Core Points - TXNM Energy's subsidiaries, PNM and TNMP, received regulatory approvals for rate recovery filings on May 15, 2025 [1][4]. Group 1: PNM Rate Approval - PNM obtained approval from the New Mexico Public Regulation Commission for its 2025 Rate Request application, with customer rates phased in: 50% increase effective July 1, 2025, and the remaining increase effective April 1, 2026 [2]. - The approved revenue increase for PNM is $105.0 million, based on a 9.45% return on equity and a 51% equity capitalization structure on a $3.0 billion rate base [3]. Group 2: TNMP Rate Approval - TNMP received approval from the Public Utility Commission of Texas for its Distribution Cost Recovery Factor application [4]. - The approved annual rate increase for TNMP is $25.0 million, recovering $176.6 million of incremental distribution rate base at an authorized return on equity of 9.65% with a capital structure of 55% debt and 45% equity [5].