Energy, Inc. - Senior Vice President and Chief Financial Officer
 April 2024

 TXNM Energy, Inc. - Senior Vice President, Chief Financial Officer and Treasurer
 May 2022

 TXNM Energy, Inc. - Vice President and Treasurer
 February 2021

 K. P. Burns
 PNM Energy Transition Bond Company I, LLC - Independent Manager
 August 2023

 The Issuing Entity is a wholly-owned subsidiary of Public Service Company of New Mexico, which in turn is a wholly-owned subsidiary of TXNM Energy, Inc. ("TXNM"). Certain executive officers and managers of the Issuing Entity also hold officer and/or director positions at TXNM's other significant subsidiaries.

 Code of Conduct

 TXNM has adopted a written Code of Ethics, referred to as "Do the Right Thing - Principles of Business Conduct; Supplier Code of Conduct". Since the Issuing Entity is an indirect wholly-owned subsidiary of TXNM, other than the independent manager, all of its managers and executive officers have a responsibility to comply with TXNM's Code of Ethics. TXNM has posted its Code of Ethics in the "Governance" section of its website,  TXNM will post amendments to or waivers from its Code of Ethics on its website.

 ITEM 11.EXECUTIVE COMPENSATION
 Other than the annual independent manager fee of $3,500 paid to Global Securitization Services, LLC, the Issuing Entity does not pay any compensation to its managers or executive officers.

 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 ACCOUNTING FEES AND SERVICES

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 1.

 2.

 3.
 Exhibits:

 The documents listed below are being filed herewith or have been previously filed on behalf of PNM Energy Transition Bond Company I, LLC and are incorporated by reference to the filings set forth below pursuant to Exchange Act Rule 12b-32 and Regulation S-K section 10, paragraph (d).

 Exhibit No.
 Description of Exhibit
 Filed as Exhibit:
 Registrant
 File No:

 Articles of Incorporation and By-laws

 3.1
 Certificate of Formation of PNM Energy Transition Bond Company I, LLC

 3.1 to the Registration Statement on Form SF-1 filed September 8, 2023

 3.2
 Amended and Restated Limited Liability Company Agreement of PNM Energy Transition Bond Company I, LLC dated and effective as of November 7, 2023

 3.2 to the Current Report on Form 8-K filed November 8, 2023

 Securities Instruments

 4.1
 Indenture dated and effective November 15, 2023, among PNM Energy Transition Bond Company I, LLC, U.S. Bank Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association,as Securities Intermediary (including a form of the Bonds)

 4.1 to the Current Report on Form 8-K filed November 15, 2023

 4.2
 Series Supplement dated and effective November 15, 2023, among PNM Energy Transition Bond Company I, LLC, U.S. Bank Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association,as Securities Intermediary

 4.2 to the Current Report on Form 8-K filed November 15, 2023

 Material Contracts

 10.1
 Energy Transition Property Servicing Agreement dated and effective November 15, 2023, by and between Public Service Company of New Mexico and PNM Energy Transition Bond Company I, LLC

 10.1 to the Current Report on Form 8-K filed November 15, 2023

 10.2
 Energy Transition Property Purchase and Sale Agreement dated and effective November 15, 2023, by and between Public Service Company of New Mexico and PNM Energy Transition Bond Company I, LLC

 10.2 to the Current Report on Form 8-K filed November 15, 2023

 10.3
 Administrative Agreement dated and effective November 15, 2023, by and between Public Service Company of New Mexico and PNM Energy Transition Bond Company I, LLC

 10.3 to the Current Report on Form 8-K filed November 15, 2023

 Rule 13a-14(a) / 15d-14(a) Officer Certification

 31.1
 Certification Pursuant to Rule 13a-14(d) / 15d-14(d)

 Reports on assessment of compliance with servicing criteria for asset-backed issuers

 33.1
 Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for Public Service Company of New Mexico, as Servicer

 33.2
 Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for U.S. Bank Trust Company National Association, as Indenture Trustee

 Attestation reports on assessment of compliance with servicing criteria for asset-backed securities

 34.1
 Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of KPMG, LLP on behalf of Public Service Company of New Mexico, as Servicer

 34.2
 Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of Ernst & Young LLP on behalf of U.S. Bank Trust Company National Association, as Indenture Trustee

 Servicer Compliance Statement

 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 ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVE INSTRUMENTS.

