v3.26.3
Fair Value of Derivative and Other Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Gross Realized Gains and Losses Gains and losses recognized on the Condensed Consolidated Statements of Earnings related to investment securities in the NDT, SJGS decommissioning, and coal mine reclamation trusts are presented in the following table:
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
(In thousands)
Equity securities:
Net gains from equity securities sold$4,837 $13,438 $21,104 $27,371 
Net gains (losses) on equity securities still held(14,678)(2,070)(15,434)6,302 
Total net gains (losses) on equity securities(9,841)11,368 5,670 33,673 
Available-for-sale debt securities:
Net gains (losses) on debt securities
(49)8 (90)18 
Net gains (losses) on investment securities$(9,890)$11,376 $5,580 $33,691 
Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of less than $0.1 million for the three and nine months ended September 30, 2026, and zero for both the three and nine months ended September 30, 2025.
Three Months Ended
Nine Months Ended
September 30,September 30,
2026202520262025
(In thousands)
Proceeds from sales
$95,253 $241,992 $424,925 $440,720 
Gross realized gains
5,453 18,320 29,407 33,862 
Gross realized (losses)
(616)(4,882)(8,303)(6,491)
Schedule of Maturities of Debt Securities
At September 30, 2026, the available-for-sale debt securities held by PNM, had the following final maturities:

Fair Value
(In thousands)
Within 1 year
$27,710 
After 1 year through 5 years
11,324 
$39,034 
Schedule of Investment Items recorded at fair value by PNM on the Condensed Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale debt securities:
GAAP Fair Value Hierarchy
TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Unrealized Gains
(In thousands)
September 30, 2026
Cash and cash equivalents$10,564 $10,564 $— 
Equity securities:
Corporate stocks, common127,579 127,579 — 
Mutual funds and other224,117 224,117 — 
Available-for-sale debt securities:
     U.S. government36,664 36,664 — $12 
     Corporate and other2,370 — 2,370 15 
Investments categorized within the fair value hierarchy
$401,294 $398,924 $2,370 $27 
Uncategorized collective investment trust
45,195 
Real estate funds39,402 
Hedge funds14,334 
Total investment securities$500,225 
TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Unrealized Gains
(In thousands)
December 31, 2025
Cash and cash equivalents$33,469 $33,469 $— 
Equity securities:
Corporate stocks, common154,790 154,790 — 
Mutual funds and other202,995 202,995 — 
Available-for-sale debt securities:
     U.S. government30,619 30,619 — $227 
     Corporate and other5,731 — 5,731 102 
Investments categorized within the fair value hierarchy
$427,604 $421,873 $5,731 $329 
Uncategorized collective investment trust
45,144 
Real estate funds20,307 
Hedge funds12,600 
Total investment securities
$505,655 
Schedule of Carrying Amount and Fair Value of Items Not Recorded at Fair Value
The carrying amounts and fair values of long-term debt, all of which are considered Level 2 fair value measurements and are not recorded at fair value on the Condensed Consolidated Balance Sheets, are presented below:

Carrying AmountFair Value
September 30, 2026(In thousands)
TXNM
$5,760,515 $5,587,856 
PNM3,054,817 2,811,838 
TNMP1,821,527 1,697,097 
December 31, 2025
TXNM
$5,418,564 $5,506,722 
PNM2,861,897 2,757,316 
TNMP1,672,267 1,662,457