PUBLIC SERVICE CO OF NEW MEXICO

During the three months ended June 30, 2025, no director or officer (as defined by Rule 16a-1(f) of the Exchange Act) of the Company adopted orterminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

PNM July 2025 SUNs

On July 31, 2025, PNM, entered into the PNM July 2025 Note Purchase Agreement with the institutional investor parties thereto for the sale of $350.0 million aggregate principal amount of senior unsecured notes in the following series and denominations: (i) $200.0 million aggregate principal amount of its 5.47% Senior Unsecured Notes, Series C, due July 31, 2031, and (ii) $150.0 million aggregate principal amount of its 6.03% Senior Unsecured Notes, Series D, due July 31, 2036 (the “PNM July 2025 SUNs”). The PNM July 2025 SUNs were issued on July 31, 2025 in a private placement transaction in reliance on an exemption from registration under the Securities Act. Interest on the PNM July 2025 SUNs is payable semiannually on January 31 and July 31 of each year, commencing on January 31, 2026.

PNM will use the gross proceeds from the PNM July 2025 SUNs for the repayment of existing indebtedness, funding of capital expenditures, and general corporate purposes.

The terms of the PNM July 2025 Note Purchase Agreement, which continue to apply so long as any of the PNM July 2025 SUNs are outstanding, include customary covenants, including a covenant that requires PNM to maintain a debt-to-capitalization ratio of less than or equal to 65%, customary events of default, including a cross-default provision, and covenants regarding parity of financial covenants, liens and guarantees with respect to PNM’s material credit facilities. In the event of a change of control (as defined in the PNM July 2025 Note Purchase Agreement), PNM will be required to offer to prepay the PNM July 2025 SUNs at par. The proposed transaction between TXNM and Blackstone Infrastructure would not constitute a change in control under the PNM July 2025 SUNs. PNM has the right to redeem any or all of the PNM July 2025 SUNs prior to their maturities, subject to payment of a customary make-whole premium.

The foregoing description is qualified in its entirety by the PNM July 2025 Note Purchase Agreement, which is filed as Exhibit 10.12 to this Form 10-Q and is incorporated herein by reference.

The PNM July 2025 SUNs are not registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements and applicable state laws. This Form 10-Q does not constitute an offer to sell nor a solicitation of an offer to purchase the PNM July 2025 SUNs or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.