 None.

 ITEM 1115(b). CERTAIN DERIVATIVE INSTRUMENTS.

 None.

 ITEM 1117. LEGAL PROCEEDINGS

 U.S. Bank National Association ("U.S. Bank") and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities ("RMBS") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.

 U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts.

 On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the "DSTs") that issued securities backed by student loans (the "Student Loans") filed a lawsuit in the Delaware Court of Chancery against U.S. Bank National Association ("U.S. Bank") in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (the "NCMSLT Action"). The complaint, as amended on June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S. Bank concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

 U.S. Bank has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending.

 U.S. Bank denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs' claims vigorously.

 ITEM 1119. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

 The Issuing Entity is a wholly-owned subsidiary of Public Service Company of New Mexico, which is the depositor, sponsor, and servicer.

 ITEM 1122. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA.

 The Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers and the related attestation report for Public Service Company of New Mexico included as Exhibits 33.1 and 34.1, respectively, to this Form 10-K, identified no material instances of noncompliance by Public Service Company of New Mexico with the servicing criteria set forth in ITEM 1122 of Regulation AB.

 The Report on Assessment of Compliance With Servicing Criteria for Asset-Backed Issuers and the related attestation report for U.S. Bank National Association included as Exhibits 33.2 and 34.2, respectively, to this form 10-K, identified no material instances of noncompliance by U.S. Bank National Association with the servicing criteria set forth in ITEM 1122 of Regulation AB.

 See Exhibits 33.1, 33.2, 34.1, and 34.2 to this Form 10-K.

 ITEM 1123. SERVICER COMPLIANCE STATEMENT.

 See Exhibit 35.1 to this 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.

 PNM ENERGY TRANSITION BOND COMPANY I, LLC, as issuing entity

 (Registrant)

 By: Public Service Company of New Mexico, as Servicer

 Date:
 March 28, 2025

 /s/ Gerald R. Bischoff

 Gerald R. Bischoff

 Vice President and Corporate Controller

 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 soliciting material has been sent to 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.


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 Issuing Entity 333-260710-04

 Central Index Key Number of Issuing Entity 0001992483

 CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2

 (Exact Name of Issuing Entity as Specified in Its Charter)

 (Issuer of the Notes)

 Commission File Number of Depositor 333-260710
 Central Index Key Number of Depositor 0001133438
 CAPITAL ONE AUTO RECEIVABLES, LLC
 (Exact Name of Depositor as Specified in Its Charter)
 Central Index Key Number of Sponsor 0000047288
 CAPITAL ONE, NATIONAL ASSOCIATION
 (Exact Name of Sponsor as Specified in Its Charter)

 Delaware

 (State or Other Jurisdiction of Incorporation or Organization of the Issuing Entity)

 c o Capital One Auto Receivables, LLC
 1600 Capital One Drive
 Room 27907-B
 McLean, VA 22102

 (Address of Principal Executive Offices of Issuing Entity)

 (703) 720-3148

 (Registrant's telephone number, including area code)

 93-6679317

 (I.R.S. Employer Identification No. of the Issuing Entity)

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

 Title of Each Class
 Trading Symbol(s)
 Name of Each Exchange on Which Registered

 N A
 N A
 N A

 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 Rule 405 of Regulation S-T is not applicable.
 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. (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 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. Not Applicable
 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
 Registrant has no voting or non-voting common equity outstanding held by non-affiliates.

 Documents Incorporated by Reference. See Item 15(b).

 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.
 Not applicable.
 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).
 The pool assets held by Capital One Prime Auto Receivables Trust 2023-2 do not include any significant obligors.
 Item 1114(b)(2) of Regulation AB Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Financial Information).
 Based on the standards set forth in Item 1114(b)(2) of Regulation AB, no information is required in response to this Item.
 Item 1115(b) of Regulation AB Certain Derivatives Instruments (Financial Information).
 Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this Item.
 Item 1117 of Regulation AB Legal Proceedings.
 Owner Trustee Litigation
 BNY Mellon Trust of Delaware is an affiliate of The Bank of New York Mellon, which provides support services on its behalf in connection with the Capital One Prime Auto Receivables Trust 2023-2 transaction. In the ordinary course of business, The Bank of New York Mellon is named as a defendant in or made a party to pending and potential legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization ("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.
 The Bank of New York Mellon has provided us with the information under the caption "Owner Trustee Litigation" immediately above in response to the requirements of Regulation AB. Neither the Sponsor nor its affiliates is a party to any such litigation. Other than the information regarding trustee litigation immediately above, The Bank of New York Mellon has not participated in the preparation of, and is not responsible for, any other information contained in this Form 10-K.

