TXNM Energy, Inc. (PNM) and its affiliates have received a final order from the New Mexico Public Regulation Commission (NMPRC) regarding a previously disclosed merger with Troy ParentCo, LLC (Blackstone). The NMPRC declared a $400 million PIPE transaction, which closed in June 2025 and provided equity financing for PNM's operations, to be void and of no effect. This decision stems from the NMPRC's finding that the PIPE transaction violated New Mexico Public Utility Act by not receiving prior approval. PNM, Parent, and Purchaser must now file a compliance report within 45 days detailing how they will unwind the voided PIPE transaction and ensure New Mexico ratepayers are held harmless from any costs. Each of TXNM, Parent, and Purchaser will pay a penalty of $100,000, totaling $300,000. The procedural schedule for the main merger application has been stayed pending review of the compliance report.