2025 GAAP diluted EPS was $1.48, a decrease from $2.67 in 2024. 2025 Ongoing diluted EPS was $2.33, a decrease from $2.74 in 2024. The proposed acquisition by affiliates of Blackstone Infrastructure for $61.25 per share is progressing, with approvals received from the Federal Energy Regulatory Commission (FERC) and the Public Utility Commission of Texas (PUCT) in February 2026. The closing of the acquisition is anticipated in the second half of 2026, subject to remaining customary closing conditions. Texas New Mexico Power (TNMP) filed a general rate proceeding with the PUCT requesting recovery of $2.8 billion of rate base, a 10.4% return on equity, and a 47.54% equity ratio, with new rates expected to become effective in mid-2026. Public Service Company of New Mexico (PNM) filed for approval of two economic development projects at an estimated cost of $165.5 million and a new 345 kV transmission line project at an estimated cost of $247 million. PNM initiated its 2026 Integrated Resource Plan (IRP) process, with the filing expected on or before September 1, 2026.