 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.

 Not applicable.

 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.

 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.
 Capital One, National Association and Wilmington Trust National Association, as Indenture Trustee, (each, a "Servicing Participant") have been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by Capital One Prime Auto Receivables Trust 2023-2, the issuing entity. Each of the Servicing Participants has completed a report on assessment of compliance with the servicing criteria applicable to it (each, a "Report on Assessment"), 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 one or more registered independent public accounting firms, which reports are also attached as exhibits to this Form 10-K.
 Item 1123 of Regulation AB Servicer Compliance Statement.
 Capital One, National Association has been identified by the registrant as a servicer meeting the criteria of Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB with respect to the pool assets held by Capital One Prime Auto Receivables Trust 2023-2. The Sponsor, in its capacity as the servicer, has provided a statement of compliance (a "Compliance Statement"), which has been signed by an authorized officer of the servicer. The Compliance Statement is attached as an exhibit to this Form 10-K.

 Item 15. Exhibits and Financial Statement Schedules.
 (a)(1) Not Applicable.
 (a)(2) Not Applicable.
 (a)(3) The exhibits required by Item 601 of regulation S-K are listed in the Exhibit Index.
 (b) Exhibits.

 Exhibit Index

 Exhibit No.
 Description

 1.1
 Underwriting Agreement, dated as of October 4, 2023, among BofA Securities, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC, each as underwriter and as representative of the several underwriters identified therein, Capital One Auto Receivables, LLC, as the Depositor, and Capital One, National Association, as the Servicer (incorporated by reference to Exhibit 1.1 of Form 8-K filed by the Issuer (Commission File No. 333-260710-04) with the Securities and Exchange Commission on October 6, 2023).

 3.1
 Second Amended and Restated Limited Liability Company Agreement of Capital One Auto Receivables, LLC, as Depositor, dated as of August 2, 2018 (incorporated by reference to Exhibit 3.1 of Form SF-3 filed by the Depositor (Commission File No. 333-260710) with the Securities and Exchange Commission on November 3, 2021).

 4.1
 Indenture, dated as of October 11, 2023, between Capital One Prime Auto Receivables Trust 2023-2, as Issuer, and Wilmington Trust, National Association, as the Indenture Trustee (incorporated by reference to Exhibit 4.1 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.1
 Purchase Agreement, dated as of October 11, 2023, between Capital One, National Association, and Capital One Auto Receivables, LLC, as Purchaser (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.2
 Asset Representations Review Agreement, dated as of October 11, 2023, among Capital One Prime Auto Receivables Trust 2023-2, as Issuer, Capital One, National Association, as Sponsor and Servicer, and Clayton Fixed Income Services LLC, as Asset Representations Reviewer (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.3
 Sale Agreement, dated as of October 11, 2023, between Capital One Auto Receivables, LLC, as Depositor, and Capital One Prime Auto Receivables Trust 2023-2, as Purchaser (incorporated by reference to Exhibit 10.3 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.4
 Servicing Agreement, dated as of October 11, 2023, by and between Capital One Prime Auto Receivables Trust 2023-2, as Issuer, Capital One, National Association, as Servicer, and Wilmington Trust, National Association, as Indenture Trustee (incorporated by reference to Exhibit 10.4 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.5
 Amended and Restated Trust Agreement, dated as of October 11, 2023, between Capital One Auto Receivables, LLC, as the Depositor, BNY Mellon Trust of Delaware, as the Owner Trustee and acknowledged and agreed to by Wilmington Trust, National Association, as Certificate Registrar and Certificate Paying Agent (incorporated by reference to Exhibit 10.5 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.6
 Administration Agreement, dated as of October 11, 2023, between Capital One Prime Auto Receivables Trust 2023-2, as Issuer, Capital One, National Association, as Administrator, and Wilmington Trust, National Association, as Indenture Trustee (incorporated by reference to Exhibit 10.6 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 31.1
 Certification of Capital One Auto Receivables, LLC, as Depositor, pursuant to Rule 13a-14(d) 15d-14(d) under the Securities Exchange Act of 1934.

