Recent Updates — TXNM
TXNM Energy reported third-quarter 2026 GAAP net earnings attributable to the company of $163.4 million, or $1.50 per diluted share, compared to $130.7 million, or $1.22 per diluted share, in the prior-year period. Ongoing earnings were $184.8 million, or $1.62 per diluted share, up from $142.8 million, or $1.33 per diluted share. Year-to-date GAAP net earnings reached $238.4 million, or $2.15 per diluted share, against $161.2 million, or $1.63 per diluted share, in 2025. The company noted that results benefited from rate relief and higher retail load at its PNM and TNMP utilities, partially offset by increased depreciation, property taxes, and interest expense associated with new capital investments. TXNM Energy operates as an energy holding company delivering electricity through regulated utilities in Texas and New Mexico.
New Mexico Public Regulation Commission (NMPRC) hearing examiners published a revised procedural schedule for the proposed merger between TXNM Energy and Troy ParentCo. Evidentiary hearings are scheduled to take place from January 19 through February 1, 2027. The transaction remains subject to customary closing conditions and regulatory approvals. TXNM continues to anticipate the merger will close in the first half of 2027, though outcomes remain uncertain. TXNM Energy operates as a utility holding company providing electric service primarily in New Mexico.
TXNM Energy notified holders of its 5.75% Junior Subordinated Convertible Notes due 2054 that they are convertible during the Fourth Quarter 2026 Conversion Period, from October 1 to December 31, 2026. The conversion rate is 22.5654 shares per $1,000 principal amount, triggered because the stock price exceeded 130% of the $44.32 conversion price for at least 20 trading days in a 30-day period ending September 30, 2026. Conversions will result in the issuance of newly issued 5.75% non-convertible junior subordinated notes due 2054 and common stock for any excess obligation. The filing also references the pending merger with Blackstone Infrastructure Partners L.P., which would constitute a make-whole fundamental change, allowing holders to convert into cash equal to $61.25 per share multiplied by the conversion rate. TXNM Energy operates in the utility industry, providing electricity and natural gas services.
TXNM Energy, Inc. priced and closed an underwritten public offering of 7,079,646 shares of common stock at $56.50 per share on September 2, 2026. The company received net proceeds of approximately $396 million after deducting underwriting discounts and commissions. These funds are intended to repay borrowings under its existing $400 million term loan agreement with Wells Fargo Securities acting as the sole book-running manager. TXNM Energy is an energy holding company that delivers electricity and natural gas to customers in Texas and New Mexico through regulated utilities.
On August 19, 2026, TXNM Energy Inc. announced that its wholly-owned subsidiaries executed definitive agreements for significant debt issuances. Public Service Company of New Mexico entered into a Note Purchase Agreement to sell $200.0 million in aggregate principal amount of senior unsecured notes: $115.0 million of 5.44% Notes due 2029, $50.0 million of 5.82% Notes due 2034, and $35.0 million of 6.12% Notes due 2038. Proceeds will fund capital expenditures, repay existing indebtedness, and support general corporate purposes. Simultaneously, Texas-New Mexico Power Company issued $150.0 million in First Mortgage Bonds via a Bond Purchase Agreement: $75.0 million of 5.23% Series 2026A Bonds due September 2031 and $75.0 million of 5.46% Series 2026B Bonds due September 2033. These secured bonds will repay short-term debt and finance capital expenditures. TXNM Energy Inc. operates in the regulated electric utility industry, providing electricity to customers in New Mexico and Texas.
TXNM Energy reported second quarter 2026 GAAP earnings of $0.64 per diluted share and ongoing earnings of $0.58 per diluted share, compared to $0.22 and $0.25 respectively in the prior year period. The company announced that its acquisition agreement with Blackstone Infrastructure for $61.25 per share has been extended to May 31, 2027, pending remaining regulatory approvals from the Nuclear Regulatory Commission and New Mexico Public Regulation Commission. Additionally, the Public Utility Commission of Texas approved a settlement allowing TNMP to recover $2.8 billion in rate base with a 9.65% return on equity, effective September 13, 2026. TXNM Energy operates as an energy holding company delivering electricity through regulated utilities PNM and TNMP across New Mexico and Texas.