v3.26.3
Financing (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Forward Contracts Indexed to Issuer's Equity Gross cash proceeds shown below were reduced by $1.3 million in issuance costs resulting in net cash proceeds of $123.7 million.
Settlement date
Shares
Settlement price
Settlement amount
(in thousands)
March 4, 2026219,722 $58.97 $12,957 
March 5, 2026267,770 58.99 15,796
March 6, 2026219,199 58.91 12,913
March 9, 2026226,420 58.65 13,280
March 9, 2026102,324 58.86 6,023
March 10, 2026144,796 58.80 8,514
March 11, 2026175,000 58.70 10,273
March 11, 2026132,415 58.84 7,791
March 12, 2026186,448 58.63 10,931
March 18, 202691,872 58.54 5,379
March 23, 202619,935 58.28 1,162
May 18, 2026295,300 59.15 17,467
May 19, 202642,343 59.35 2,513
2,123,544 $124,999 
Gross cash proceeds shown below were reduced by $2.0 million in issuance costs resulting in net cash proceeds of $198.0 million.

Settlement dateSharesSettlement priceSettlement amount
(in thousands)
August 18, 2025209,990 $56.75 $11,917 
August 19, 202518,500 56.83 1,051
August 19, 2025200,000 56.51 11,302
August 19, 2025200,000 56.41 11,282
August 20, 20251,000,000 56.41 56,410
August 21, 202564,016 56.57 3,621
August 21, 20251,500,000 56.40 84,600
August 22, 2025135,327 56.58 7,657
August 25, 202541,408 56.60 2,344
August 25, 2025118,819 56.73 6,740
August 26, 202554,317 56.64 3,076
3,542,377 $200,000 
Schedule of Long-Term Debt Instruments TNMP issued the bonds on July 21, 2025, with the following terms:
Principal Amount
Interest Rate
Due Date
(in thousands)
$245,000 4.83 %
July 31, 2030
245,000 5.12 
July 31, 2032
240,000 5.44 
July 31, 2035
100,000 5.54 
July 31, 2037
154,300 5.93 
July 31, 2045
100,000 6.02 
July 31, 2055
$1,084,300 
Schedule of Short-term Debt
Short-term debt outstanding consists of:

September 30, 2026December 31, 2025
Balance Outstanding
Weighted Average Interest Rate
Balance Outstanding
Weighted Average Interest Rate
(In thousands)
(In thousands)
PNM:
PNM Revolving Credit Facility$— —%$138,800 5.04%
PNM New Mexico Credit Facility40,000 5.2540,000 5.08
PNM Commercial Paper Notes8,900 4.18— —
48,900 178,800 
TXNM:
TXNM Revolving Credit Facility— —2,600 5.16
TXNM Commercial Paper Notes187,100 4.41— —
$236,000 $181,400