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STATES SECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n    ☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOr\n\n    ☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission file number 1-15759\n\nCLECO CORPORATE HOLDINGS LLC\n\n(Exact name of registrant as specified in its charter)\n\nLouisiana72-1445282\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n2030 Donahue Ferry Road, Pineville, Louisiana    71360-5226\n\n     (Address of principal executive offices)                         (Zip Code)\n\nRegistrant’s telephone number, including area code: (318) 484-7400\n\nCommission file number 1-05663\n\nCLECO POWER LLC\n\n(Exact name of registrant as specified in its charter)\n\nLouisiana72-0244480\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n2030 Donahue Ferry Road, Pineville, Louisiana    71360-5226\n\n     (Address of principal executive offices)                         (Zip Code)\n\nRegistrant’s telephone number, including area code: (318) 484-7400\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nCleco Corporate Holdings LLC: NoneCleco Power LLC: None\n\nIndicate by check mark whether the Registrants: (1) have 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 Registrants were required to file such reports) and (2) have been subject to such filing requirements for the past 90 days. Yes ☐ No ☒\n\nIndicate by check mark whether the Registrants have 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 Registrants were required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether Cleco Corporate Holdings LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 ☐\n\nIf 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 accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether Cleco Power LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 ☐\n\nIf 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 accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the Registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act)  Yes ☐ No ☒\n\nCleco Corporate Holdings LLC has no common stock outstanding. All of the outstanding equity of Cleco Corporate Holdings LLC is held by Cleco Group LLC, a wholly owned subsidiary of Cleco Partners L.P.\n\nCleco Power LLC, a wholly owned subsidiary of Cleco Corporate Holdings LLC, meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format.\n\nCLECO\n\nCLECO POWER\n2026 1ST QUARTER FORM 10-Q\n\nThis Combined Quarterly Report on Form 10-Q (this “Quarterly Report on Form 10-Q”) is separately filed by Cleco Corporate Holdings LLC and Cleco Power LLC. Information in this filing relating to Cleco Power LLC is filed by Cleco Corporate Holdings LLC and separately by Cleco Power LLC on its own behalf. Cleco Power LLC makes no representation as to information relating to Cleco Corporate Holdings LLC (except as it may relate to Cleco Power LLC) or any other affiliate or subsidiary of Cleco Corporate Holdings LLC.\n\nThis Quarterly Report on Form 10-Q should be read in its entirety as it pertains to each respective Registrant. The Notes to the Unaudited Condensed Consolidated Financial Statements for the Registrants and certain other sections of this Quarterly Report on Form 10-Q are combined.\n\nTABLE OF CONTENTS\n\nPAGE\n\n[Glossary of Terms](#i73017fed23cd4ac8847520da8cb09acd_10)\n\n[3](#i73017fed23cd4ac8847520da8cb09acd_10)\n\n[Cautionary Note Regarding Forward-Looking Statements](#i73017fed23cd4ac8847520da8cb09acd_13)\n\n[5](#i73017fed23cd4ac8847520da8cb09acd_13)\n\n[PART I](#i73017fed23cd4ac8847520da8cb09acd_19)\n\n[Financial Information](#i73017fed23cd4ac8847520da8cb09acd_19)\n\n[ITEM 1.](#i73017fed23cd4ac8847520da8cb09acd_22)\n\n[Cleco — Condensed Consolidated Financial Statements (Unaudited)](#i73017fed23cd4ac8847520da8cb09acd_22)\n\n[7](#i73017fed23cd4ac8847520da8cb09acd_22)\n\n[Cleco Power — Condensed Consolidated Financial Statements (Unaudited)](#i73017fed23cd4ac8847520da8cb09acd_46)\n\n[14](#i73017fed23cd4ac8847520da8cb09acd_46)\n\n[Notes to the Unaudited Condensed Consolidated Financial Statements](#i73017fed23cd4ac8847520da8cb09acd_73)\n\n[21](#i73017fed23cd4ac8847520da8cb09acd_73)\n\n[ITEM 2.](#i73017fed23cd4ac8847520da8cb09acd_172)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i73017fed23cd4ac8847520da8cb09acd_172)\n\n[38](#i73017fed23cd4ac8847520da8cb09acd_172)\n\n[ITEM 3.](#i73017fed23cd4ac8847520da8cb09acd_229)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#i73017fed23cd4ac8847520da8cb09acd_229)\n\n[48](#i73017fed23cd4ac8847520da8cb09acd_229)\n\n[ITEM 4.](#i73017fed23cd4ac8847520da8cb09acd_232)\n\n[Controls and Procedures](#i73017fed23cd4ac8847520da8cb09acd_232)\n\n[49](#i73017fed23cd4ac8847520da8cb09acd_232)\n\n[PART II](#i73017fed23cd4ac8847520da8cb09acd_235)\n\n[Other Information](#i73017fed23cd4ac8847520da8cb09acd_235)\n\n[ITEM 1.](#i73017fed23cd4ac8847520da8cb09acd_238)\n\n[Legal Proceedings](#i73017fed23cd4ac8847520da8cb09acd_238)\n\n[50](#i73017fed23cd4ac8847520da8cb09acd_238)\n\n[ITEM 1A.](#i73017fed23cd4ac8847520da8cb09acd_241)\n\n[Risk Factors](#i73017fed23cd4ac8847520da8cb09acd_241)\n\n[50](#i73017fed23cd4ac8847520da8cb09acd_241)"}