Key Points Hong Kong-based Athos Capital added 142,842 shares of TXNM Energy in the third quarter. The new TXNM stake represents approximately 5.06% of the fund’s 13F reportable assets under management. The move added to the fund's overall holdings by about $8.08 million. These 10 stocks could mint the next wave of millionaires › On November 12, Hong Kong-based Athos Capital disclosed a new position in TXNM Energy (NYSE:TXNM), revealing it acquired 142,842 shares valued at $8.08 million. What H ...

ALBUQUERQUE, N.M., Dec. 15, 2025 /PRNewswire/ -- Texas-New Mexico Power Company (TNMP), the Texas utility subsidiary of TXNM Energy (NYSE: TXNM), together with Blackstone Infrastructure have reached a unanimous settlement with parties in its filed application with the Public Utility Commission of Texas (PUCT) for Blackstone Infrastructure to acquire the outstanding common stock of TXNM Energy. The settlement is subject to approval by the PUCT. Terms of the settlement include: Direct Financial Benefit to C ...

Core Points - TXNM Energy, Inc. has announced a 3.7% increase in its annual dividend payment, raising it by $0.06 to an indicated annual rate of $1.69 per share [1][2] - The increase reflects the company's ongoing dividend growth strategy, supported by underlying earnings growth and increased capital investment plans [2] - The board declared a quarterly stock dividend of $0.4225 per share, payable on February 13, 2026, to shareholders of record by January 30, 2026 [3] Company Background - TXNM Energy is an energy holding company based in Albuquerque, New Mexico, providing energy to over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM [3]

Core Points - TNMP, a subsidiary of TXNM Energy, filed for a base rate review reflecting significant growth since the last filing seven years ago [1][2] - The filing requests recovery of $2.8 billion in rate base, a return on equity of 10.4%, and an equity ratio of 47.54% [2][3] - Current rates are based on a rate base of $835 million, with an allowed return on equity of 9.65% and a 45% equity ratio [2][3] Rate Filing Components - The request includes increased operations and maintenance costs, changes in deferred federal income tax amortizations, and updates to depreciation rates [3][4] - TNMP is also requesting $20.5 million for Hurricane Beryl restoration costs, to be recovered over five years [4] - If approved, new rates are expected to take effect in mid-2026 [4] Financial Summary - Key components of the rate filing include a total revenue requirement increase of $141.8 million, with a net rate increase of $33.8 million [5] - Major operational drivers include vegetation management, headcount increases, catastrophe reserve increases, and insurance premiums [9] - The core rate base growth includes returns on investments and distribution investments from January to June 2025 [7]

Financial Performance - Electric operating revenues for the three months ended September 30, 2024, were $647.162 million, an increase from $569.256 million in the same period of 2025, representing a growth of approximately 13.7%[18] - Net earnings attributable to TXNM for the three months ended September 30, 2024, were $130.710 million, slightly down from $131.202 million in 2025, indicating a decrease of approximately 0.4%[18] - The diluted earnings per share for the three months ended September 30, 2024, was $1.22, compared to $1.45 in the same period of 2025, showing a decline of about 15.9%[18] - Net earnings for the three months ended September 30, 2025, were $136,304, compared to $136,398 for the same period in 2024, reflecting a slight decrease of 0.07%[21] - For the nine months ended September 30, 2025, net earnings were $175,114, down 26.6% from $238,728 in 2024[21] - Comprehensive income attributable to TXNM for the three months ended September 30, 2025, was $132,349, an increase of 3.9% from $127,703 in 2024[21] Operating Expenses - Total operating expenses for the nine months ended September 30, 2024, were $1.284914 billion, compared to $1.116882 billion in 2025, reflecting an increase of about 15.1%[18] - Total operating expenses for Q3 2025 were $328,319,000, up 20.5% from $272,510,000 in Q3 2024[36] - Total operating expenses for the three months ended September 30, 2025, amounted to $444,292 thousand, with significant costs in administrative and general expenses totaling $59,900 thousand[88] Dividends - The company declared dividends of $0.4075 per common share for the three months ended September 30, 2024, up from $0.3875 in 2025, marking an increase of approximately 5.5%[18] - The company declared dividends of $0.4075 per share for the third quarter of 2025, an increase from $0.3875 per share in the same quarter of 2024[75] Interest Charges - Interest charges for the nine months ended September 30, 2024, totaled $205.713 million, compared to $169.254 million in 2025, representing an increase of about 21.5%[18] - Interest Charges for Q3 2025 were $33,805,000, an increase from $27,852,000 in Q3 2024, representing a rise of 21.9%[36] - Interest charges for the nine months ended September 30, 2025, were $66,018,000, up from $43,711,000 in 2024, representing an increase of 51.1%[57] Cash Flow and Assets - Cash flows from operating activities for the nine months ended September 30, 2025, were $426,790, an increase of 22.1% compared to $349,521 in 2024[23] - Total current assets as of September 30, 2025, were $595,436, up 19.4% from $498,836 at the end of 2024[29] - Cash, cash equivalents, and restricted cash at the end of the period were $39,984, up from $16,436 at the end of 2024, representing a growth of 143.5%[26] - Total current assets rose to $454,383,000 as of September 30, 2025, up from $410,908,000 at the end of 2024, reflecting an increase of approximately 10.6%[48] Debt and Liabilities - Long-term borrowings increased significantly to $3,153,600 for the nine months ended September 30, 2025, compared to $1,233,000 in 2024, reflecting a growth of 156.5%[26] - Total liabilities decreased to $8,498,660 as of September 30, 2025, from $8,616,919 at the end of 2024, a reduction of 1.4%[31] - Total liabilities as of September 30, 2025, were $5,468,335,000, compared to $5,211,552,000 at the end of 2024, representing an increase of approximately 4.9%[50] Investments and Modernization - The company is pursuing a grid modernization plan with investments of approximately $344 million over the first six years of an 11-year strategy[14] - TXNM's $1.0 billion unsecured delayed-draw term loan matures on May 18, 2025, indicating a significant financing strategy for future operations[15] Mergers and Agreements - The merger agreement with TXNM and Blackstone Infrastructure Partners is expected to enhance operational efficiencies and market reach[14] - A merger agreement was entered into on May 18, 2025, for TXNM to merge with Merger Sub, a direct, wholly-owned subsidiary of Parent[68] Regulatory and Environmental Compliance - The New Mexico Energy Transition Act mandates that investor-owned electric utilities achieve a renewable portfolio of 40% by 2025, 50% by 2030, 80% by 2040, and 100% zero-carbon energy by 2045[203] - The Clean Air Act requires states to establish goals for improving visibility in national parks and develop long-term strategies for reducing emissions of air pollutants[208] Miscellaneous - The company expects to adopt new accounting standards related to income tax disclosures by the end of 2025[78] - TXNM is currently facing merger-related litigation alleging misrepresentation in its preliminary proxy statement regarding a merger[194]

