TXNM Energy reported 2025 GAAP earnings of $1.48 per diluted share, a decrease from $2.67 in 2024. Ongoing earnings per diluted share for 2025 were $2.33, down from $2.74 in 2024. GAAP net earnings attributable to TXNM Energy for 2025 were $151.4 million, compared to $242.2 million in 2024. Ongoing net earnings for 2025 were $238.9 million, a slight decrease from $247.8 million in 2024. The proposed acquisition by affiliates of Blackstone Infrastructure for $61.25 per share is progressing, with shareholder approval received on August 28, 2025. Regulatory approvals for the Blackstone transaction have been received from FERC, PUCT (unanimous settlement), FCC, and the Hart-Scott-Rodino Act waiting period has expired. Approvals are still being pursued from the Nuclear Regulatory Commission and New Mexico Public Regulation Commission, with closing anticipated in the second half of 2026. TNMP filed a general rate proceeding with the PUCT on November 14, 2025, requesting recovery of $2.8 billion of rate base and a 10.4% return on equity, with new rates expected in mid-2026. PNM filed an application with the NMPRC on December 29, 2025, for two economic development projects totaling an estimated $165.5 million. PNM also filed an application on February 25, 2026, for a new 345 kV transmission line and related infrastructure at an estimated cost of $247 million to enhance reliability and integrate renewable energy. PNM initiated its 2026 Integrated Resource Plan (IRP) process in Q4 2025, covering 2026-2046, with a filing expected by September 1, 2026.