 33.1
 Report on Assessment of Compliance with Servicing Criteria for Capital One, National Association, as Servicer.

 33.2
 Report on Assessment of Compliance with Servicing Criteria for Wilmington Trust, National Association, as Indenture Trustee.

 34.1
 Attestation Report of Ernst Young LLP on Assessment of Compliance with Servicing Requirement relating to Capital One, National Association.

 34.2
 Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Requirement relating to Wilmington Trust, National Association, as Indenture Trustee.

 35.1
 Servicer Compliance Statement of Capital One, National Association.

 (c) Not Applicable.
 Item 16. Form 10-K Summary.
 Not Applicable.

 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.

 Capital One Auto Receivables, LLC, as Depositor

 By
 s THOMAS A. FEIL

 Name
 *Thomas A. Feil

 Title
 President

 Date
 March 26, 2024

 * Thomas A. Feil is the senior officer in charge of securitization of Capital One Auto Receivables, LLC


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 Issuing Entity 333-260710-04

 Central Index Key Number of Issuing Entity 0001992483

 CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2

 (Exact Name of Issuing Entity as Specified in Its Charter)

 (Issuer of the Notes)

 Commission File Number of Depositor 333-260710
 Central Index Key Number of Depositor 0001133438
 CAPITAL ONE AUTO RECEIVABLES, LLC
 (Exact Name of Depositor as Specified in Its Charter)
 Central Index Key Number of Sponsor 0000047288
 CAPITAL ONE, NATIONAL ASSOCIATION
 (Exact Name of Sponsor as Specified in Its Charter)

 Delaware

 (State or Other Jurisdiction of Incorporation or Organization of the Issuing Entity)

 c o Capital One Auto Receivables, LLC
 1600 Capital One Drive
 Room 27907-B
 McLean, VA 22102

 (Address of Principal Executive Offices of Issuing Entity)

 (703) 720-3148

 (Registrant's telephone number, including area code)

 93-6679317

 (I.R.S. Employer Identification No. of the Issuing Entity)

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

 Title of Each Class
 Trading Symbol(s)
 Name of Each Exchange on Which Registered

 N A
 N A
 N A

 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 Rule 405 of Regulation S-T is not applicable.
 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. (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 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. Not Applicable
 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
 Registrant has no voting or non-voting common equity outstanding held by non-affiliates.

 Documents Incorporated by Reference. See Item 15(b).

 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.
 Not applicable.
 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).
 The pool assets held by Capital One Prime Auto Receivables Trust 2023-2 do not include any significant obligors.
 Item 1114(b)(2) of Regulation AB Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Financial Information).
 Based on the standards set forth in Item 1114(b)(2) of Regulation AB, no information is required in response to this Item.
 Item 1115(b) of Regulation AB Certain Derivatives Instruments (Financial Information).
 Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this Item.
 Item 1117 of Regulation AB Legal Proceedings.
 Owner Trustee Litigation
 BNY Mellon Trust of Delaware is an affiliate of The Bank of New York Mellon, which provides support services on its behalf in connection with the Capital One Prime Auto Receivables Trust 2023-2 transaction. 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 ("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.
 The Bank of New York Mellon has provided us with the information under the caption "Owner Trustee Litigation" immediately above in response to the requirements of Regulation AB. Neither the Sponsor nor its affiliates is a party to any such litigation. Other than the information regarding trustee litigation immediately above, The Bank of New York Mellon has not participated in the preparation of, and is not responsible for, any other information contained in this Form 10-K.

 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.

 Not applicable.

 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.

 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.
 Capital One, National Association and Wilmington Trust National Association, as Indenture Trustee, (each, a "Servicing Participant") have been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by Capital One Prime Auto Receivables Trust 2023-2, the issuing entity. Each of the Servicing Participants has completed a report on assessment of compliance with the servicing criteria applicable to it (each, a "Report on Assessment"), 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 one or more registered independent public accounting firms, which reports are also attached as exhibits to this Form 10-K.
 Item 1123 of Regulation AB Servicer Compliance Statement.
 Capital One, National Association has been identified by the registrant as a servicer meeting the criteria of Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB with respect to the pool assets held by Capital One Prime Auto Receivables Trust 2023-2. The Sponsor, in its capacity as the servicer, has provided a statement of compliance (a "Compliance Statement"), which has been signed by an authorized officer of the servicer. The Compliance Statement is attached as an exhibit to this Form 10-K.