Financial Performance - Q3 2025 GAAP net earnings attributable to TXNM Energy were $130.7 million, a decrease of 0.4% from $131.2 million in Q3 2024[1] - Q3 2025 ongoing net earnings were $142.8 million, up 10.8% from $129.3 million in Q3 2024[1] - Q3 2025 GAAP diluted EPS was $1.22, down from $1.45 in Q3 2024, while ongoing diluted EPS was $1.33, compared to $1.43 in Q3 2024[1] - TXNM Energy's ongoing earnings for YTD 2025 were $185.5 million, down from $220.6 million in YTD 2024[1] - GAAP Net Earnings attributable to TXNM for the three months ended September 30, 2025, were $131.202 million, with ongoing earnings of $129.343 million[23] - For the nine months ended September 30, 2025, GAAP Net Earnings attributable to TXNM were $226.441 million, with ongoing earnings of $220.634 million[23] - Net Earnings attributable to TXNM for Q3 2025 were $130,710, slightly down from $131,202 in Q3 2024[29] - Net Earnings for the nine months ended September 30, 2025, were $175,114, down from $238,728 in the same period of 2024[29] Revenue and Expenses - Electric Operating Revenues for Q3 2025 reached $647,162, an increase of 13.7% from $569,256 in Q3 2024[29] - Total Operating Expenses for Q3 2025 were $444,292, up 17.5% from $378,176 in Q3 2024[29] - Operating Income for Q3 2025 was $202,870, representing a 6.9% increase compared to $191,080 in Q3 2024[29] - Total Operating Expenses for the nine months ended September 30, 2025, were $1,284,914, an increase of 15.1% from $1,116,882 in 2024[29] Shareholder Information - Basic and Diluted Earnings per Common Share for Q3 2025 were both $1.22, compared to $1.45 in Q3 2024, reflecting a decrease of 15.9%[29] - Dividends Declared per Common Share increased to $0.4075 in Q3 2025 from $0.3875 in Q3 2024, marking a rise of 5.2%[29] Regulatory and Acquisition Updates - TXNM Energy's transaction with Blackstone Infrastructure is set at $61.25 per share, approved by shareholders on August 28, 2025[5] - The company anticipates closing the acquisition in the second half of 2026, pending regulatory approvals[7] - TXNM Energy's regulatory update includes a $87 million recovery from the Transmission Cost of Service filing and a $28 million recovery sought through the Distribution Cost Recovery Factor[9] - The company filed for regulatory approval to construct 30 megawatts of energy storage at an estimated cost of $78 million[10] - The company incurred $14 million in costs related to the planned acquisition in Q3 2025[13] Other Financial Metrics - PNM's Q3 2025 GAAP diluted EPS was $0.95, down from $1.20 in Q3 2024, while TNMP's GAAP diluted EPS was $0.38, slightly down from $0.39 in Q3 2024[11] - Interest charges at TNMP increased by $9.6 million and $16.2 million for the three and nine months ended September 30, 2025, respectively[21] - Interest Charges for Q3 2025 were $70,149, up from $59,664 in Q3 2024, indicating an increase of 17.5%[29] - Increases in "Administrative and general" expenses at PNM were $0.9 million for both the three and nine months ended September 30, 2025[21] - Earnings before Income Taxes for Q3 2025 were $155,253, slightly down from $159,820 in Q3 2024, reflecting a decrease of 2.9%[29] Share Statistics - The average diluted shares outstanding for the three months ended September 30, 2025, were 107,416,661[25]

