Business: CMS Energy Corporation 4.20% Depositary Shares each representing a 1/1000 interest in a share of the Cumulative Redeemable Perpetual Preferred Stock, Series C, liquidation preference $25 per Depositary share, redeemable at the issuer's option on or after 07/15/2026 at $25 per Depositary share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 4.20% per annum ($1.05 per annum or $0.2625) per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on 1/1, 4/1, 7/1 & 10/1 prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-28 of the prospectus for further information). <p> The Company may redeem the Depositary Shares before 07/25/2026 at $25.50 (102%) of their principal amount plus accrued and unpaid dividends if a rating agency event occurs. (see prospectus for further information). <p> This security was rated as Ba1 by Moody’s and BBB by S&P at the date of its IPO. This security was rated as BB+ by Fitch Ratings Co. at the date of its IPO. In regard to the payment of distributions and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.