PUBLIC SERVICE CO OF NEW MEXICO

During the three months ended March 31, 2026, 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.

Creation of a Direct Financial Obligation or an Obligation Under an Off‑Balance Sheet Arrangement

On May 1, 2026, TXNM, PNM, and TNMP each established commercial paper programs (respectively, the “TXNM Commercial Paper Program”, the “PNM Commercial Paper Program”, the “TNMP Commercial Paper Program”, and collectively the “Programs”) pursuant to which they may issue from time to time short-term, unsecured commercial paper notes (respectively, the “TXNM Commercial Paper Notes”, the “PNM Commercial Paper Notes”, the “TNMP Commercial Paper Notes”, and collectively the “Notes”) under the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

Amounts available under the Programs may be borrowed, repaid and re-borrowed from time to time, with the aggregate face or principal amount of the Notes outstanding under the Programs at any time not to exceed $300.0 million for TXNM, $400.0 million for PNM, and $300.0 million for TNMP. The Notes will have maturities of up to 364 days from the date of issue and net proceeds will be used for general corporate purposes. Each of TXNM, PNM and TNMP have agreed to maintain, at all times, unused available borrowing capacity under their Revolving Credit Agreements in an amount at least equal to the amount of Notes outstanding at any time. No Notes are currently outstanding under the Programs.

A national bank will act as issuing and paying agent under each Program. One or more commercial paper dealers will each act as a dealer under each Program (each a “Dealer”). Each of TXNM, PNM and TNMP has entered into commercial paper dealer agreements with each Dealer (each, a “Dealer Agreement”). Each Dealer Agreement contains customary representations, warranties, covenants and indemnification provisions.

The Notes to be offered have not been and will not be registered under the Securities Act or state securities laws and may not be offered and sold except in compliance with an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. The information contained in this Quarterly Report on Form 10-Q shall not constitute an offer to sell or the solicitation of an offer to purchase any Notes.