Core Insights - TXNM Energy reported its Q3 2025 results, showing a slight decline in GAAP net earnings and diluted EPS compared to Q3 2024, with GAAP net earnings at $130.7 million and diluted EPS at $1.22 [1][8] - The company has not affirmed its previously issued earnings guidance for 2025 due to a pending transaction with Blackstone Infrastructure, which is expected to close in the second half of 2026 [1][4] Financial Performance - Q3 2025 GAAP net earnings attributable to TXNM Energy were $130.7 million, down from $131.2 million in Q3 2024 - Q3 2025 ongoing net earnings were $142.8 million, compared to $129.3 million in Q3 2024 - Year-to-date (YTD) 2025 GAAP net earnings were $161.2 million, down from $226.4 million in YTD 2024, while ongoing net earnings for YTD 2025 were $185.5 million, down from $220.6 million in YTD 2024 [1][8] Segment Reporting - PNM's Q3 2025 EPS was $0.95, down from $1.20 in Q3 2024 - TNMP's Q3 2025 EPS was $0.38, slightly down from $0.39 in Q3 2024 - Corporate and Other segment reported a loss of $0.11 in Q3 2025, unchanged from Q3 2024 [10][14] Regulatory and Transaction Updates - TXNM Energy is in the process of obtaining regulatory approvals for its acquisition by Blackstone Infrastructure, with applications filed with NMPRC, PUCT, and FERC [3][4] - The acquisition agreement was approved by shareholders on August 28, 2025, at a price of $61.25 per share [2][8] Cost Recovery and Investments - TNMP's second Transmission Cost of Service (TCOS) filing for 2025 was approved, allowing recovery for $87 million of rate base [5] - PNM filed an application for a Certificate of Convenience and Necessity (CCN) to construct 30 megawatts of energy storage at an estimated cost of $78 million [6]

Core Insights - Blackstone Infrastructure is acquiring TXNM Energy, the parent company of Public Service Company of New Mexico (PNM), to capitalize on rising U.S. energy demands [1][2] - The acquisition, valued at $11.5 billion, is expected to yield significant short and long-term profits due to anticipated record energy demand and rising wholesale prices [2][3] Acquisition Details - TXNM shareholders approved the acquisition on August 25, with investors set to receive $61.25 per share [3] - The deal is pending approval from New Mexico's Public Regulation Commission [3] Customer Benefits - If approved, Blackstone will provide $105 million in rate credits over four years, resulting in average annual savings of $168 for PNM customers [4] - Blackstone plans to increase funding for PNM's Good Neighbor Program Fund by 300% and allocate $35 million for economic development programs [5] - An additional $25 million is pledged to support New Mexico's sustainable energy transition goals [5]

Core Points - TXNM Energy shareholders approved the acquisition agreement with Blackstone Infrastructure, with 99.6% of votes in favor, representing 88.2% of issued shares [1][2] - Each TXNM Energy shareholder will receive $61.25 in cash per share upon closing of the acquisition [1] - The acquisition is expected to close in the second half of 2026, pending regulatory approvals and customary closing conditions [4] Regulatory Approvals - TXNM Energy is pursuing necessary regulatory approvals from multiple agencies, including the New Mexico Public Regulation Commission and the Federal Energy Regulatory Commission [3] Company Overview - TXNM Energy is an energy holding company based in Albuquerque, New Mexico, serving over 800,000 homes and businesses in Texas and New Mexico through its regulated utilities [5]

Core Viewpoint - TXNM Energy has filed applications for approval of its proposed acquisition by Blackstone Infrastructure with multiple regulatory bodies, highlighting significant benefits for customers and communities in New Mexico and Texas [1][3][6]. TXNM Energy Overview - TXNM Energy is an energy utility holding company based in Albuquerque, New Mexico, serving over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM [9]. NMPRC Application - The NMPRC regulates PNM, TXNM Energy's utility in New Mexico, which serves approximately 550,000 customers [2]. - The application includes benefits such as a $105 million rate credit over four years, a $10 million contribution to the PNM Good Neighbor Fund over 10 years, $35 million in economic development funding, and $25 million for innovative technologies to support carbon-free energy transition [3]. PUCT Application - The PUCT regulates TNMP, TXNM Energy's utility in Texas, serving around 280,000 customers [5]. - The application proposes a $35 million rate credit over four years, $10 million in economic development funding for workforce development over 10 years, and $5 million in additional community support over 10 years [6]. FERC Application - FERC oversees PNM's wholesale electricity and transmission services, and the filing asserts that the acquisition aligns with public interest without adverse effects on competition or rates [8]. - The FERC has a 180-day statutory timeframe for consideration of the application [8]. Regulatory Timelines - The NMPRC review process is expected to take up to a year [4]. - The PUCT has a 180-day statutory timeframe for its review [7]. - FERC also has a 180-day statutory timeframe for its consideration [8].