 Item 15. Exhibits and Financial Statement Schedules.
 (a)(1) Not Applicable.
 (a)(2) Not Applicable.
 (a)(3) The exhibits required by Item 601 of regulation S-K are listed in the Exhibit Index.
 (b) Exhibits.

 Exhibit Index

 Exhibit No.
 Description

 1.1
 Underwriting Agreement, dated as of October 4, 2023, among BofA Securities, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC, each as underwriter and as representative of the several underwriters identified therein, Capital One Auto Receivables, LLC, as the Depositor, and Capital One, National Association, as the Servicer (incorporated by reference to Exhibit 1.1 of Form 8-K filed by the Issuer (Commission File No. 333-260710-04) with the Securities and Exchange Commission on October 6, 2023).

 3.1
 Second Amended and Restated Limited Liability Company Agreement of Capital One Auto Receivables, LLC, as Depositor, dated as of August 2, 2018 (incorporated by reference to Exhibit 3.1 of Form SF-3 filed by the Depositor (Commission File No. 333-260710) with the Securities and Exchange Commission on November 3, 2021).

 4.1
 Indenture, dated as of October 11, 2023, between Capital One Prime Auto Receivables Trust 2023-2, as Issuer, and Wilmington Trust, National Association, as the Indenture Trustee (incorporated by reference to Exhibit 4.1 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.1
 Purchase Agreement, dated as of October 11, 2023, between Capital One, National Association, and Capital One Auto Receivables, LLC, as Purchaser (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.2
 Asset Representations Review Agreement, dated as of October 11, 2023, among Capital One Prime Auto Receivables Trust 2023-2, as Issuer, Capital One, National Association, as Sponsor and Servicer, and Clayton Fixed Income Services LLC, as Asset Representations Reviewer (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.3
 Sale Agreement, dated as of October 11, 2023, between Capital One Auto Receivables, LLC, as Depositor, and Capital One Prime Auto Receivables Trust 2023-2, as Purchaser (incorporated by reference to Exhibit 10.3 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.4
 Servicing Agreement, dated as of October 11, 2023, by and between Capital One Prime Auto Receivables Trust 2023-2, as Issuer, Capital One, National Association, as Servicer, and Wilmington Trust, National Association, as Indenture Trustee (incorporated by reference to Exhibit 10.4 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.5
 Amended and Restated Trust Agreement, dated as of October 11, 2023, between Capital One Auto Receivables, LLC, as the Depositor, BNY Mellon Trust of Delaware, as the Owner Trustee and acknowledged and agreed to by Wilmington Trust, National Association, as Certificate Registrar and Certificate Paying Agent (incorporated by reference to Exhibit 10.5 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 10.6
 Administration Agreement, dated as of October 11, 2023, between Capital One Prime Auto Receivables Trust 2023-2, as Issuer, Capital One, National Association, as Administrator, and Wilmington Trust, National Association, as Indenture Trustee (incorporated by reference to Exhibit 10.6 of Form 8-K filed by the Issuer (Commission Number 333-260710-04) with the Securities and Exchange Commission on October 11, 2023).

 31.1
 Certification of Capital One Auto Receivables, LLC, as Depositor, pursuant to Rule 13a-14(d) 15d-14(d) under the Securities Exchange Act of 1934.

 33.1
 Report on Assessment of Compliance with Servicing Criteria for Capital One, National Association, as Servicer.

 33.2
 Report on Assessment of Compliance with Servicing Criteria for Wilmington Trust, National Association, as Indenture Trustee.

 34.1
 Attestation Report of Ernst Young LLP on Assessment of Compliance with Servicing Requirement relating to Capital One, National Association.

 34.2
 Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Requirement relating to Wilmington Trust, National Association, as Indenture Trustee.

 35.1
 Servicer Compliance Statement of Capital One, National Association.

 (c) Not Applicable.
 Item 16. Form 10-K Summary.
 Not Applicable.

 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.

 Capital One Auto Receivables, LLC, as Depositor

 By
 s Franco E. Harris

 Name
 *Franco E. Harris

 Title
 President

 Date
 March 24, 2025

 * Franco E. Harris is the senior officer in charge of securitization of Capital One Auto Receivables, LLC